Tag: process mining

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

Appian’s Acquisition of Lana Labs: Yet Another Testimony to the Potential of Process Mining | Blog

Appian’s recent announcement of its acquisition of leading process mining company Lana Labs strongly demonstrates the huge potential and growing acquisition trend in this market. Read on to learn why you should pay attention to this promising intelligent automation space.

As a reader of this blog, you are likely cognizant of the growing need among enterprises to scale digital transformation and automation initiatives as they face unprecedented pressure to reduce costs, optimize operations, and increase business resilience. Enterprises have been continuously increasing their focus on automating more complex, end-to-end processes, which, in turn, is driving increased demand for holistic intelligent automation solutions that combine various digital levers such as robotic process automation (RPA), intelligent document processing (IDP), conversational artificial intelligence (AI), process mining, and process orchestration.

Process mining is becoming integral to the intelligent automation solution ecosystem, given the critical role it plays in accelerating digital transformation and enabling continuous process optimization. Process mining has been one of the fastest-growing markets in the intelligent automation space over the past few years, making it an interesting space for potential acquisitions for a while now.

We discussed several acquisitions in the RPA market in one of our previously published blogs, “Is It Open Season for RPA Acquisitions?” where we also predicted this trend’s expansion to other areas, which is now being seen in process mining.

2021 certainly seems to have opened the flood gates for process mining, with three major acquisitions taking place in quick succession over the past few months. Following the acquisition of Signavio by SAP, and myInvenio by IBM, Appian has announced the acquisition of Lana Labs for an undisclosed amount.

What’s in it for Appian?

In the ongoing quest to achieve digital transformation, enterprises are increasingly using process mining to discover, monitor, and optimize processes in a data-driven, faster, cost-efficient, and scalable way. Process mining solutions have a wide range of applications that go far beyond just process discovery to generate fact-based insights and enable enterprises to act on these insights for transforming processes.

The proposition that process mining offers seems to plug in the key missing capability piece in Appian’s offering. Appian has a vision to provide an integrated low-code intelligent automation platform that combines various digital levers, including RPA, process orchestration, IDP, case management, application programming interface (API) integration, and AI, to transform enterprise operations. In 2020, Appian acquired Novayre Solutions SL, maker of the Jidoka RPA product, to augment its platform capabilities. It also recently added IDP capability to its platform.

Lana Labs’ acquisition is a key step by Appian to become the one-stop-shop by providing process mining capabilities that are firmly integrated into its automation platform. It will help Appian reduce its reliance on third-party process mining vendors for gaining process insights that can be used to deploy critical applications with the Appian platform. It also aligns very well with Appian’s mission to drive continuous and actionable process optimization with humans, systems, and data unified in the same workflow.

Why Lana Labs?

Founded in 2016, Lana Labs is a Berlin-based process mining software provider focused on enabling organizations to become smart and more efficient by automatically analyzing and optimizing complex business and production processes. Its process mining software leverages a proprietary ML algorithm to determine root causes of unwanted process deviations to automatically detect optimization opportunities in business processes. The platform is developed on microservices architecture and supports containerized deployments, which enhances scalability and aligns well with Appian’s platform architecture.

Lana Labs was identified as a major contender in Everest Group’s 2021 Process Mining PEAK Matrix® and brings a host of capability modules to enhance the value proposition of Appian’s automation platform, including:

  • Process discovery – To automatically generate process maps, detect process loops along with rework rate, discover organization-level relationships, create BPMN 2.0 compliant process models, and perform multi-level process mining
  • Conformance checking – To compare discovered as-is process model with a target reference model, perform gap analysis and ML-based automated root-cause analysis, and check compliance rules such as segregation of duties
  • Process monitoring and reporting – To create customizable dashboards, define custom KPIs/metrics, and monitor processes against pre-defined KPIs
  • Process enhancement – To predict any expected KPI breaches by leveraging deep learning and neural networks, proactively trigger alerts/notifications to users regarding those breaches, and identify/prioritize automation opportunities

The market outlook

Process mining technology will reach a much broader audience after its integration into the platforms offered by providers such as Appian, resulting in improved awareness and adoption.

Appian has strategic go-to-market partnerships and technology alliances with other process mining vendors, and these partnerships are expected to continue, giving clients the flexibility to choose as co-opetition is becoming quite common in the enterprise software space.

With this move, Appian has no doubt strengthened its position in the automation vendor landscape. While it could take some time to embed Lana Labs’ offerings at a technical level within Appian’s suite, it will be interesting to see how well Appian can leverage this investment.

The acquisition will also nudge other technology vendors to demonstrate their ability to think ahead and make more investments to strengthen their automation suite. This latest deal may push other process orchestration and RPA players to acquire companies that provide process mining or other complementary technologies such as API-based automation, conversational AI, and IDP to provide a more comprehensive solution to their clients. The deal also could trigger other big enterprise tech vendors like Microsoft, Oracle, ServiceNow, and Salesforce to make similar moves to enter the process mining market.

Process mining offers great potential for enterprises, and this is just the beginning of this market entering a disruptive phase, garnering attention from all parts of the world. And we have no doubt there is more to come.

To discuss your process mining journey, please reach out to us at [email protected], [email protected], and [email protected].

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