Process mining, a recent edition to the digital transformation toolkit – but it’s already helping businesses improve the understanding of as-is processes while eliminating causes for bottlenecks, unnecessary costs and risks. Explore top process mining stats to explore applications, benefits and challenges:
Market Size and Forecasts
- In 2020, Gartner’s estimate for new product license and maintenance revenue in the process mining market was ~$550 million, which indicates ~70% growth in the market size in a year. (Gartner)
- In 2022, Gartner expects that the process mining market will pass ~$1 billion, by growing 40% to 50%. (Gartner)
- The global process analytics market size is expected to grow from $185 million in 2018 to $1.42 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 50% during the forecast period. (Market and Markets)
- According to Gartner’s report, Celonis led the market with more than 1000 clients, and 200 partners as of 2021 (Gartner). In a blog post from 2020, the company claimed to hold over 60% share of the process mining market with almost 400% year-over-year growth.
Business Adoption
- Adoption of basic process mining types as follows: process discovery (38%), enhancement (28%) and conformance (34%). Also, there is a significant trend towards an increased focus on using process mining for process enhancement. It is estimated that process enhancement applications will reach to 42% and exceed process discovery in 2022. (Gartner report in 2021)
- 83% of business decision makers plan to increase the adoption of process optimization in customer journey mapping and 57% of them are planning to increase it significantly. Process mining is a major tool in the process optimization toolkit. (Forrester)
- 93% of all questionnaire respondents stated they wanted to apply process mining within their organizations, 79% indicated never having used this technique. (PwC)
Benefits
Early adopters of process mining tools have achieved significant benefits including cost reduction, improved customer experience and compliance while applying process mining in various use cases.
- Digital transformation initiatives are delayed by misunderstood processes. Manual routing and process gaps further complicate the picture and 37% of business and technology decision-makers report that their organizations experience these problems. (Forrester)
- 78% of people who automate say process mining is key to enabling their RPA efforts. (2020 Process Mining Sector Scan)
- By using process mining during RPA implementation, businesses can increase the business value by 40% while reducing RPA implementation time by 50% and RPA project risk by 60% (QPR)
- 61% of respondents state that provision of factual process data which can be used for further diagnosis is the most prominent benefit of process mining. (Jan Claes)
- Procurement process optimization (22%) and audit and control-related activities (19%) are the most common answers to where executives see most opportunities. (QPR)
Case studies are one of the most effective methods to learn about the benefits of new technology. You can check out process mining case studies.
Challenges
- Top challenges preventing the adoption of process mining are: unavailability of process mining tooling or expertise (52%), limited focus due to a missing process function (33%), and a complex IT landscape (30%) (PwC)
- 80% of the efforts and time are spent on locating, selecting, extracting, and transforming the process data. The time needed to apply process mining is short when the data are there. (Gartner)
Funding of process mining vendors
- ARIS process mining is provided by Software AG which is a public company. Software AG has acquired 23 organizations. Their most recent acquisition was Built.io on Sep 28, 2018. (Crunchbase)
- Celonis has raised ~$1.4B in four funding rounds. Their latest funding of ~$1B was raised in June 2, 2021. (Crunchbase)
- Lana Labs has raised a funding round in 2018 without revealing the amount raised. They were acquired by Appian in August 2021. (Crunchbase)
- Minit has raised ~€10.3M in two rounds. Their latest funding was raised in October 2019 and it was worth €7M. Minit has been acquired by Microsoft on March 2022. (Crunchbase)
- QPR which is one of the oldest players in this field went public in 2002 and has a market cap of >€20m as of September 2020. (M2)
- UiPath which also focuses on the RPA market, acquired ProcessGold and has raised a total of $2B in funding over 11 rounds. Their latest funding of $750m was raised on February 3, 2021. (Crunchbase)
Also, don’t forget to check out our comprehensive and data-driven list of process mining software.
We have 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:
If you need more reviews on process mining vendors to choose the right solution for your needs, you can read our market analysis and vendor comparison article or contact us:
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