Global Process Analytics market size stood at 625 million in the year 2021, is set to grow at CAGR 48.5% and market value to reach USD 21,918 million by 2030, as per market research firm Acumen Research and Consulting.
The rise of digital transition is one of the key drivers driving revenue growth for global process analytics market. As per our global process analytics industry report, increasing task-level automated process adoptions will drive market expansion in the next years. Lately, Process analytics industry trends is collaborations between process analytics suppliers and ERP.
Process analytics is a systematic examination of all the methods and procedures used to execute a certain task. Process analysis is the continuous development process in which businesses study how they do things in order to find more effective ways to execute a certain activity. This study is based on the three components of every activity: input, process, and outcome. Process analytics is focused on how input is transformed into the desired result.
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Dynamics of the Process Analytics market
The digital revolution is driving the worldwide process analytics market value. The intensive transformation of business processes, competencies, activities and models to fully leverage the possibility and the developments of mix of digital technology and advancing impact across the society in decisive manner, keeping current and future shift in mind. getting the most out of data will be challenging until process companies consider improved data integration, design, and the usage of modern data analytics tools for handling data.
AI, IIoT, ML, Cloud, Robotics, Digital twins, 5G can help process manufacturers sense and provide data for applications to evaluate and manage for digitally transforming their organizations. As process manufacturers develop to merge operational technologies with IT to improve tools and procedures, IoT collects large volumes of data from plant's data source and assets. Businesses today need complex algorithms to assist them comprehend huge data generated in their facilities and utilize it for optimizing the value chain and improve product quality. Furthermore, the growing demand for data analytics for process manufacturing businesses is boosting demand in the process analytics sector.
Regional Process Analytics market overview
The North America made up for the largest Process Analytics regional markets in terms of revenue, this is due to major presence of AI, IT and Data Analytics organizations in USA and Canada. Europe is also considered as a major market for process analytics given the surged awareness of the process analytics.
The Asia-Pacific region is expected to grow at the fastest rate over the forecast period. According to the process analytics market regional analysis. As a result of several government organization and commercial firms in these countries had been focusing on rapidly uptaking process analytics across the business processes.
Key Process Analytics market players
ABBYYFluxiconCelonis Process Analytics Factory - PAFnow by CelonisIcaro Tech Logpickr KofaxMinit Process MiningMonkeyMiningWorksoftScheer GmbH
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