New York, NY -- (SBWIRE) -- 02/25/2021 -- The Global Process Analytics market is forecast to reach USD 4593.4 Million by 2026, according to a new report by Reports and Data. Process analytics is the combining process of tools and methods implemented to process data, instances, and models to help decision making in various organizations. It is utilized to improve understanding of how a process works and to focus on potential targets for its improvement by eliminating waste and surging efficiency. The market is influenced by the rise in the implementation of the task level automation.
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Leading Players Profiled in the Report Include:
Celonis, Fluxicon, Icaro Tech, Kofax, Lana Labs, Minit, Logpickr, Timelinepi, Scheer, and Monkey Mining, among others.
The above-mentioned factors collectively create opportunities for market growth while factors such as competition from open-source alternatives hindering demand for commercial solutions, which is posing limitations in the market. However, each factor would have a definite impact on the market during the forecast period. Consistent advancements in the information and communication technology market owing to innovative efforts have enhanced the efficiency of the market.
North America is a key region for the process analytics market and is likely to witness consistent growth during the forecast period. Government organizations, as well as commercial entities, have shown interest in adapting process analytics solutions over the traditional Business Process Management solutions. These factors will affect the growth of the market positively in the North American region.
Further key findings from the report suggest
Process Discovery segment held the largest market share of 40.9% in the year 2018. In this method, the processed data from logs are extracted, cleaned, and formatted for analysis. The data mining software, along with machine learning and artificial intelligence techniques, are used to mine the extracted and cleaned data to build data-driven process models.
The on-premise segment held a larger market share of 57.5% in the year 2018. The on-premises deployment refers to the installation of the software on the premises of the company, which in general, deployed within the companies who can afford managing dedicated servers. Safety, annual service agreement, which include free up-gradation and installation of new functionalities, are some factors that are responsible for the adoption of on-premise deployment.
The business process segment held the largest market share of 40.6 in the year 2018. The process mining software helps data analyst's with enhanced situational awareness for day to day business processes of organizations. Furthermore, the software provides graphical, intuitive, and visual representations of the organization's business process.
North America region is forecasted to grow with the highest CAGR of 50.5% during the forecast period. Countries like the United States and Canada have a higher demand for process analytics software due to the growing BFSI and IT and Telecom industries in the region, which is driving the market growth in the region.
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For the purpose of this report, Reports and Data have segmented into the global Process Analytics market on the basis of process mining type, organization size, deployment type, application, and region:
Process Mining Type Outlook (Revenue, USD Million; 2016-2026)
Process Discovery
Process Conformance
Process Enhancement
Organization Size Outlook (Revenue, USD Million; 2016-2026)
Small and Medium-Sized Enterprises
Large Enterprises
Deployment Type Outlook (Revenue, USD Million; 2016-2026)
On-Premise
Cloud
Applications Outlook (Revenue, USD Million; 2016-2026)
Business Process
Information Technology Process
Customer Interaction
Regional Outlook (Revenue, USD Million; 2016-2026)
North America
U.S
Europe
U.K
France
Asia Pacific
China
India
Japan
MEA
Latin America
Brazil
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Table of contents
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2026
Chapter 3. Indicative Metrics
Chapter 4. Process Analytics Market Segmentation & Impact Analysis
4.1. Process Analytics Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Advent of Algorithmic Business
4.2.2.2. Rise in the implementation of task-level automation
4.2.2.3. Collaborations between process analytics and ERP vendors
4.2.3. Market restraints analysis
4.2.3.1. Competition from open-source alternatives hampering the demand for commercial solutions
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
Continued…
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