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3. Process Mining Market Revolution: AI, RPA, Cloud Power the Future

Process mining market is expected to grow at a compound annual growth rate (CAGR) of 45.6% over the course of the forecast period, from an anticipated USD 1.8 billion in 2023 to USD 12.1 billion by 2028.

Here are the Emerging trends in the global Process Mining Market:

Process Mining and Artificial Intelligence (AI) Convergence: Process mining is increasingly integrating with AI for advanced capabilities. AI can automate process discovery, identify bottlenecks more effectively, and predict potential process improvement opportunities

Focus on Robotic Process Automation (RPA) and Process Mining Collaboration: Process mining can be used to identify processes ripe for automation with RPA, while RPA can streamline data collection for process mining analysis. This combined approach leads to more efficient process optimization

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Democratization of Process Mining: New user-friendly interfaces and cloud-based solutions are making process mining more accessible to businesses of all sizes, not just large enterprises with dedicated data science teams

Mining Beyond Traditional Event Logs: Process mining is evolving to handle data from various sources beyond traditional event logs. This includes text data, emails, and sensor data, providing a more holistic view of business processes

Compliance and Risk Management with Process Mining: Process mining can be used to identify process deviations that might lead to compliance issues or security risks. This allows businesses to take proactive measures to ensure adherence to regulations and mitigate potential threats

Prescriptive Analytics for Process Improvement: Advanced process mining tools are incorporating prescriptive analytics capabilities. This goes beyond identifying problems and suggests specific recommendations for process improvement based on data-driven insights

Process Mining in the Cloud: Cloud-based process mining solutions offer scalability, flexibility, and easier deployment compared to on-premise systems. This trend is expected to continue as businesses move towards cloud-based solutions

Focus on Social Process Mining: Social process mining incorporates data from collaboration tools and communication channels to understand how human interaction impacts business processes

By embracing these emerging trends, process mining is transforming from a process discovery tool into a comprehensive suite for process optimization, automation, compliance management, and data-driven decision making.

Related Reports:

Process Mining Market by Offering (Software (Process Discovery Tools, Conformance Checking Tools), Services), Mining Algorithm (Deep Learning, Sequence Analysis), Data Source (ERP Systems, CRM Systems), Vertical and Region - Global Forecast to 2028