Process Analytics Market 2031: Strategic Analysis Of Trends, Growth And Segmentation

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Process Analytics Market

WILMINGTON, DE, UNITED STATES, September 20, 2024 /EINPresswire / -- According to the report, the global process analytics market size 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.

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.

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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. Furthermore, digital transformation is empowering users' awareness for analyzing and understanding business processes and increase in adoption of algorithmic business are the significant growth opportunities for the future prospects of process analytics market forecast.

In addition, rise in implementation of task-level automation is positively impacting the growth of the process analytics market. However, competition from open-source alternatives is hampering the demand for commercial solutions and lack of skills and expertise limit the market growth. On the contrary, the need to focus on enhancing the customer experience is expected to offer remunerative opportunities for expansion of the process analytics industry during the forecast period.

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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.

Leading Market Players
Scheer Gmbh
Worksoft, Inc.
Minit
Monkey Mining BV
ABBYY
Celonis
Fluxicon BV
Icaro Tech
Kofax Inc.
Logpickr

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