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Analysis of Process Mining Market & Best Software in '24

Process mining is growing in popularity. However, there are numerous vendors in the domain, making it challenging to pick the right one for your business. Each vendor has different feature sets and focuses.

This article provides an overview of the leading process mining vendors by revising all available sources to help you create a shortlist. The four vendors below are mentioned below by all industry analysts, and they also come up at the top when we rank process mining software using objective, transparent criteria. 

IBM

IBM, based in Armonk, New York, joined the process mining market by acquiring my Invenio in April 2021. MyInvenio was founded in 2013 and launched in 2015, now referred to as IBM Process Mining. IBM Process Mining can be purchased alone as a Service, on Premise or as a part of IBM Cloud Packs for Automation.

  • Features listed on its website include:
    • process mining and task mining
    • Digital Twin of an Organization (DTO)
    • automated root-cause analysis
    • decision rules mining
    • conformance checking
    • machine learning (ML)
    • automated identification of RPA Candidates
    • integrations with other IBM tools & platforms (e.g. analytics tools)
    • flexible deployment within the Cloud Pak for Business Automation (e.g. on-cloud, hybrid, on-premise)
    • Automatic Bot Generation

Sponsored:

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Celonis

The German company Celonis, founded in 2011, has 100+ consulting and implementation partners and more than 1,000 clients from more than 30 countries. The company launched its Intelligent Business Cloud in 2018 as a more scalable process mining solution. The company’s largest customer has 8k Celonis users.

  • Revenue leader:
    • Celonis claims to hold over 60% share of the process mining market with almost 400% year-over-year growth in its client base.
    • According to Forrester, with more than $100M annual category revenue, Celonis takes the largest share of process mining revenues.
  • Features listed on its website include:
    • process discovery
    • conformance checking
    • AI-powered process enhancement
    • simulations
    • machine learning (ML) for predictive analytics
    • ML for root cause analysis
    • Task mining to capture and learn from user interaction
  • Top industries according to Forrester: Financial Services, life sciences, manufacturing.

QPR Software

QPR Software, based in Finland, was founded in 1991. As one of the earliest vendors in the market, most of QPR Software’s customers are from Europe. The solution claims to support more than 70+ business processes, including order-to-cash, purchase-to-pay, invoicing, marketing, and sales processes.

  • Experience: With Software AG, QPR Software is one of the oldest solutions in the process mining market with 30 years for process improvement and 10 years specifically for process mining.
  • Features: QPR software’s website lists features as:
    • clustering analysis
    • conformance analytics
    • case and KPI predictions
    • automated root-cause identification
  • Top industries according to Forrester: Banking, insurance, manufacturing, public sector.

Software AG

Software AG, the second-largest software company from Germany, has been building process related solutions since 1969. The company’s process mining product is ARIS Enterprise. The company has more than 300 clients in 70 countries across different continents. For automation-related solutions, Software AG has a partnership with RPA company Kryon to support RPA initiatives with process mining.

  • Experience: Software AG provides one of the oldest process mining solutions along with QPR Software.
  • Features listed on its website include:
    • traditional process discovery tools
    • conformance checking
    • automatic root cause analysis.
  • Top industries according to Forrester: Financial Services, government, IT services

UiPath (formerly ProcessGold)

ProcessGold is based in the Netherlands. The company was founded by people involved in the first commercial process mining offering in 2010. In October 2019, UiPath, the RPA company that raised the most investors’ funds, acquired ProcessGold and entered the process mining market. As a result, UiPath has become the first vendor to bring both process mining and RPA capabilities together. After its acquisition, the company has had a significant improvement in the client base, according to the industry analyst at Everest.

  • Features: After its acquisition, UiPath can offer:
    • process discovery
    • conformance services
    • RPA implementation
  • Top industries according to Forrester: Auditing and consultancy, and manufacturing

Common aspects of top process mining offering

Deployment: All top process mining tools claim to support cloud and on-premise deployments

Maturity: All these solutions are used by enterprise clients for years ensuring that the solutions have a certain level of maturity for enterprise clients.

Final thoughts

Based on our research and customer interviews, we see the specific process mining use case as one of the most important criteria in the procurement decision. According to Gartner, Celonis gives more weight to digital transformation, Software AG and UiPath focus more on auditing, and QPR Software and IBM concentrates on discovering automation opportunities. At the end, which vendor to choose will depend on your company’s needs and goals and it would make sense to run a short PoC to identify different tools’ capabilities better.

Process mining trends indicate that there will be more additional capabilities each vendor offers, such as task mining, digital twin of an organization (DTO) and automation integration. We prepared a vendor schema according to these three additional capability and core process mining features (See Figure 1).

The vendors are located based on the information they provide on their websites. However, we tested three process mining vendors’ capabilities through their free trial and marked them as green. Note that this schema only includes vendors that have more than 30 employees. 

Vendor schema places IBM as the only software that has process mining, task mining DTO and automation integration.
Figure 1: Process Mining Vendor Schema

We have also prepared a checklist in Google sheets with recommended weights per criteria so you can have a transparent methodology to assess different vendors. Feel free to get it on your business email:

Get Process Mining Vendor Selection Guide

The sources we relied on

We mostly relied on industry analysts’ assessments and company websites. The industry analysts that we relied on include:

Gartner’s Market Guide for Process Mining

Gartner’s report shares includes market estimate for new product license and maintenance revenue along with trends for process mining types, use cases and leading vendors. In this article, we only focused on insights about the vendors. To find more information about statistics and trends, you can check our in-depth articles:

Forrester

Forrester’s 2020 report of Process Mining Market Overview provides information about vendors in terms of revenue, geographic presence, focused industries, and sample customers. For example, Celonis and Software AG had more than $100M annual revenue. QPR had an amount between $5M and $100M. UiPath (ProcessGold) had less than $5M revenue in a year.

The Everest Group

Everest Group’s peak matrix assessment for Process Mining Products in 2022 provides an analysis of process mining vendors. In this assessment, we observe that Celonis, UiPath process mining, Minit and Software AG are identified as the market leaders, while SAP Signavio, QPR Software and IBM  are major contenders. Major contenders are the vendors that provide AI-powered process discovery and conformance checks with automated root-cause analysis and other advanced capabilities that are unique, such as predictive monitoring, DTO and actionable process mining. Yet, these process mining solutions did not perform well on establishing partnerships as the leaders. 

The leaders are Celonis, Uipath, Software AG & Minit. IBM is along with UiPath and others on the list of major contenders.
Figure 2: Everest Group’s Peak Matrix Assessment for Process Mining Products in 2022

Further Reading

If you are interested, you can also read our articles about process mining below:

If you have questions about which process mining vendor to choose for your business, don’t hesitate to contact us:

Find the Right Vendors

Access Cem's 2 decades of B2B tech experience as a tech consultant, enterprise leader, startup entrepreneur & industry analyst. Leverage insights informing top Fortune 500 every month.
Cem Dilmegani
Principal Analyst
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Hazal Şimşek
Hazal is an industry analyst in AIMultiple. She is experienced in market research, quantitative research and data analytics. She received her master’s degree in Social Sciences from the University of Carlos III of Madrid and her bachelor’s degree in International Relations from Bilkent University.

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