What does the Process Mining market look like in 2023?

Market size and outlook in 2023

The process mining software market reached an impressive USD 627 million in 2021 and is anticipated to increase from USD 933.1 million to USD 15,546.4 million by 2029.

As with most global markets, enterprises are being impacted by a general economic slowdown and the risk of recession, manifesting as a result of a few key areas:

  • Inflation
  • Interest rates
  • Supply chain risks
  • War and conflict
  • Raw material price increases

The current state of the economy is making it harder for production and supply chains to work efficiently. To reduce risk and increase diversity, business leaders are considering automation and outsourcing.

However, if companies can assess their processes carefully and use process mining to create a more efficient business flow, they can use a negative economic situation to their advantage and improve their business operations, potentially surpassing their competitors.

As the industry continues to expand, there are numerous opportunities for businesses to enjoy the advantages of ongoing process mining innovation, provided that they remain focused on their process mining goals.

What caused the sudden increase in the popularity of process mining?

Here’s where we disagree or have an issue.

We’re aware that the process mining surge was brought on by Robotic Process Automation (RPA) automation. Even though we’re happy about it, we’re not particularly enthusiastic about automation on its own.

Although automation is excellent and should be a regular part of contemporary business operations, it doesn’t provide the complete and long-lasting advantages of process mining when utilized as an add-on by vendors. As a result, the true worth and long-term benefits of process mining cannot be achieved through automation alone.

When back-end automation and process mining are combined, they provide more value to the business than just relying on RPA solutions or automation alone.

In this scenario, process mining is valuable because it allows organizations to prioritize and utilize automation more effectively than they would be able to without it. By enhancing the process initially, they can subsequently identify and implement automation opportunities more efficiently.

Confusion in the market

Based on our experience, there is still a need for clarification in the market regarding the appropriate uses of process mining versus what business leaders intend to use it for.

There are two perspectives to consider with process mining. In simple terms, process mining offers a view into existing processes, by providing visual data and metrics. However, this may not be significant when there are no specific issues to address, making it more of a desirable feature than a necessity.

However, when companies encounter a real issue, such as delayed deliveries, high payment fees due to delays, difficulties in digital transformation, or troubling inconsistencies that can’t be resolved, the need for process mining becomes critical.

Market size and outlook in 2023

The process mining software market reached an impressive USD 627 million in 2021 and is anticipated to increase from USD 933.1 million to USD 15,546.4 million by 2029.

As with most global markets, enterprises are being impacted by a general economic slowdown and the risk of recession, manifesting as a result of a few key areas:

  • Inflation
  • Interest rates
  • Supply chain risks
  • War and conflict
  • Raw material price increases

The current state of the economy is making it harder for production and supply chains to work efficiently. To reduce risk and increase diversity, business leaders are considering automation and outsourcing.

However, if companies can assess their processes carefully and use process mining to create a more efficient business flow, they can use a negative economic situation to their advantage and improve their business operations, potentially surpassing their competitors.

As the industry continues to expand, there are numerous opportunities for businesses to enjoy the advantages of ongoing process mining innovation, provided that they remain focused on their process mining goals.

What caused the sudden increase in the popularity of process mining?

Here’s where we disagree or have an issue.

We’re aware that the process mining surge was brought on by Robotic Process Automation (RPA) automation. Even though we’re happy about it, we’re not particularly enthusiastic about automation on its own.

Although automation is excellent and should be a regular part of contemporary business operations, it doesn’t provide the complete and long-lasting advantages of process mining when utilized as an add-on by vendors. As a result, the true worth and long-term benefits of process mining cannot be achieved through automation alone.

When back-end automation and process mining are combined, they provide more value to the business than just relying on RPA solutions or automation alone.

In this scenario, process mining is valuable because it allows organizations to prioritize and utilize automation more effectively than they would be able to without it. By enhancing the process initially, they can subsequently identify and implement automation opportunities more efficiently.

Confusion in the market

Based on our experience, there is still a need for clarification in the market regarding the appropriate uses of process mining versus what business leaders intend to use it for.

There are two perspectives to consider with process mining. In simple terms, process mining offers a view into existing processes, by providing visual data and metrics. However, this may not be significant when there are no specific issues to address, making it more of a desirable feature than a necessity.

However, when companies encounter a real issue, such as delayed deliveries, high payment fees due to delays, difficulties in digital transformation, or troubling inconsistencies that can’t be resolved, the need for process mining becomes critical.

Market size and outlook in 2023

The process mining software market reached an impressive USD 627 million in 2021 and is anticipated to increase from USD 933.1 million to USD 15,546.4 million by 2029.

As with most global markets, enterprises are being impacted by a general economic slowdown and the risk of recession, manifesting as a result of a few key areas:

  • Inflation
  • Interest rates
  • Supply chain risks
  • War and conflict
  • Raw material price increases

The current state of the economy is making it harder for production and supply chains to work efficiently. To reduce risk and increase diversity, business leaders are considering automation and outsourcing.

However, if companies can assess their processes carefully and use process mining to create a more efficient business flow, they can use a negative economic situation to their advantage and improve their business operations, potentially surpassing their competitors.

As the industry continues to expand, there are numerous opportunities for businesses to enjoy the advantages of ongoing process mining innovation, provided that they remain focused on their process mining goals.

 
What caused the sudden increase in the popularity of process mining?

Here’s where we disagree or have an issue.

We’re aware that the process mining surge was brought on by Robotic Process Automation (RPA) automation. Even though we’re happy about it, we’re not particularly enthusiastic about automation on its own.

Although automation is excellent and should be a regular part of contemporary business operations, it doesn’t provide the complete and long-lasting advantages of process mining when utilized as an add-on by vendors. As a result, the true worth and long-term benefits of process mining cannot be achieved through automation alone.

When back-end automation and process mining are combined, they provide more value to the business than just relying on RPA solutions or automation alone.

In this scenario, process mining is valuable because it allows organizations to prioritize and utilize automation more effectively than they would be able to without it. By enhancing the process initially, they can subsequently identify and implement automation opportunities more efficiently.

Confusion in the market

Based on our experience, there is still a need for clarification in the market regarding the appropriate uses of process mining versus what business leaders intend to use it for.

There are two perspectives to consider with process mining. In simple terms, process mining offers a view into existing processes, by providing visual data and metrics. However, this may not be significant when there are no specific issues to address, making it more of a desirable feature than a necessity.

However, when companies encounter a real issue, such as delayed deliveries, high payment fees due to delays, difficulties in digital transformation, or troubling inconsistencies that can’t be resolved, the need for process mining becomes critical.

 

Reference: The business leader’s guide to process mining

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Get a quick overview so you can spend your time improving your processes.

You can easily define and set up processes according to your own needs using a convenient layout tool. In addition, since all types of workflow processes can be managed, you get all case management in one single system. 

Analyses, statistics and reports give you an unbeatable overview with real-time status and division of responsibility. Nothing has to fall through the cracks anymore and you always have an accurate and up-to-date base for decision-making.

CANEA Process is a tool that allows you to model and share business processes in an easy-to-use graphical web interface.

Seeing is understanding

Visualisation gives all employees an understanding of the organisation’s processes, activities, responsibilities and information flows.

Living processes

Identifying working methods while making it easy to update is the basis for continuous improvement of processes.

Create a complete picture

Linking together documents, information and tools with clickable process maps create an intuitive and comprehensive management system.

CANEA Workflow is an IT solution that automates, quality-assures and speeds up administrative workflow processes.

You can easily define and set up processes according to your own needs using a convenient layout tool. In addition, since all types of workflow processes can be managed, you get all case management in one single system. 

Analyses, statistics and reports give you an unbeatable overview with real-time status and division of responsibility. Nothing has to fall through the cracks anymore and you always have an accurate and up-to-date base for decision-making.

By creating executable processes in CANEA Workflow, you get both better control of the situation and smoother processing.

Streamlining the work

Ensure compliance and that handovers are done correctly and with the right information.

Correct decision support

You get an unbeatable overview of the processes in real time, with both clear reports and clear diagrams.

Improve processes continuously

Our process support can be constantly adapted to changing needs and requirements. In this way, we give you the best possible conditions for your daily work.

A document management system without complicated folder structures.

CANEA Document combines simple and intuitive search features with powerful features for managing documents from a life cycle perspective.

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Search and find information quickly based on what you need, not where it is stored.

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Ensure accuracy, changes and access to all information – with high traceability.

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Manage information according to standards, legislation and other requirements for document management.

CANEA Document supports everything from production, publication and modification to archiving and deletion – with full traceability and version management.

CANEA Document provides secure management of all types of documents – in one place. Tagging the information with metadata creates a virtual, multidimensional folder structure. This means that a document appears in multiple locations at the same time, with authorisation-controlled access. The right information in the right place for the right users at the right time!

You can usefully add your company’s process-oriented management system to CANEA Document. All production and distribution of documents is quality-assured and streamlined. In addition, your employees always have access to the most up-to-date version of the documents – directly via intranet, tablets and mobile phones.

Improve the performance of your project activities

CANEA Project is a comprehensive project tool with integrated support for all types of projects and parties– such as management, resource owners, clients, project managers and project participants. CANEA Project gives you an excellent overview of your entire project portfolio, including profitability and status, making it easier to prioritize and make decisions.

CANEA Project shares all important project information with both internal and external members.

Let your project manager focus on management rather than administration and distribution of the information.

Gather all project information in one place and make it available to both internal and external members.

Helps you with prioritization of projects, resource management and analysis of portfolios and programs.

Make reality of the strategy

CANEA Strategy makes it possible for organisations of all sizes to create a unique common thread from the strategic work to the daily operations. We do not just provide performance management tools but rather a completely new generation of IT support for strategy activation. The system guarantees and provides support throughout the chain from strategy to execution. You get no results without action. CANEA Strategy makes it possible in practise! 

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Create a shared understanding of the strategy, the goal to achieve and how.

Gives management an unbeatable overview of what’s happening, how it’s progressing, and why.

Creates a clear common thread from the strategy to project, initiatives and actions.