Enterprise Performance Management (EPM) Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2980
Enterprise Performance Management (EPM) Market size is expected to grow rapidly in the coming years driven by growing need to integrate and analyze heterogeneous business data from various sources, including e-commerce systems, front-office & back-office applications, data warehouses, and external data sources. The valuable information generated is used by companies to make decisions in areas such as strategic planning, forecasting, budgeting, financial reporting, and workforce planning. As the performance management tools often leverage BI technologies for processing the data, the software is rapidly being used by executives and the management, ensuring that the company is translating its strategy into measurable indicators and monitoring its performance.
The implementation of cloud technology is also accelerating the adoption of cloud-based EPM software that makes it easier to deploy, lowers the cost of ownership, and enhances collaboration across the enterprise. Another factor accelerating the growth of the market is the use of next-generation technologies such as AI and machine learning, enhancing the existing capabilities of EPM solutions.
The BFSI segment is expected to hold a major share of the EPM market due to the implementation of cloud technology by finance departments across a broad spectrum of the growing SMBs. To avoid on-premise upgrades that involve high operating costs and consume more time, organizations are adopting a cloud-model where the functionality can be easily updated, eliminating the need for hardware maintenance. The software complies all performance metrics to gauge potential outcomes and allow organizations to improve the accuracy of forecast and budgets.
The demand for cloud-based EPMs is projected to increase over the forecast timeline as the model offers a more affordable and hassle-free option for the companies to measure past performances while offering ways to reduce inefficiencies and streamline workflows. The cloud EPM modules enable the automatic upgrades, eliminating the need for costly internal resources consuming upgrades.
North America is expected to witness a surge in the adoption of EPM solutions due to an increase in the adoption of cloud technology. The healthcare industry in the region is embracing cloud solutions to manage its existing infrastructure. For instance, in November 2017, healthcare organizations across the U.S. selected Oracle EPM Cloud to deliver high-quality patient care while controlling costs. This solution enabled organizations to modernize operations by increasing visibility & control and providing real-time business insights to improve financial decision making.
Asia Pacific EPM market is anticipated to observe a lucrative growth from 2018 to 2024 due to the widespread adoption of these solutions by the BFSI sector. For instance, China International Finance Group streamlines planning and budgeting to accelerate profitability and support its international business with Oracle ERP and the Oracle EPM Cloud. A rise in the number of SMEs will also accelerate the adoption of solutions as these solutions help finance and IT executives improve business predictability and allocate resources more efficiently. The growth of the retail sector in countries including China and India is expected to drive the massive uptake of solutions to manage the huge amount of data generated through several marketing & distributional channels. The profound growth of the retail sector in this region will also fuel the market growth.
The market is dominated by the prominent companies such as BOARD International, Adaptive Insights, Host Analytics, HPE, Mesosphere, Oracle, IBM., Infor, SAP, Wolters Kluwer NV, Workiva, Cisco Systems, Datavail, Microsoft., Dell, Nimboxx, and Stratoscale. The companies in the market are entering into strategic partnerships to offer custom EPM solutions to the clients globally. For instance, in September 2018, Wipro and Anaplan entered into a strategic partnership to deliver cloud EPM solutions. The company leveraged its expertise to implement Anaplan’s Connected Planning platform across the customers’ business functions. In October 2018, Infor teamed up with Donnelley Financial LLC to improve the compliance offering around Infor Dynamic EPM (d/EPM). Infor’s d/EPM, along with Active Disclosure from Donnelley helps organizations to systemize and streamline regulatory reporting while maintaining data lineage.
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