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Pune, India, Feb. 17, 2021 (GLOBE NEWSWIRE) -- The global process mining software market size is estimated to showcase robust growth owing to the increasing implementation of artificial intelligence (AI) in the software by leading industry players, observes Fortune Business Insights in its report, titled, Process Mining Software Market Size, Share & COVID-19 Impact Analysis, By Type (Cloud-base, and On-premises), By Enterprise Size (Large Enterprises and Small & Medium Enterprises), By End User (BFSI, Healthcare, Retail, Manufacturing, IT and Telecommunication, Logistics and Transportation, and Others), and Regional Forecast, 2021-2028. As per our findings, the market value stood at USD 421.9 million in 2020 and is anticipated to reach USD 10,383.0 million by 2028, exhibiting a CAGR of 49.3% during the forecast period.

Information Technology to Boom amid COVID-19 due to Increasing Demand

The COVID-19 pandemic has compelled various industries to establish their presence online owing to prolonged nationwide lockdowns across countries. This has positively impacted the information technology sector. In addition, the sudden increase in demand for digital infrastructure after the rapid adoption of work-from-home settings due to social distancing norms has strengthened the growth of the global IT sector. However, the demand-supply gap amid the crisis has brought fresh challenges to prominent players. At Fortune Business Insights, we are focusing on finding innovative solutions to the current challenges.

To get to know more about the short-term and long-term impact of COVID-19 on this market,

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Highlights of the Report:

While making the report, we segmented the market on the basis of product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included the study of core competencies of key players and their market share to anticipate the degree of competition. The bottom-up procedure was conducted to arrive at the overall size of the market.

Drivers & Restraints-

Integration of Software with Latest Technologies to Drive Growth

Advantages, such as regular insights from real-time analysis and efficient operational business tasks, are the key factors driving developers and leading corporations to integrate artificial intelligence with process mining software. An increasing demand for such software is augmenting the growth. For instance, in April 2020, Automation Hero introduced Hero_Sonar, an AI-enabled intelligent process mining software. The software offers valuable insights from low-quality data, which helps in developing AI decision models. However, the high risk associated with customers privacy is predicted to hinder process mining software market growth.

Segment-

BFSI Segment to Lead the Market Owing to High Adoption

Based on the end-user, the BFSI segment dominated the market with a leading share of 26.8% in 2020. The segment growth is attributed to the seamless management offered by the software to banks for their operations. Based on type, the cloud-based segment is estimated to hold the leading share. The increasing growth of this segment is attributed to the cloud-based process mining softwares capability of providing valuable insights on a real-time basis.

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Regional Insights-

Presence of Key Players to Help Europe Dominate

Europe is anticipated to dominate the global market with a value of USD 165.3 million in 2020. Increasing demand for process mining software in the energy space amid the surging digital transformation across industries is projected to drive its growth in the region. In addition, the presence of key players in major countries of the region is estimated to further propel growth.

North America is predicted to register a considerable process mining software market share during the projected timeline. One of the major factors set to propel the demand for this software in the region is the increasing adoption of automation in the U.S.

Competitive Landscape-

Key Players Focus on Offering Innovative Products to Expand their Product Lines

Prominent enterprises operating in the global market are focusing on innovating cutting-edge products in order to help their customers run smooth business operations. This will also help them expand their product portfolios. For instance, in April 2020, Celonis GmbH launched the next-generation platform of its AI-assisted process mining software. This new platform will help businesses and clients develop purpose-built operational applications.

Industry Developments-

A List of Key Manufacturers Operating in the Global Process Mining Software Market:

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Detailed Table of Content:

TOC Continued..

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Process Mining Software Market to Reach USD 10,383.0 Million by 2028; Increasing Utilization of Artificial Intelligence to Aid Growth, states Fortune...