The international market for process mining software technology will be growing immensely in the coming years, according to a new report from India’s Fortune Business Insights (FBI).
The researcher released details from its new report on Thursday, which indicate that the market’s value will ascend to US$27.7 billion by 2030. The market was valued at approximately US$1.7 billion this year and is expected to exhibit a strong compound annual growth rate (CAGR) of 49.4 per cent during the remainder of the decade.
FBI says that as companies continue implementing new digital information and automation technologies the demand for process mining software is rapidly increasing. Process mining software helps companies streamline their operations and detect inefficiencies that might otherwise go unnoticed and the demand for cloud-based software systems will propel the market’s growth.
In June last year, Finland’s QPR Software (HEL: QPR1V) entered into a partnership with Snowflake (NYSE: SNOW) to offer a type of process mining software called QPR Process Analyzer. The software utilizes artificial intelligence and machine learning and FBI says this new partnership was a key industry development.
Software developers and other companies continue to invest in AI and process mining technologies.
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Europe currently dominates the market and the rising demand for new technologies to automate business operations in North America is also expected to propel the market’s growth. Privacy and security concerns will slightly deter the growth of the market, according to FBI.
A report from India’s Maximize Market Research last December indicated that the market would be worth US$15.4 billion by 2029 and a report from Ireland’s Research and Markets in the fall of 2021 showed that it would be worth US$7.95 billion by 2028.
Key market players
Leading companies in the market include UiPath (NYSE: PATH), ABBYY Solutions, Celonis, Software AG (ETR: SOW), IBM Corporation (NYSE: IBM), QPR Software, Fluxicon, Appian Corporation (NASDAQ: APPN), Fujitsu (TYO: 6702) and Hyland Software.
rowan@mugglehead.com
