According to a new market research report “Enterprise Performance Management Market with COVID-19 Impact Analysis, By Application (Enterprise Planning & Budgeting, Reporting & Compliance), Business Function, Deployment Type, Organization Size, Vertical, and Region – Global Forecast to 2026″ published by MarketsandMarkets™, the Enterprise Performance Management (EPM) Market size expected to grow at a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period, to reach USD 7.7 billion by 2026 from USD 5.7 billion in 2021.
EPM is a set of processes that are formulated to help organizations plan, budget, forecast, and report on business performance, as well as consolidate and finalize financial results. EPM solutions help to analyze, understand, and report on businesses. Organizations can use EPM to increase overall productivity, operational efficiency and link different business components. Most of the vendors in the market offer EPM solutions, which are robust and comprehensive and encompass the agility and flexibility to offer global organizations the tools they need to report, plan, forecast. budget, and increase overall productivity. It helps to link an organization’s strategic plans to its annual budget and its forecasts.
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EPM software market vendors across the globe are deploying innovative solutions to support organizations in financial budgeting and planning to improve the financial position of their businesses. The emergence of the latest technologies is enabling vendors to offer financial budgeting and planning solutions to empower organizations to take appropriate actions. Organizations require software solutions to handle larger business information. It becomes a challenge for an organization to gather data from different departments available in different data formats. The EPM solutions facilitate information management at different levels and result in informed decision-making. EPM market report contains solutions that have applications, such as enterprise planning and budgeting, financial consolidation, reporting and compliance, integrated performance management system, and others. Other applications include supply chain performance management, workforce planning, profitability and cost management, and risk strategy management. The objective of EPM solutions is to enhance business performance and help enterprises improve their decision-making process. Organizations across verticals use EPM solutions to increase their operational efficiency and productivity.
The market is expected to be driven by increasing operational efficiency by optimizing business processes
EPM systems support business processes by enabling enterprises to manage and automate day-to-day business activities from a single, integrated software application, which not only improves operational efficiency but also enhances business performance by ensuring accurate business planning and reporting. EPM systems offer a streamlined business process that eliminates the risk of manual errors and provides faster response time to key decision-makers in the organization. Automating the business processes provides real-time information on business requirements. As data serves as a key metric to measure business performance, EPM systems gather and consolidate data automatically, which reduces the execution time. EPM acts as a tool for the organization to manage and understand the data gathered through various business processes to make better business decisions, which would enhance the performance and efficiency of the organization and would offer a competitive position in the market. These factors act as a driver to the enterprise performance management market.
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Improved profitability by reducing operational costs
Organizations utilized EPM systems to track day-to-day financial performance. A well-equipped EPM system enables the organization to maintain efficiency across the entire team and eliminate manual tasks. Enabling the key elements of various business processes with an EPM tool drives the growth, profitability, and accountability of organizations. EPM software provides visibility across all the business segments and tracks the cost and profitability of each of these business segments. This functionality can be utilized to predict and forecast the business requirements and respond to the changing economical requirements in the competitive market. Thus, the implementation of EPM offers higher returns, increased margins and identifies ways to improve profitability and business performance. For instance, EPM offers insurance companies with cost management and profitability analysis tool, which performs complex and detailed calculations to define the profit potential. EPM offers manufacturers precise cost and analysis tools on a real-time basis to gain profitability by protecting the margins.
North America to dominate the global enterprise performance management market in 2021
North America is one of the most technologically advanced geographies in the world. It comprises the US and Canada, which account for the largest share of the enterprise performance management market due to the early adoption of business technological solutions by these countries. North America is the most mature market in terms of adopting business application software, due to the presence of many large enterprises with well-equipped infrastructure and technical expertise, which is likely to drive the adoption of enterprise performance management solutions in the region. Further, the rapid advancements in IT infrastructure services and technological advancements have led many organizations to adopt cloud-based services.
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Moreover, manufacturing industries in North America are utilizing AI, IoT, and other technological platforms to perform day-to-day business activities to increase business productivity. This technological adoption is driving digital transformation in enterprises. As of 2018, 21% of North American enterprises are digitally transformed. Other industries such as retail, healthcare, and banking are also utilizing business application software to manage a large amount of customer data. Thus, digitization and industry 4.0 is likely to drive the adoption of EPM solutions in the region. The prominent EPM vendors in the region include Oracle Corporation, IBM, SAP. These vendors are actively investing in cloud-based EPM solutions.
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