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.
New York, June 09, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Enterprise Performance Management Market with COVID-19 Impact Analysis, By Application, Business Function, Deployment Type, Organization Size, Vertical And Region - Global Forecast to 2026" - https://www.reportlinker.com/p05587817/?utm_source=GNW
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 Banking, financial services, and insurance vertical expected to hold the largest market share in 2020
The BFSI sector is unprecedently challenged by slow economic growth, market saturation, and a burdensome regulatory 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.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people.
The breakup of the profiles of the primary participants as follows:
• By Company Type: Tier I: 34%, Tier II: 28%, and Tier III: 38%
• By Designation: C-Level: 23%, D-Level: 36%, and Others: 41%
• By Region: North America: 45%, Europe: 23%, APAC: 19%, and RoW: 13%
The report profiles the following key vendors:
1. Oracle (US)
2. IBM (US)
3. Infor (US)
4. SAP (Germany)
5. Anaplan (US)
6. Workday (US)
7. Planful (US)
8. Epicor Software (US)
9. Unicom Systems (US)
10. Workiva (US)
11. Unit4 (Netherlands)
12. OneStream (US)
13. BearingPoint (Netherlands)
14. Broadcom (US)
15. Board International (Switzerland)
16. LucaNet (Germany)
17. Prophix (Canada)
18. Vena Solutions (Canada)
19. Solver (US)
20. Kepion (US)
21. Jedox (Germany)
22. Corporater (Norway)
23. Wolters Kluwer (Netherlands)
24. insight software (US)
25. SAS (US)
26. Longview (Canada)
27. Bright Analytics (UK)
28. Centage (US)
29. InPhase (UK)
30. Datarails (Israel)
31. IDU (South Africa)
32. Calumo (Australia)
33. deFacto Global (US)
34. Syntellis (US)
35. Achieveit (US).
The report segments the global enterprise performance management market by component, Solutions and Services.By the deployment model, the enterprise performance management market has been segmented into cloud and on-premises.
Based on application, the market has been classified into Enterprise Planning and Budgeting, Financial Consolidation, Reporting and Compliance, Integrated Performance Management System, and others.Based on business function, the enterprise performance management market has been classified into Finance, Human Resources, Supply Chain, Sales and Marketing, and IT.
Based on organization size, the market has been classified into Small and Medium-sized Enterprises (SMEs) and large enterprises.By vertical, the enterprise performance management market has been classified into BFSI; Manufacturing; Healthcare and Lifesciences; IT and ITES; Government and Public Sector; Telecommunications; Retail and Consumer Goods; Media and Entertainment and others.
• By region, the market has been segmented into North America, Europe, APAC, MEA, and Latin America.
Key Benefits of Buying the Report
The EPM market report will help the market leaders/new entrants in the enterprise performance management market with information on the closest approximations of the revenue numbers for the overall enterprise performance management market and the subsegments.The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05587817/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001