MarketsandMarkets forecasts the Enterprise Performance Management Market size to grow from USD 7.28 billion in 2018 to USD 11.72 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.0% during the forecast period. The demand for reducing operational costs and adoption of cloud-based solutions, need to improve business performance and adoption of data-driven decision making, and need to make business strategies transparent to all employees are major factors expected to drive the growth of the EPM market. The increasing adoption rate of EPM solutions for various applications, such as enterprise planning and budgeting, financial consolidation, financial reporting and compliance, supply chain performance management, and predictive analytics, is expected to drive the growth of the EPM market.
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The Enterprise Performance Management Market by application has been segmented into enterprise planning and budgeting, financial consolidation, financial reporting and compliance, supply chain performance management, predictive analytics, and other segments which include workforce planning, cost and profitability management, and risk strategy management. The financial consolidation segment to grow at the highest CAGR during the forecast period. The financial consolidation application is designed for helping organizations manage and streamline their financial close process. EPM solutions offer decision makers complete visibility into the entire close, consolidation, data collection, and reporting activities.
In the EPM market by enterprise size, the large enterprises segment to grow at a higher CAGR during the forecast period. The increasing need to improve business performance and rising adoption of data-driven decision making are expected to drive the adoption of EPM solutions among large enterprises.
The Enterprise Performance Management Market by deployment mode has been categorized into 2 segments, namely, cloud and on-premises. The cloud deployment mode to hold the larger market size and grow at a higher CAGR during the forecast period. The adoption of the cloud delivery model is growing rapidly, as organizations are focusing on deploying cost-effective and scalable solutions.
The EPM market by component has been categorized into 2 segments, namely, solutions and services. The services segment is expected to hold the larger market size during the forecast period, due to the growing technology advancements. EPM services form an integral part of deploying technology solutions. The services segment is further subsegmented into professional and managed services.
APAC to grow at the highest CAGR in the global EPM market during the forecast period. This growth can be attributed to the advantages of EPM solutions and their widespread adoption.
The demand for EPM solutions is expected to increase in the coming years, owing to higher adoption among SMEs and third-party IT vendors. The advantages of EPM solutions and their widespread adoption are expected to provide growth opportunities for EPM vendors.
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