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Process Analytics Market
The cloud segment is expected to grow at a higher CAGR during the forecast period.
WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 19, 2024 /EINPresswire / -- The global Process Analytics
market size was valued at $469.86 million in 2021, and is projected to reach $18.6 billion by 2031, growing at 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. 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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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.
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.
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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.
Region wise, the process analytics market was dominated by North America in 2021, and is expected to retain its position during the forecast period, owing to rapidly growing digital landscape of the region and rise in initial adoption of advanced process analytics technology by the manufacturing enterprises. However, owing to its growing adoption of process analytics in manufacturing and IT & telecom sector across the developing countries in this region, is anticipated to drive the industry growth for the processing analytics market in Asia-Pacific region.
The key players profiled in this report include
ABBYY, Kofax Inc., Monkey Mining BV, Celonis, Worksoft, Inc., Icaro Tech, Minit, Scheer Gmbh, Fluxicon BV, Logpickr
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KEY FINDINGS OF THE STUDY
By process mining type, the process discovery segment accounted for the largest process analytics market share in 2021.
By region, North America generated highest revenue in 2021.
By organization size, the large enterprise segment generated the highest revenue in 2021.
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The spread of COVID-19 has been disrupting the world, businesses, and economies and has impacted the way of living of the masses and approaches adopted by enterprises for business management. The ability of enterprises to sustain this pandemic has become challenging for them as they are shifting focus from growth opportunities and concentrate on implementing measures to mitigate the impact of COVID-19. The upcoming analytics projects are kept on hold owing to the pandemic. Several companies are competing with each other to gain a process analytical solution to adopt the process analytics. Businesses have already started efforts to return to their fully operating conditions and are facing multiple challenges in terms of enhancing the process, due to impact of the pandemic on customer base and operations. Therefore, companies are looking forward to update their manufacturing process by implementing process analytics.
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