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The Enterprise Performance Management Market size is estimated to grow at a CAGR of 7.19% between 2022 and 2027. The market size is forecast to increase by USD 2.21 billion. The growth of the market depends on several factors, including compliance with regulations, the increased demand for cloud-based enterprise performance management applications, and an increasing need for performance visibility. Enterprise performance management is a tool for planning, budgeting, forecasting, and reporting enterprises' performance. An enterprise performance management application links enterprises' business strategy with their financial plans and executions. An enterprise performance management application enables enterprises to plan, budget, forecast, and manage key performance indicators (KPIs) by consolidating results, generating reports based on the results, and analyzing business performance.
This enterprise performance management market report extensively covers market segmentation by end-user (BFSI, telecom and IT, manufacturing, healthcare, and retail and others), deployment (on-premises and cloud), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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One of the key factors driving the enterprise performance management (EPM) application market growth is the increasing need for performance visibility. The growing need for performance visibility is one of the main factors significantly contributing to the enterprise performance management market growth. There is growing importance across organizations for gaining a holistic view of their performance across various functions and departments.
As a result, EPM applications play an essential role in fulfilling this requirement by offering the necessary tools and capabilities to capture, consolidate, and analyze performance data. By utilizing EPM, organizations can effectively monitor key metrics and KPIs, enabling them to track progress, identify trends, and evaluate performance against targets. Hence, such applications are expected to drive the global enterprise performance management market growth during the forecast period.
A key factor shaping the EPM application market growth is the blockchain-based enterprise performance management applications. The development of financial planning IT solutions is significantly fuelling the increasing applications in blockchain and accounting technology. As there is a vast amount of transactional data that is analyzed for financial planning and forecasts, blockchain tools help businesses to record and process their transactions efficiently.
Some of the key benefits of blockchain in enterprise performance management include a self-auditing process, faster transaction settlement, reduced risk handling, reduced error handling, and reduced operational costs. Hence, the growing adoption of blockchain in enterprise performance management applications can lead to better collaboration, efficiency, and cost-effectiveness for enterprises. Thus, such factors are expected to drive the global enterprise performance management market growth during the forecast period.
Implementation issues associated with enterprise performance management applications are the key challenges hindering market growth. One of the most crucial factors which influence the financial planning efficiency and business strategies of companies is the implementation of the enterprise performance management application. Some of the key issues regarding enterprise performance management application integration include the age of the system and the need for integrating enterprise performance management applications into companies' in-house applications.
Another key challenge is that the implementation of this enterprise performance management application takes longer time than the stipulated timeline. Additionally, businesses not only need to integrate their enterprise performance management application with internal systems but also with external systems as well, such as mobile platforms and cloud-based applications which can lead to more delay. Thus, such factors are expected to hinder the global enterprise performance management market growth during the forecast period.
The BFSI segment is estimated to witness significant growth during the forecast period. Some of the main applications of enterprise performance management applications across organizations include financial planning, budgeting, forecasting, and financial and operational reporting. There is a growing adoption of enterprise performance management applications in the BFSI sector as they use it to streamline their financial planning and budgeting processes in line with their business strategies and plans.
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The BFSI segment was the largest segment and was valued at USD 1.04 billion in 2017. Furthermore, enterprise management applications are increasingly adopted by the banking sector for several banking functionalities such as maintenance of balance sheets, profit, and loss, capital management, market liquidity, assets management, trading income management, and credit quality management. Also, this software can be leveraged for planning and analyzing profitability, overseeing regulations adherence, and aligning finance, treasury, and tax reporting. Hence, such applications are expected the fuel the growth of this segment which in turn will drive the global enterprise performance management (EPM) software market growth during the forecast period.
The growing smartphone penetration is expected to increase the telecom and IT end-user segment during the forecast period. Some of the IT and telecommunications companies in the telecom and IT end-user segment are AT and T Inc. (AT and T), Vodafone Group Plc (Vodafone), and Salseforce.com Inc. (Salesforce). Factors such as the growing use of smartphones, evolving business models, and the need to adhere to regulatory requirements. are expected to drive the growth of this segment which in turn will significantly contribute to the global enterprise performance management (EPM) software market growth during the forecast period.
The high data security of the on-premise segment is expected to increase the global enterprise performance management (EPM) software market growth during the forecast period. The on-premise segment is expected to have slow growth as the adoption of on-premises enterprise performance management applications requires investments to be made in product purchases, installation, maintenance, and upgrades. In addition, organizations need to further invest in training an in-house IT workforce to support users of the software. But the segment is known for its high data security due to end-to-end quality control and no third-party interference. Hence, such factors will drive the growth of the segment and thereby increase the global enterprise performance management (EPM) software market growth during the forecast period.
The scalability and flexibility of the cloud-based application segment are expected to increase the market growth during the forecast period. Some of the key advantages of cloud-based applications are their scalability and flexibility which makes it a popular choice among enterprises. Cloud infrastructure enables organizations to easily scale up or down their enterprise performance management resources depending on their needs. Additionally, this cloud-based software has the functionality of easily adding or removing users, increasing storage capacity, or expanding computing power without the need for significant hardware investments. Hence, such applications will significantly contribute to the growth of this segment and fuel the global enterprise performance management (EPM) software market growth during the forecast period.
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North America is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors for the significant growth of the global enterprise performance management market in North America is due to the factors such as the growing requirement for regulatory compliance and the rising popularity of cloud-based enterprise performance management applications over spreadsheets. Furthermore, the increasing complexities in financial planning procedures are significantly fuelling the growth of the adoption of enterprise performance management applications. Some of the key challenges faced by organizations include managing emerging, atypical risks during their financial planning and structuring. Hence enterprise management applications help to overcome these issues and streamline the process. Hence, such applications are expected to drive the global enterprise performance management (EPM) software market growth during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global enterprise performance management (EPM) software market witnessed a significant slowdown due to the temporary closure of various SMEs and large enterprises in the region, resulting in a decline in demand for enterprises management application software in North America. However, the market has recovered post covid-19 and is estimated to grow at a CAGR of 7.19% during the forecast period.
The Enterprise Performance Management Market industry report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Enterprise Performance Management Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Board International SA: The company offers enterprise performance management software for budgeting, planning and forecasting, profitability analysis, and financial consolidation.
Broadcom Inc: The company offers enterprise performance management to improve mainframe economics and increase business agility.
Capgemini Service SAS: The company offers enterprise performance management based on Aligned Organization, Informed Organization, and Integrated Organization.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The enterprise performance management market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Enterprise Performance Management Market Scope |
|
Report Coverage |
Details |
Page number |
181 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.19% |
Market growth 2023-2027 |
USD 2.21 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.4 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 44% |
Key countries |
US, Canada, UK, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Anaplan Inc., BearingPoint Holding BV, Board International SA, Broadcom Inc., Capgemini Service SAS, Corporater AS, Deloitte Touche Tohmatsu Ltd., Emtec Inc , HCL Technologies Ltd., Infor Inc., International Business Machines Corp., Jedox GmbH, Kepion Inc., Oracle Corp., SAP SE, SAS Institute Inc., Telstra Ltd., The Hackett Group Inc., Vena Solutions Inc., and Workiva Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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