CHICAGO, June 13, 2022 /PRNewswire/ — According to a new market research report “Enterprise Performance Management Market by Component, Application (Enterprise Planning & Budgeting, Reporting & Compliance), Business Function, Deployment Type, Organization Size, Vertical and Region – Global Forecast to 2027″, published by MarketsandMarkets™, the global EPM Market size is expected to grow at a Compound Annual Growth Rate (Compounded Annual Growth Rate) of 7.0% during the forecast period, to reach USD 8.3 billion by 2027 from USD 6.0 billion in 2022.
EPM solutions assist in analyzing, understanding, and reporting critical business activities. These solutions help enterprises link strategies to their planning and play a vital role in the execution of those strategies by measuring and managing performance against the goals. They focus on clear communication of objectives and strategic goals of an enterprise and have various applications, such as enterprise planning and budgeting, financial consolidation, reporting and compliance, integrated performance management, and others (supply chain performance management, workforce planning, risk strategy management, and profitability and cost management). Major advantages of EPM solutions include automation of financial planning, reduced errors, reporting and consolidation processes, acceleration of cycle times, unification of finance and operations, improved cross-departmental collaboration etc.
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301 – Tables
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EPM software market vendors across the globe are adopting innovative solutions to support organizations in financial planning and budgeting to improve the financial position of their businesses. The evolution of the latest technologies is enabling vendors to offer financial budgeting and planning solutions to empower organizations to take appropriate actions. Organizations require software solutions to handle larger business information. It becomes a challenge for an organization to gather data from different departments available in different data formats. The EPM solutions facilitate information management at different levels and result in informed decision-making. The objective of EPM solutions is to enhance business performance and help enterprises improve their decision-making process. Organizations across verticals use EPM solutions to increase their operational efficiency and productivity.
The market is expected to be driven by business process optimization and rising demand for mobility
The increasing demand for mobility solutions resulted in the growing adoption of cloud-based EPM software. On-premises EPM software lacked application programming interfaces or integrated technologies to connect them to mobile devices. Organizations are moving towards a flexible work environment after the outbreak of the COVID-19 pandemic. Cloud-based EPM solutions are designed to support organizations to grow faster and breakthrough geographic constraints. Additionally, the EPM systems support business processes by enabling organizations to manage and automate daily business activities from a integrated solution, which results in enhanced business performance and increased operational efficiency by ensuring accurate business planning and reporting. EPM systems offer a streamlined business process that eliminates the risk of manual errors and provides faster response time to key decision-makers in the organization. As data serves as a key metric to measure business performance, EPM systems gather and consolidate data automatically, which reduces the implementation time. These factors act as drivers to the Enterprise Performance Management Market.
EPM is helping organizations to meet the regulatory compliance and improve security protocols
Compliance regulations are in place to support organizations in identifying the information security strategy by defining the set of rules and guidelines based on the type of industry and data an organization maintains. EPM systems support the organization in adhering to the compliance security standard defined by the organization. EPM systems also helps prevent the integrity and confidentiality of data. Thus, the companies are increasingly adopting EPM solutions. For instance, Oracle has implemented various security compliance features, such as encrypted password for secure EPM automated access, transport layer security (TLS) for communication, and network restricted access. Such features support the organizations in meeting security requirements and avoiding a data breach. With the changing tax and regulatory procedures for financial reporting, EPM supports various reporting standards with precise and updated information, which eliminates the requirement for multiple systems for financial reporting and improves the process cycle time. These driving factors are contributing towards the growth of the market.
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Asia Pacific to grow at a highest CAGR in the global Enterprise Performance Management Market
Asia Pacific is among the digital hubs of the world. Businesses in the region have been quick to identify the benefits of cloud technology as a facilitator of digital transformation. The major Asia Pacific countries, such as China, Japan, and South Korea are spending on the cloud technologies. The COVID-19 pandemic has made it more imperative for companies across Asia Pacific to increase their rate of cloud adoption, thereby proposing numerous market opportunities for EPM providers. Oracle, Anaplan, SAP, SAS, and IBM are some of the major EPM vendors that offer various solutions and services across the region. Furthermore, various small and medium enterprises offering EPM services and solutions are expanding their reach in Asia Pacific to deliver tailor-made offerings to local clients. The increasing investments from the private sector, robust government support, and availability of a huge population are expected to drive the growth of new and emerging technologies in Asia Pacific.
The Enterprise Performance Management Market is dominated by companies such as Unicom Systems (US), Planful (US), Unit4 (Netherlands), OneStream (US), SAP (Germany), Oracle (US), IBM (US), Infor (US), Anaplan (US),Workday (US), Epicor Software (US), BearingPoint (Netherlands), Broadcom (US), Board International (Switzerland), LucaNet (Germany), Prophix (Canada), Vena Solutions (Canada), Solver (US), Kepion (US), Jedox (Germany), Wolters Kluwer (Netherlands), Corporater (Norway), insight software (US), and others. These vendors have a large customer base and strong geographic footprint along with organized distribution channels, which assists them to increase revenue generation.
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