According to a new market research report "Enterprise Performance Management Market by Application (Enterprise Planning & Budgeting, Financial Consolidation, Financial Reporting & Compliance), Business Function, Component, Deployment Mode, Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global EPM 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.
Major growth factors expected to drive the growth of the market include the increasing demand for reducing operational costs and rising adoption of cloud-based solutions among enterprises for improving their business performance.
The enterprise planning and budgeting segment to hold the largest market size during the forecast period
Enterprises use the Enterprise planning and budgeting application for aligning their business strategies with their execution plans. This application helps in developing agile forecasts for all business units and enables organizations to respond faster and effectively to changes in customer needs and preferences. It helps decision makers measure key metrics against Key Performance Indicators (KPIs) and plan for the future using predictive analytics.
The large enterprises segment to grow at a higher CAGR during the forecast period
The EPM market by enterprise size has been categorized into 2 segments, namely, SMEs and large enterprises. The large enterprises segment is expected 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 the EPM solutions among large enterprises.
North America to hold the largest market size, while Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
North America is expected to hold the largest market size in the global EPM market, while APAC is expected to grow at the highest CAGR during the forecast period. The presence of a maximum number of EPM vendors in North America and need to enhance the overall business performance by extracting insights from organizations' internal as well as external data are expected to increase the adoption of EPM solutions in the region. In APAC, the high growth rate can be attributed to various factors, including the adoption of advanced technologies, economic developments, rapid digitalization, and high investments by EPM solution providers.
The EPM market report provides the competitive landscape and company profiles of the key vendors. The major vendors in the global EPM market include SAP (Germany), IBM (US), Oracle (US), Workiva (US), Adaptive Insights (US), Anaplan(US), Host Analytics (US), Infor (US), Longview (Canada), CCH Tagetik (Italy), Prevero (Germany), Prophix (Canada), Vena (Canada), Kaufman Hall (US), Deloitte (US), BOARD (Switzerland), Corporater (Norway), HCL (India), SAS Institute (US), MicroStrategy (US), Capgemini (France), CA Technologies (US), The Hackett Group (US), Emtec (US), and KPMG (UK).
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