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Enterprise Performance Management Market Will Generate New Growth Opportunities in the Next Upcoming Year

As per the report published by Fior Markets, the global Enterprise Performance Management market is expected to grow from USD 4.2 billion in 2020 to USD 7.8 billion by 2028, at a CAGR of 8.2% during the forecast period 2021-2028.

The global enterprise performance management market is witnessing significant growth from past years. This growth is attributed to the Compliance regulations that 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 to adhere to the compliance security standard defined by the organization. EPM systems prevent the integrity and confidentiality of data.

Enterprise performance management (EPM) is the field of business performance management that considers the clarity of operations in a closed-loop model across all enterprise segments. Specific to financial activities in the office of the chief financial officer, EPM also supports financial planning and analysis (FP&A). Corporate performance management (CPM) is a synonym for enterprise performance management. Gartner has officially retired the concept of CPM and reclassified it into financial planning and analysis (FP&A) and financial close to reflecting two significant trends – increased focus on planning and the emergence of a new category of solutions supporting the management of the financial close. Several domains in the EPM field are driven by corporate initiatives, academic research, and commercial approaches. These include Strategy formulation, Business planning, and forecasting, financial management, Supply chain effectiveness. Based on the mission and vision of an organization, different strategic needs may drive how EPM domains are leveraged and promoted within an organization.

The global enterprise performance management market is expected to witness significant growth, owing to security compliance features, such as transport layer security (TLS) for communication, encrypted password for secure EPM automate access, and network restricted access. These features support the organizations to meet security requirements and avoid a data breach. With the changing tax and regulatory procedures for financial reporting, EPM supports various reporting standards with precise and updated information, eliminating the requirement for multiple systems for financial reporting and improving the process cycle time. The factors restraining the growth of the market are costly implementing software tools, the EPM tool doesn’t generate any revenue for the business, and the organizations need to focus on improving the business profits and reducing the cost. EPM systems come with an additional maintenance cost to receive timely updates over a year.

Key players operating in global enterprise performance management market include are IBM (US), Infor (US), SAP (Germany), Anaplan (US), Workday (US), Epicor Software (US), Unicom Systems (US), Oracle (US), Unit4 (Netherlands), OneStream (US), BearingPoint (Netherlands), Broadcom (US), Board International (Switzerland), Planful (US), LucaNet (Germany), Prophix (Canada), Vena Solutions (Canada), Kepion (US), Jedox (Germany), Corporater (Norway), Solver (US), Wolters Kluwer (Netherlands), insight software (US). To gain a significant market share in the global enterprise performance management market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.

  • Unit4 launched its ERPx, the next-gen intelligent Enterprise Resource Planning (ERP) solution in April 2021, which built specifically for mid-market, people-centric organizations for general availability.
  • Anaplan and Wipro entered into a strategic partnership in September 2018 to deliver cloud EPM solutions. The company leveraged its expertise to implement Anaplan’s Connected Planning platform across the customers’ business functions.
  • IBM launched its updated IBM Planning Analytics in April 2021. The new updates included a new statistical details page designed to provide more transparent and easy-to-understand facts about how a forecasting prediction was generated.

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Software Segment dominated the market and held the largest market share of 55.9% in the year 2020

On the basis of component, the global enterprise performance management market is segmented into solution and services. Software Segment dominated the market and held the largest market share of 55.9% in the year 2020. This growth is attributed to the no need for well-equipped infrastructure to reduce the cost of implementing the EPM software.

Finance Segment dominated the market and held the largest market share of 47.7% in the year 2020

On the basis of business function, the global enterprise performance management market is segmented into Finance, Human Resources, Supply Chain, Sales and Marketing, IT. Finance Segment dominated the market and held the largest market share of 47.7% in the year 2020. This growth is attributed to the improvement in decision-making processes and provides an enterprise-wide view of the company’s performance.

 

On-premise Segment dominated the market and held the largest market share of 70.3% in the year 2020

On the basis of deployment mode, the global enterprise performance management market is segmented into cloud and on-premise. On-premise Segment dominated the market and held the largest market share of 70.3% in the year 2020. This growth is attributed to the implementation and solution running occur within the organization’s infrastructure, on-premise systems automate the financial reporting and consolidation processes.

BFSI Segment dominated the market and held the largest market share of 40.6% in the year 2020

On the basis of Vertical, the global enterprise performance management market is segmented into BFSI, Manufacturing, Healthcare and Lifesciences, IT and ITES, Government and Public Sector, Telecommunications, Retail and Consumer Goods, Media and Entertainment, Others. BFSI Segment dominated the market and held the largest market share of 40.6% in the year 2020. This growth is attributed to the increasing use of cloud technology by finance departments.

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