Process Analytics Market Present Scenario p

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Rhea 2/14/2020 10:56:34 AM

Process Analytics Market:
Present Scenario, Growth Prospects & Forecast 2023


According to a new
market research report
 "Process Analytics Market by Process Mining Type (Process Discovery, Process
Conformance & Process Enhancement), Deployment Type, Organization Size,
Application (Business Process, It Process, & Customer Interaction), and
Region - Global Forecast to 2023"
published
by MarketsandMarkets™
, the Process Analytics Market expected to grow from $185.3
Million in 2018 to $1,421.7 Million by 2023, at a Compound Annual Growth Rate
(CAGR) of 50.3% during the forecast period.

The major growth factors
for the market include the implementation of digital transformation that is
driving users’ awareness for analyzing and understanding business processes,
and the advent of the algorithmic business. Moreover, collaborations between process
analytics and Enterprise Resource Planning (ERP) vendors, and the rise in the
implementation of task level automation are expected to drive the market
growth. 

Browse in-depth TOC on "Process Analytics Market

41- Tables

39- Figures

126- Pages

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The process conformance
segment is expected to be the fastest-growing segment during the forecast
period.

In the process
conformance segment, the data mining software is used for process conformance
checks, wherein the event logs are checked against ideal processes. To detail,
the process mining software converts the event logs into a process model and
checks them against the ideal and pre-defined processes. Hence, deviations
between the derived business process model and ideal processes can be
diagnosed, and non-conformance can be highlighted and visualized.

The large enterprises
segment is expected to account for the larger market size in the Process
Analytics Market during the forecast period.

Enterprises with more
than 1,000 employees are considered as large enterprises. Large enterprises are
among the early adopters of the process analytics software, due to their
complex business processes across business functions. Moreover, large
enterprises have huge facility infrastructures, and they rely on manual
management processes to carry out daily business activities and coordinate with
other geographically dispersed assets.

Europe is expected to
account for the largest market share in the Process Analytics Market during the
forecast period.

Europe is the largest
contributor to the Process Analytics Market, due to the widespread acceptance of
innovations and the upcoming analytics technology among the large numbers of
vendors operating in the region. Germany and the Netherlands are the top
countries contributing to the Process Analytics Market in Europe. Along with
these countries, several other European countries are also incorporating
process analytics into their existing analytics portfolio to receive quick and
actionable executive insights to keep pace with their analytics-driven
competitors in the other regions. Companies in this region are increasingly
adopting process analytics solutions to identify undiscovered patterns and
trends in the enterprise processes for becoming more technologically advanced
and driving efficient and effective operational processes.

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The major vendors in the
Process Analytics Market include Celonis (Germany), Fluxicon (Netherlands), Icaro
Tech (Brazil), Kofax (US), Lana Labs (Germany), Minit (Slovakia), Logpickr
(France), TimelinePI (US), Scheer (Germany), Monkey Mining (Netherlands),
Worksoft (US), Puzzle Data (South Korea), QPR Software (Finland), Cognitive
Technology (Malta), Signavio (Germany), SNP (US), Your Data (France), Process
Mining Group (Open-Source), Software AG (Germany), Fujitsu (Japan), CA
Technologies (US), Process Analytics Factory (Germany), StereoLOGIC (Ontario),
Intellera (Canada), and ProcessGold (Netherlands).

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Source
: https://www.marketsandmarkets.com/PressReleases/process-analytics.asp

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