Enterprise performance management market worth $8.3 billion by 2027

CHICAGO, June 13, 2022 /PRNewswire/ — According to a new market research report Enterprise Performance Management Market by Component, Application (Enterprise Planning & Budgeting, Reporting & Compliance), Business Function, Deployment Type, Organization Size, Vertical & Region – Global Forecast to 2027″released by MarketsandMarkets™, the global EPM market size is expected to grow at a compound annual growth rate (CAGR) of 7.0% during the forecast period, to reach $8.3 billion by 2027 from $6.0 billion in 2022.

EPM The solutions help analyze, understand and report critical business activities. These solutions help companies tie strategies to their planning and play a critical role in executing those strategies by measuring and managing performance against goals. They focus on clearly communicating a company’s strategic objectives and goals and have various applications, such as corporate planning and budgeting, financial consolidation, reporting and compliance, integrated performance management, etc. . (supply chain performance management, workforce planning, risk strategy management). , profitability and cost control). Main advantages of EPM solutions include automating financial planning, reducing errors, reporting and consolidation processes, accelerating cycle times, unifying finance and operations, improving cross-departmental collaboration, and more .

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EPM software market vendors across the globe are adopting innovative solutions to support organizations in financial planning and budgeting to improve the financial condition of their businesses. The evolution of the latest technologies enables vendors to offer financial budgeting and planning solutions to enable organizations to take appropriate action. Organizations need software solutions to manage larger business information. It becomes difficult for an organization to bring together data from different departments available in different data formats. EPM solutions facilitate the management of information at different levels and lead to informed decision-making. The goal of EPM solutions is to improve business performance and help companies improve their decision-making process. Organizations in all industries use EPM solutions to increase operational efficiency and productivity.

Market expected to be driven by business process optimization and growing demand for mobility

The growing demand for mobility solutions has driven the growing adoption of cloud-based EPM software. On-premises EPM software lacked application programming interfaces or embedded technologies to connect it to mobile devices. Organizations are moving towards a flexible working environment after the outbreak of the COVID-19 pandemic. Cloud-based EPM solutions are designed to help organizations grow faster and overcome geographic constraints. Additionally, EPM systems support business processes by enabling organizations to manage and automate day-to-day business activities from an integrated solution, resulting in improved business performance and increased operational efficiency by ensuring accurate business planning and reporting. EPM systems provide a streamlined business process that eliminates the risk of manual errors and provides faster response time to key decision makers in the organization. Because data serves as a key metric to measure business performance, EPM systems automatically collect and consolidate data, reducing implementation time. These factors act as drivers of the enterprise performance management market.

EPM helps organizations achieve regulatory compliance and improve security protocols

Compliance regulations are in place to help organizations identify the information security strategy by defining the set of rules and guidelines depending on the type of industry and the data an organization keeps. EPM systems help the organization to meet the compliance security standard set by the organization. EPM systems also help prevent data integrity and confidentiality. Thus, companies are increasingly adopting EPM solutions. For example, Oracle has implemented various security compliance features, such as encrypted password for secure EPM automated access, transport layer security (TLS) for communication, and restricted network access. These features help organizations meet security requirements and avoid a data breach. With evolving tax and regulatory procedures for financial reporting, EPM supports various reporting standards with accurate and up-to-date information, eliminating the need for multiple financial reporting systems and improving cycle time. process. These driving factors are contributing to the growth of the market.

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Asia Pacific to grow at a highest CAGR in the global enterprise performance management market

Asia Pacific is one of the world’s digital hubs. Businesses in the region quickly identified the benefits of cloud technology as an enabler of digital transformation. The main Asia Pacific countries, such as China, Japanand South Korea spend on cloud technologies. The COVID-19 pandemic has made it more imperative for businesses across Asia Pacific increase their rate of cloud adoption, providing many market opportunities for EPM vendors. Oracle, Anaplan, SAP, SAS, and IBM are some of the leading EPM vendors that offer various solutions and services in the region. In addition, various small and medium enterprises offering EPM services and solutions are expanding their reach in Asia Pacific offer tailor-made offers to local customers. Growing private sector investments, strong government support and the availability of a huge population are expected to drive the growth of new and emerging technologies in Asia Pacific.

The Enterprise Performance Management Market is dominated by companies such as Unicom Systems (US), Planful (US), Unit4 (Netherlands), OneStream (US), SAP (Germany), Oracle (US), IBM (US), Infor (US), Anaplan (US), Workday (US), Epicor Software (US), BearingPoint (Netherlands), Broadcom (USA), Board International (Swiss), Luca Net (Germany), Prophix (Canada), Vena Solutions (Canada), Solver (US), Kepion (US), Jedox (Germany), Wolters Kluwer (Netherlands), corporator (Norway), Insight software (USA) and others. These vendors have a large customer base and strong geographic footprint along with organized distribution channels, which helps them increase revenue generation.

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