Tag: process mining

Process Mining Products PEAK Matrix® Assessment 2023

Process Mining Products PEAK Matrix®

Process mining plays a crucial role in driving operational excellence and facilitating enterprises’ digital transformation initiatives by employing a data-driven approach to continuously discover, monitor, and optimize existing processes. The process mining market is gaining strong momentum globally and finding diverse applications across business functions and industries. Process mining offers the potential to enhance operational efficiency, ensure process governance and compliance, and elevate the customer experience. In response to market demands, technology providers are swiftly advancing their products to offer enhanced capabilities, features, and functionalities. However, to achieve success, it is critical for enterprises to select the right-fit process mining technology providers.

Process Mining PEAK 2023

What is in this PEAK Matrix® Report

In this report, we examine 18 process mining technology providers and position them on Everest Group’s PEAK Matrix®, categorizing them as Leaders, Major Contenders, and Aspirants based on their capabilities and offerings. The research will help buyers select the right-fit technology providers for their needs and enable providers to benchmark themselves against the competition.

In this PEAK Matrix®; report, we provide:

  • Everest Group’s PEAK Matrix® evaluation of 18 process mining technology providers and their categorization as Leaders, Major Contenders, and Aspirants
  • An overview of process intelligence products
  • Competitive landscape of the process mining technology provider market
  • Key process mining technology trends
  • Key strengths and limitations of each process mining technology provider

Scope:

  • Process mining software products that are sold on license, irrespective of any ongoing business or IT process outsourcing or managed services
  • All industries and geographies
  • Assessment based on Everest Group’s annual RFI process for the calendar year 2022, interactions with leading process mining technology providers, client reference checks, and an ongoing analysis of the process mining market

DOWNLOAD THE PROCESS MINING PRODUCTS PEAK MATRIX® ASSESSMENT 2023

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Process Mining Products PEAK Matrix® Assessment 2023

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What is the PEAK Matrix®?

The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.

LEARN MORE ABOUT Top Service Providers

Process Mining Software Market Posts 60-70% YoY Growth in 2020, Will Triple by 2022 | Press Release

Exponential growth is expected in process mining market as client base expands across industries, geographies, buyer sizes

Process mining—which is the technique of using software to discover and map business processes in order to optimize and automate them—is an emerging market, growing at around 60-70% between 2019 and 2020 to reach a total market size of $320-$340 million.

Everest Group reports that the client base for process mining is rapidly expanding, driving revenue growth in the market. Even in the pandemic hit year, the client base experienced impressive growth at around 60%. Going forward, Everest Group predicts adoption will accelerate across market segments, buoyed by an increasing awareness of the technology, growing use of process mining as an enabler of digital transformation, and snowballing word of mouth of early adopters’ success stories. Everest Group estimates that the process mining software market will triple between 2020 and 2022.

A Wide Variety of Business Processes/Functions Are Adopting Process Mining
Process mining blends the power of data-based analysis techniques, such as data mining and machine learning, to help organizations discover the as-is process along with its variants and identify opportunities for optimization and automation. Process mining technology can be classified in three categories as follows:
  • Classic process mining leverages specialized algorithms to analyze process-related information captured in event logs generated by enterprise systems such as ERP, CRM, and SCM to discover processes and generate process insights at a macro level.
  • Desktop process mining refers to the ability to capture and analyze keyboard, mouse, and potentially other system-level activities performed across multiple users involved in a process to virtually reconstruct the processes and provide process insights at a micro level.
  • Hybrid process mining refers to the ability to combine information from both event logs and user activities for a holistic view into as-is processes; it is carried out across both macro- and micro-levels.

While the need to optimize operations continues to be the most important factor driving process mining adoption, enhancing customer experience has emerged as the second key adoption driver because of the role process mining plays in mapping customer journeys to identify and address customer pain points.

These findings are discussed in more detail in Everest Group’s recently published report “Enabling Data-based Process DNA Analysis: Process Mining State of the Market Report 2021.” The report includes a detailed view of the current state of the market and analyzes it across various dimensions, including market size and adoption trends, buyer satisfaction, product capabilities and trends, solution characteristics, vendor landscape, challenges to process mining adoption, and the outlook for 2021-22.

Market Highlights:

  • Currently 86% of the revenue generated in the process mining market comes from software licenses, with most vendors offering cloud-based access.
  • Continental Europe holds the lion’s share of the market (48%) while North America accounted for the highest growth rate (90-95%).
  • Manufacturing; banking, financial services, and insurance (BFSI); and the healthcare industries are among the leading adopters of process mining solutions, accounting for more than 50% of the market share.
  • Celonis, Minit, Software AG and UiPath are the top providers in terms of process mining software revenue.

***Download a complimentary abstract of the report***

About Everest Group
Everest Group is a research firm focused on strategic IT, business services, engineering services, and sourcing. Our clients include leading global companies, service providers, and investors. Clients use our services to guide their journeys to achieve heightened operational and financial performance, accelerated value delivery, and high-impact business outcomes. Details and in-depth content are available at http://www.everestgrp.com

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