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.
Market Size and Forecasts
- In 2018, Gartner’s process mining market estimate for new product license and maintenance
revenue was ~$160 million. (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)
- Celonis is currently holding over 60% share of the process mining market with almost 400% year-over-year growth in its client base. (Celonis)
- According to the survey in 2018, the top use cases of process mining are business and process improvement (41%), auditing and compliance (21%), process automation (18%) and digital transformation (15%). (Gartner)
- Adoption of basic process mining types as follows: process discovery (48%), enhancement (26%) and conformance (25%). However, there is a significant trend towards an increased focus on using process mining for process conformance and enhancement. Adoption of process mining in these areas was expected to reach the level of process discovery by 2020. (Gartner report in 2018)
- 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)
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)
- 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)
- 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)
- 78% of people who automate say process mining is key to enabling their RPA efforts. (UiPath)
- Procurement process optimization (22%) and audit and control-related activities (19%) are the most common answers to where executives see most opportunities (QPR)
- Process mining can increase process automation rates by 50%. (QPR)
- Increased process conformance. Average process conformance level is around 40-65% (QPR2)
Case studies are one of the most effective methods to learn about the benefits of new technology. You can check out our article where we examined 38 process mining case studies.
- 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 vendors
- Celonis has raised ~$370M in three funding rounds. Their latest funding of $290M was raised in November 2019. (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)
- Minit has raised ~€10M in two rounds. Their latest funding was raised in October 2019 and it was worth €7M. (Crunchbase)
- ARIS process mining is provided by Software AG which is a public company. Software AG has acquired 24 organizations. Their most recent acquisition was Built.io on Sep 28, 2018. (Crunchbase)
- Lana Labs has raised 1 funding round in 2018. They didn’t reveal the exact number but they said it is a seven digit funding. (Crunchbase)
- UiPath which also focuses on the RPA market, acquired ProcessGold and has raised a total of $1.2B in funding over 6 rounds. Their latest funding of $225m was raised on July 3, 2020 based on a 10+bn valuation. (Crunchbase)
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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