TMCnet News
The Worldwide Enterprise Performance Management Industry is Expected to Reach $7.7 Billion by 2026DUBLIN, June 16, 2021 /PRNewswire/ -- The "Global Enterprise Performance Management Market with COVID-19 Impact Analysis by Application (Enterprise Planning & Budgeting, Reporting & Compliance), Business Function, Deployment Type, Organization Size, Vertical, and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.  The Global Enterprise Performance Management (EPM) Market is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period, to reach USD 7.7 billion by 2026 from USD 5.7 billion in 2021. EPM software has gradually developed from a mainframe system to client-server, internet, and web browser-based systems. Presently, there is an increasing demand for cloud-based software; the market is rapidly shifting to adopt cloud-based EPM software. Cloud-based software is making EPM accessible to more organizations because there is no requirement for well-equipped infrastructure to reduce the cost of implementing the EPM software. The cost of setting up cloud-based EPM software is one-fourth of the total cost of implementation of on-premises application software. Moreover, cloud empowers finance to support and control both the initial implementation and the ongoing maintenance of the EPM solution. Many organizations are adopting cloud-based EPM software to extend support to various business functions. For instance, in 2020, Harper College, US, deployed an EPM cloud application to bring the HR and finance departments together, efficiently process the financial data, and track the project statuses. Though the spending on software applications is low, spending on SaaS software products is rapidly growing by 20% each year. Thus, cloud-based EPM software is gaining traction in the market. The enterprise planning and budgeting segment is expected to hold a larger market size during the forecast period Enterprise planning and budgeting is used by both corporate finance as well as operational planners across the enterprise. It provides operational planners the flexibility, scalability, and ownership to plan the way they want while still offering the required transparency and control. Traditionally, enterprises were dependent on spreadsheets and excelled in planning and forecasting activities. Nowadays, enterprises struggle to effectively execute their business strategies and align these strategies with the execution plan. Hence, they are investing heavily in robust planning and budgeting tools to improve their business performance. It is necessary to translate strategic decisions into long-term plans, mid-term budgets, and short-term forecasts for improving the effectiveness of the finance function. EPM solutions are designed to offer capabilities for driver-based, what-if analysis, and scenario planning. The increasing need to link sales and operational planning activities with the financial planning, budgeting, and forecasting processes is driving the adoption of this application. Oracle, SAP, Anaplan, Host Analytics, and Infor are some EPM vendors that offer enterprise planning and budgeting application in their solutions. The BFSI vertical is expected to hold the largest market share in 2020 The BFSI sector is unprecedently challenged by slow economic growth, market saturation, and a burdensome egulatory environment. EPM solutions help financial institutions streamline their financial planning and analysis, performance management, reporting, and compliance processes. They also help plan and forecast revenues across various businesses and products, including asset management, brokerage, mortgage lending, and fee-based services. Additionally, they assist in integrating, analyzing, and interpreting vast amounts of data, usually fragmented and kept in different silos, into a centralized database, which helps decision-makers gain deeper insights into profitability by product and service. EPM enables decision-makers to make better and more strategic decisions about the service mix, customer wallet share, and business seasonality by scenario modeling and advance analytics. It also uses AI and machine learning to produce data-driven insights. For instance, an organization needed a better way to consolidate its monthly financial results. It deployed Oracle Hyperion Financial Management, a web-based financial consolidation application, reporting, and analysis tool, to streamline the period-end closing and reporting processes and improve the delivery of management information. North America to hold the largest market size and Asia Pacific (APAC) to grow at a higher rate during the forecast period APAC is one of the fastest-growing regions in terms of technology adoption, and the demand for digitization is driven by various initiatives carried out by different governments and large enterprises in the region. Countries such as China, Japan, Australia, Singapore, India, and Indonesia are leading this technology adoption, which includes embracing new-age technologies such as AI, edge, IoT, analytics, and cloud. The region houses a large number of enterprises related to manufacturing, energy and utilities, transportation and logistics, chemicals, and aerospace, which is further expected to drive the demand for enterprise performance management. Rapid advancements in telecommunications, cloud computing, and IoT have led several organizations to adopt cloud-based strategies. Key Topics Covered: 1 Introduction 2 Research Methodology 3 Executive Summary 4 Premium Insights 5 Market Overview and Industry Trends 6 Enterprise Performance Management Market, by Component 7 Enterprise Performance Management Market, by Application 8 Enterprise Performance Management Market, by Business Function 9 Enterprise Performance Management Market, by Organization Size 10 Enterprise Performance Management Market, by Deployment Type 11 Enterprise Performance Management Market, by Vertical 12 Enterprise Performance Management Market, by Region 13 Competitive Landscape 14 Company Profiles 15 Adjacent/Related Markets 16 Appendix For more information about this report visit https://www.researchandmarkets.com/r/djp0tl Media Contact: For E.S.T Office Hours Call +1-917-300-0470 U.S. Fax: 646-607-1904
SOURCE Research and Markets 
|
View original content: