A recent study by the Everest Group found that the process mining software market more than doubled between 2018 and 2019, growing 150 percent to reach around $240 million. The Glendora, Calif.-based consultancy said the client base of process mining companies also doubled, indicating a significant increase in adoption of the technology.
Process mining – using software to identify and map business processes that are likely candidates for automation – is an important component of RPA. Everest Group’s evaluation of the market found half of all sales occur in Europe, while North America saw the most growth (200 percent). Celonis continues to capture the most market share (60 percent), but ABBYY Timeline was the fastest growing company during the period examined by Everest Group.
“The process mining market has seen exponential growth over the last few years and is expected to continue the momentum in the future,” said Amardeep Modi, practice director of Everest Group. “The COVID-19 crisis is likely to temper the growth of the process mining market in the short term, especially in the manufacturing industry, but the market is expected to pick up toward the end of 2020 as the demand for automation and process optimization begins to surge.”