Process Analytics Market - An Emerging Hint of Opportunity
According to a new report published by Allied Market Research, titled, “Process Analytics Market, by Process Mining Type (Process discovery, Process conformance, Process enhancement), by Deployment Mode (On Premise, Cloud), by Organization Size (Large Enterprises, Small and Medium Enterprises), by Application (Business Process, Information Technology Process, Customer Interaction): Global Opportunity Analysis and Industry Forecast, 2021–2031”.
The process analytics market was valued at $469.86 million in 2021, and is estimated to reach $18.6 billion by 2031, growing at a CAGR of 44.6% from 2022 to 2031.
Process analytics is a type of system that helps in analyzing and controlling the manufacturing processes. It also measures critical quality parameters and performance attributes of raw and in-process materials. In addition, it enables in-process data to be used for assessing the quality of a batch during manufacture, significantly reduces the need for finished product testing, and as a result, improves lead times. Furthermore, digital transformation is empowering users’ awareness for analyzing and understanding business processes and increase in adoption of algorithmic business are the significant growth opportunities for the future prospects of process analytics market forecast. In addition, rise in implementation of task-level automation is positively impacting the growth of the process analytics market. However, competition from open-source alternatives is hampering the demand for commercial solutions and lack of skills and expertise limit the market growth. On the contrary, the need to focus on enhancing the customer experience is expected to offer remunerative opportunities for expansion of the process analytics industry during the forecast period.
On the basis of organization size, the large enterprises segment dominated the overall process analytics market in 2021, and is expected to continue this trend during the forecast period. This is attributed to process analytics solutions enabling enterprises to monitor and regulate complex business and Information Technology (IT) processes. However, small and medium size enterprise segment is expected to witness highest growth as various SMEs industries from different domains have been trying to build process system infrastructures that are more dynamic, agile, and cost-efficient, which is expected to further fuel the growth of the global process analytics industry.
Region wise, the process analytics market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to rapidly growing digital landscape of the region and rise in initial adoption of advanced process analytics technology by the manufacturing enterprises. However, owing to its growing adoption of process analytics in manufacturing and IT & telecom sector across the developing countries in this region, is anticipated to drive the industry growth for the processing analytics market in Asia-Pacific region.
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The spread of COVID-19 has been disrupting the world, businesses, and economies and has impacted the way of living of the masses and approaches adopted by enterprises for business management. The ability of enterprises to sustain this pandemic has become challenging for them as they are shifting focus from growth opportunities and concentrate on implementing measures to mitigate the impact of COVID-19. The upcoming analytics projects are kept on hold owing to the pandemic. Several companies are competing with each other to gain a process analytical solution to adopt the process analytics. Businesses have already started efforts to return to their fully operating conditions and are facing multiple challenges in terms of enhancing the process, due to impact of the pandemic on customer base and operations. Therefore, companies are looking forward to update their manufacturing process by implementing process analytics.
KEY FINDINGS OF THE STUDY
By process mining type, the process discovery segment accounted for the largest process analytics market share in 2021.
By region, North America generated highest revenue in 2021.
By organization size, the large enterprise segment generated the highest revenue in 2021.
The key players profiled in the process analytics market analysis are Celonis, Fluxicon BV, Icaro Tech, Kofax Inc., Logpickr, Scheer GmbH, Worksoft, Inc., Minit, Monkey Mining BV, and ABBYY. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
