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Process mining leaders invest in advanced technology like OCPM and question-based exploration, says Everest Group
The process mining market is growing and the technology is rapidly evolving. That’s according to the Everest Group Process Mining PEAK Matrix® Assessment 2023.
The Everest Group report recognizes that process mining is “gaining strong momentum globally and finding diverse applications across business functions and industries.” This adoption is being driven by process mining’s “potential to enhance operational efficiency, ensure process governance and compliance, and elevate the customer experience.”
According to Everest Group, the process mining market grew by 55-60% between 2019 and 2020 and by 75-80% from 2020 to 2021. In their report, ”The Evolution of Process Mining: Game-changing Innovations and Future Outlook,” the research firm predicted that by the end of 2023, the process mining software market would have a value of between $1.65-1.75 billion (US). Other industry experts and analysts predict similar growth.
A 2021 study conducted by Forrester and Celonis found that 61% of business decision-makers were planning to use or evaluating process mining at that time.
In a February 2022 report, Polaris Market Research predicted that the process mining software market will grow at a combined annual growth rate of 49% and be worth $11 billion (US) by 2030.
And in March 2023, Gartner® published its first Magic Quadrant™ for Process Mining Tools. According to the global research and consulting firm, “by 2025, 80% of organizations driven by the expectations of cost reduction and automation-derived enhanced process efficiency will embed process mining capabilities in at least 10% of their business operations.”
As process mining adoption grows, technology providers, like Celonis, are investing in new product capabilities, such as Q&A-based exploration, object-centric process mining and prescriptive insights. These product innovations were cited by Everest Group in its recognition of Celonis as a Leader and placed top right in the Everest Group Process Mining PEAK Matrix Assessment 2023.
“Celonis’ position as a Leader on Everest Group’s Process Mining Products PEAK Matrix for the fourth consecutive year is underpinned by its strong vision and market presence, superior product capabilities, and continued investments in product innovation and thought leadership,” said Amardeep Modi, Vice President at Everest Group. “Celonis’ vision, product’s ease of use, object-centric process mining, and ability to trigger actions are some of the key strengths highlighted by its clients.”
Celonis is leading and innovating in the process mining industry with the recent introduction of new technologies and product capabilities, such as:
Celonis Object-Centric Data Model is an extensible data representation of an entire business, built on object-centric process mining (OCPM). It serves as a single source of truth for all process intelligence and acts as the core of an organization’s digital twin.
Process Sphere™ isa capability of Celonis EMS that uses OCPM to provide end-to-end visibility of business operations.
Business Miner™ is a Celonis EMS feature that allows users to find and fix broken processes using a question-and-answer-based interface.
Multi-Object Process Explorer is an enhanced version of the Celonis Process Explorer that allows users to explore how objects relate to each other and how an event relates to multiple objects involved in a process.
Intelligence API is a software interface designed to provide governed access to Celonis Intelligence for use in third-party tools and platforms. It is key to enabling Celonis Experiences and the company’s vision to meet customers on any platform where they work with actionable insights.
LLM for PQL Generation is a Celonis EMS feature (currently in beta) that uses natural language processing (NLP) to translate natural language statements, queries and instructions into PQL (process query language).
“With macroeconomic forces continuing to create a challenging climate for businesses across the globe, process mining has never been so critical,” said Alex Rinke, co-CEO and co-founder of Celonis. “We are thrilled Everest Group has once again recognized our dedication to enabling every organization to capture hidden value inside its processes, and perform at levels they never thought possible. We continue to bolster our technology solutions with innovations like OCPM and relentlessly pursue the democratization of process mining, alleviating cost pressures businesses today face and helping them deliver fast, sustainable value.”
Download the Everest Group’s PEAK Matrix Assessment to learn more about Celonis’ market positioning.
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