Task mining market will see increased adoption, product enhancements, use case expansion, M&A activities, and a wide range of creative partnerships.
DALLAS, Nov. 16, 2022 /PRNewswire-PRWeb/ -- Although task mining software solutions are in the early stages of enterprise adoption, the market is growing at an exponential pace—recording 85% to 95% compound annual growth between 2020 and 2021. Everest Group projects 75% to 85% growth in the coming year as rapid adoption continues.
Everest Group defines task mining as a technology that can capture user actions and metadata—such as keystrokes, mouse clicks, activity screenshots, and other system-level activities—across multiple desktops to discover and provide insights into the tasks and activities involved in a process. Adoption of task mining solutions can not only help enterprises achieve cost savings and operational efficiencies by optimizing and automating tasks, but also enhances employee experience through better resource allocation. This has led to task mining being one of the fastest-growing markets in the Intelligent Automation (IA) space.
Task mining can be applied in nearly any industry and offers a range of business, operational and cost benefits to enterprises. Among the most common applications are:
- Enabling micro-level process views by capturing all last-mile activities and tasks
- Generating workforce insights, such as team productivity and most productive teams by task
- Identifying automation opportunities, by leveraging machine learning models and workforce insights on performance, productivity, and frequency
- Facilitating the creation of initial automation workflows for the opportunities identified.
- Creating process discovery documents that can be leveraged internally to develop process understanding as well as robotic process automation (RPA) scripts.
Scaling automation initiatives and increasing employee productivity are the most important factors driving task mining adoption. Other major drivers include optimizing operations and decreasing costs. The top two strengths of task mining solutions cited by enterprise buyers are ease of product use (79%) and workforce intelligence (50%).
These findings and more are detailed in Everest Group's recently published report, "Visualizing Business Operations at the Micro Level – Task Mining State of the Market Report 2022." This research provides a detailed view of the task mining market by analyzing it across market size and adoption trends, solution characteristics, product capabilities and trends, provider landscape, and outlook for 2022-23.
"Early adopters of task mining solutions already rate their solutions quite high for impact on cost and operational efficiency and for ease of use," said Amardeep Modi, vice president at Everest Group. "Plus, solution providers are continuing to advance the capabilities and use cases of the software and complementary services to help enterprises achieve greater business value. We will certainly see accelerated adoption of task mining solutions in the near term. In addition, we'll see quite a bit of dynamic movement within the ecosystem, with mergers and acquisitions as well as partnerships of all kinds involving technology providers, implementation partners, resellers, large service providers, and complementary technology companies."
Additional Market Highlights
- North America is the largest adopter by region (57%); Europe (31%) and Asia Pacific (11%) follow in share of market.
- Banking, Financial Services and Insurance (BFSI) (39%), hi-tech and telecom (16%), and healthcare and pharma (13%) are the leading adopters by industry.
- Finance & Accounting (F&A) (29%) and industry-specific processes, particularly in BFSI (23%), telecom (6%) and healthcare (5%), drive the majority of task mining deployment and growth.
- Large enterprises (with revenues exceeding US$5 billion) are the largest adopters (62%).
***Download a complimentary abstract of the Task Mining State of the Market Report.***
About Everest Group
Everest Group is a research firm focused on strategic IT, business services, engineering services, and sourcing. Our research also covers the technologies that power those processes and functions and the related talent trends and strategies. Our clients include leading global companies, service and technology providers, and investors. Clients use our services to guide their journeys to maximize operational and financial performance, transform experiences, and realize high-impact business outcomes. Details and in-depth content are available at http://www.everestgrp.com.
Media Contact
Andrea Riffle, Everest Group, +1 (954) 801-8474, [email protected]
Taylor Walker, Everest Group, 6145817938, [email protected]
SOURCE Everest Group
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