Digital transformation, rise in adoption of algorithmic business, and increase in implementation of task-level automation drive the growth of the global process analytics market. However, surge in competition from open-source alternatives along with lack of skills and expertise restrains the market growth. On the other hand, the focus on improving the customer experience present new opportunities in the coming years.
According to the report, the global process analytics market generated $469.86 million in 2021, and is expected to reach $18.6 billion by 2031, witnessing a CAGR of 44.6% from 2022 to 2031.
Process analytics is a type of system that helps in analyzing and controlling the manufacturing processes. It also measures critical quality parameters and performance attributes of raw and in-process materials. In addition, it enables in-process data to be used for assessing the quality of a batch during manufacture, significantly reduces the need for finished product testing, and as a result, improves lead times.
Key players in the process analytics market:
The key players profiled in the process analytics market analysis are Celonis, Fluxicon BV, Icaro Tech, Kofax Inc., Logpickr, Scheer GmbH, Worksoft, Inc., Minit, Monkey Mining BV, and ABBYY.
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Segmental review of the process analytics market:
Based on application, the business process segment accounted for the highest market share in 2021, contributing to nearly half of the global process analytics market, and is estimated to maintain its lead status throughout the forecast period. This is attributed to rise in complexities of modern business processes. However, the customer interaction segment is expected to manifest the fastest CAGR of 46.1% from 2022 to 2031, owing to need to offer effective and engaging customer experiences.
Based on region, North America contributed to the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global process analytics market, and is projected to continue its lead position by 2031. This is attributed to increase in spending on data analytics and data processing solutions in the region. However, Asia-Pacific is estimated to witness the largest CAGR of 47.0% during the forecast period. This is due to rise in digital and economic transformation of the region.
On the basis of organization size, the large enterprises segment dominated the overall process analytics market in 2021, and is expected to continue this trend during the forecast period. This is attributed to process analytics solutions enabling enterprises to monitor and regulate complex business and Information Technology (IT) processes. However, small and medium size enterprise segment is expected to witness highest growth as various SMEs industries from different domains have been trying to build process system infrastructures that are more dynamic, agile, and cost-efficient, which is expected to further fuel the growth of the global process analytics industry.
Based on deployment mode, the on premise segment held the highest share in 2021, accounting for around three-fifths of the global process analytics industry, and is projected to maintain its leadership status by 2031. This is due to rise in concerns related to security and privacy. However, the cloud segment is projected to witness the highest CAGR of 46.4% from 2022 to 2031. This is owing to digital transformation and cloud adoption trends.
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