Enterprise Performance Management Market by Component (Solution and Services), Application (Enterprise Planning and Budgeting, Financial Consolidation, Reporting and Compliance, Integrated Performance Management System, Others), By Business Function (Finance, Human Resources, Supply Chain, Sales and Marketing and IT), By Deployment Mode (Cloud and On-Premises), By Organization Size (Small and Medium-sized Enterprises (SMEs) and Large Enterprises), Industry Vertical (BFSI, Manufacturing, Healthcare and Lifesciences, IT and ITES, Government and Public Sector, Telecommunications, Retail and Consumer Goods, Media and Entertainment and Others): Global Market Size Estimates and Forecast (2022-2030)
The enterprise performance management market crossed US$ 5.80 billion mark in 2022 and is expected to hit US$ 10.17 billion by 2030, recording a CAGR of 7.3%during the forecast period.
Enterprise Performance Management Market Has Been Significantly Growing with The High Adoption Of Cloud-Based Segment.
In recent years, large global corporations, government agencies and non-profit organizations have tended to focus on their core business. As a result, enterprise performance management (EPM) software systems are involved in such organizations. This software supports organizations in various activities such as connecting their strategies to their plans and implementation. As a result, the demand for EPM software from organizations around the world is increasing. This factor is driving the growth of the global enterprise performance management market. Additionally, the growing trend of large enterprises across the globe to use cloud based EPM is fueling the growth of the global enterprise performance management market.
Within the report, the enterprise performance management market is segmented into component, application, business function, deployment mode, organization size, industry verticals and geography. By component, the enterprise performance management market is further segmented into solution and services. Based on application, the enterprise performance management market is segmented into enterprise planning and budgeting, financial consolidation, reporting and compliance, integrated performance management system, others. Based on business function, the enterprise performance management market is categorized into finance, human resources, supply chain, sales and marketing and IT. Based on deployment mode, the enterprise performance management market is divided into cloud and on-premises. Based on organization size, the enterprise performance management market is divided into small and medium-sized enterprises (SMES) and large enterprises. Based on industry vertical, the enterprise performance management market is divided into BFSI, manufacturing, healthcare and life sciences, IT AND ITES, government and public sector, telecommunications, retail and consumer goods, media and entertainment and others. Geographically, the enterprise performance management market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
CLOUD BASED TECHNOLOGY IS A FAR-REACHING TECHNOLOGY THAT EMPOWERS THE GROWTH OF FUTURISTIC INNOVATIONS.
Currently, the demand for cloud-based solutions in the market is increasing significantly as companies are rapidly adopting cloud-based EPM. Cloud-based EPM solutions facilitate better access to small and medium-sized businesses, as they do not require advanced infrastructure, thereby reducing the cost of deploying cloud-based EPM software. These costs make up about a quarter of the total cost of implementing in-house software. In addition, the cloud allows the finance department to support and monitor both the initial implementation and ongoing maintenance of the EPM solution. Many companies are adopting cloud EPM software to extend support to various business functions. Although the cost of software applications is low, the cost of SaaS software products is increasing rapidly. Therefore, cloud based EPM software is gaining traction in the market.
Rising adoption in various industries is one of the major factors accelerating the enterprise performance management market growth.
The manufacturing segment includes automotive, aerospace, heavy machinery, chemicals, electronics and semiconductors. The manufacturing segment has undergone major changes due to global competition, urbanization, and government regulations. It dramatically changes processes such as integrated supply chain, inventory management and product design in every business function. Manufacturers need production management solutions that optimize sourcing, supply and production decisions. EPM solutions integrate operations and production planning with financial planning, cash flow, modeling and forecasting, sales and operations, and project planning. They help organizations accelerate and improve financial reporting, operational and investment planning.
Recent strategic developments in Enterprise Performance Management market
The enterprise performance management market has undergone several significant developments, and a few of these have been mentioned below:
- In April 2022, UNICOM Systems, Inc. UNICOM Digital Transformation Toolkit (UDTT) release 10.2. UNICOM's Digital Transformation Toolkit supports the rapid development of multi-channel applications, especially for the banking industry. It provides a runtime infrastructure based on IBM WebSphere Application Server to implement multi-channel marketing campaigns for consumer businesses. UDTT provides a development environment with design patterns to support high-volume, transaction-oriented banking functions.
- In January 2022, IBM's new updates with IBM Planning Analytics include a new Statistics Details page designed to provide more transparent and easy-to-use evidence of how the forecast was generated. As more companies turn to predictive analytics capabilities to strengthen their financial, sales, and supply planning, they need models and data that can be used to create forecasts.
The enterprise performance management market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. IBM, Workday, Anaplan, Unicom Systems, Planful, Unit4, Epicor Software, Oracle, SAP, Infor, are among the prominent players operating in the enterprise performance management market.
Target audience for the report:
- EPM -related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- End users of EPM
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the enterprise performance management market has been segmented:
- Component - Enterprise Performance Management Market
- Application - Enterprise Performance Management Market
- Enterprise Planning and Budgeting
- Financial Consolidation
- Reporting and Compliance
- Integrated Performance Management System
- Business Function - Enterprise Performance Management Market
- Human Resources
- Supply Chain
- Sales and Marketing
- Deployment Model- Enterprise Performance Management Market
- Organization Size- Enterprise Performance Management Market
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
- Verticals- Enterprise Performance Management Market
- Healthcare and Lifesciences
- IT and ITES
- Government and Public Sector
- Retail and Consumer Goods
- Media and Entertainment
- Region- Enterprise Performance Management Market
- North America
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled- Enterprise Performance Management Market
- IBM Corporation
- Workday Inc.
- Anaplan inc.
- Unicom Systems
The List of Companies- Enterprise Performance Management Market
- IBM Corporation
- Workday Inc.
- Anaplan inc.
- Unicom Systems