PUBLISHER: The Business Research Company | PRODUCT CODE: 1425445
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425445
Enterprise Performance Management Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on enterprise performance management market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for enterprise performance management? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The enterprise performance management market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Enterprise Performance Management (EPM) is a strategic process supported by planning, reporting, and business intelligence software that enables organizations to align their strategies with planning and execution. It serves as an integrated mechanism for monitoring both technical and functional performance within an organization.
The key components of enterprise performance management encompass solutions, software, and services. EPM software aids in analyzing, comprehending, and reporting on an organization's operations. It includes a spectrum of tools such as project management software, statistical analysis tools, financial and accounting solutions, customer support platforms, among others. These solutions can be deployed through on-premise or cloud applications, serving functions like enterprise planning and budgeting, financial consolidation, reporting and compliance, integrated performance management systems, and other pertinent applications. The end-users benefiting from enterprise performance management span across various industries such as Banking, Financial Services, and Insurance (BFSI), IT and telecom, retail, manufacturing, healthcare, energy and utilities, as well as other industry verticals, each leveraging EPM for optimizing their performance and strategic alignment.
The enterprise performance management market research report is one of a series of new reports from The Business Research Company that provides enterprise performance management market statistics, including enterprise performance management industry global market size, regional shares, competitors with an enterprise performance management market share, detailed enterprise performance management market segments, market trends and opportunities, and any further data you may need to thrive in the enterprise performance management industry. This enterprise performance management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The enterprise performance management market size has grown strongly in recent years. It will grow from $6.81 billion in 2023 to $7.31 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. Historical growth can be attributed to the pursuit of operational efficiency goals, the need for performance measurement, the adoption of balanced scorecard methodologies, advancements in data visualization techniques, and a heightened focus on customer relationship management.
The enterprise performance management market size is expected to see strong growth in the next few years. It will grow to $9.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The anticipated growth in the forecast period is driven by the persistent movement towards cloud-based solutions, the prevalence of mobile-centric solutions, increased emphasis on robust data security measures, the integration of sustainability principles, and the rising demand for integrated platforms. Major trends expected during this period include the integration of advanced analytics, widespread adoption of cloud-based solutions, a focus on real-time data processing, incorporating business intelligence into operations, and enhancements in strategic planning methodologies.
The surge in regulatory compliance and security requirements is a driving force behind the enterprise performance management (EPM) market. This constant adherence to laws, protocols, and business regulations necessitates systems that can report compliance effectively. Enterprise performance management systems aid in demonstrating compliance with regulations stipulated by governmental or regulatory bodies. For instance, Gartner reported a significant rise in spending on security services, reaching $72,497 million in 2021, highlighting the increasing need for compliance and security, thereby propelling the growth of the EPM market.
The growing adoption of cloud-based EPM solutions is a major driver for the enterprise performance management market. Cloud-based solutions offer faster implementation, reduced total cost of ownership, and increased autonomy compared to on-premises software. They eliminate the need for setting up infrastructure and provide a cost-effective approach. For instance, SMEs increased their spending on cloud services by 67% from 2021 to 2022, reaching 47% of their technology budgets, and is projected to surpass 50% in 2023. This increased adoption of cloud-based EPM solutions is set to drive the EPM market.
Technological advancements represent a prominent trend in the enterprise performance management market. Key companies in this sector are advancing towards cloud-based EPM to gain a competitive edge. For instance, Oracle introduced several innovative features to its Oracle Fusion Cloud ERP and EPM solutions, expanding its EPM platform. These enhancements encompass improved EPM enterprise journals, Intelligent Document Recognition (IDR) features, analytics capabilities, Intelligent Performance Management (IPM) tools, compliance APIs, and risk management.
Major players in the enterprise performance management market are focused on product innovations to strengthen their market positions. An example is Virtana, a US-based software company specializing in hybrid cloud management solutions. Their Virtana Platform, integrating the Virtual Wisdom Infrastructure Performance Management (IPM) solution, offers a unified Software-as-a-Service (SaaS) Platform. This integration aims to provide a comprehensive tool to manage, optimize, and monitor cloud infrastructure-based servers, addressing challenges related to tool sprawl and enabling efficient handling of hybrid mission-critical workloads.
In July 2021, Accenture, a Dublin-based company renowned for its information technology and consulting services, completed the acquisition of Nell'Armonia for an undisclosed sum. This strategic move positions Accenture to enhance its support for finance departments, enabling accelerated operations through the implementation of sustainable strategies and comprehensive maintenance management solutions. Nell'Armonia, a French firm specializing in consulting and Enterprise Performance Management (EPM) services, brings expertise that aligns with Accenture's vision of augmenting its offerings for finance departments. The acquisition empowers Accenture to provide robust solutions and consultancy aimed at optimizing operations and fostering sustainable growth for finance departments across diverse industries.
Major companies operating in the enterprise performance management market report are Oracle Corporation, IBM Corporation, Infor Inc., SAP AG, Anaplan Inc., Workday Inc., Unicom Systems Inc., Planful, Workiva Inc., Unit4, BOARD International SA, Adaptive Insights Inc., Host Analytics Inc., SAS Institute Inc., Epicor Software Corporation, OneStream Software LLC, BearingPoint, Vena, Prophix, Jedox, Planview Enterprise One, Microsoft, Tagetik, Longview Solutions, CCH Tagetik, MicroStrategy, QlikView, Tableau, TIBCO Spotfire, and Information Builders.
North America was the largest region in the enterprise performance management market share in 2023. The regions covered in the enterprise performance management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the enterprise performance management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The enterprise performance management (EPM) market consists of revenues earned by entities by providing services such as tax reporting and narrative reporting. The market value includes the value of related goods sold by the service provider or included within the service offering. The enterprise performance management (EPM) market also includes sales of software such as profitability and cost management software. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.