DUBLIN – (BUSINESS WIRE) – June 16, 2021–
the Global Business Performance Management Market with COVID-19 Impact Analysis by Application (Business Planning & Budgeting, Reporting & Compliance), Business Function, Deployment Type, Organization Size, Vertical & Region – Forecast until 2026 “ the report was added to ResearchAndMarkets.comoffer.
The global enterprise performance management (EPM) market is expected to grow at a compound annual growth rate (CAGR) of 6.3% during the forecast period, reaching USD 7.7 billion by 2026 against 5.7 billion USD in 2021.
EPM software has gradually evolved from a mainframe to client-server, Internet, and web browser-based systems. At present, there is a growing demand for cloud-based software; the market is moving rapidly to adopt cloud-based EPM software. Cloud-based software makes EPM accessible to more organizations because no well-equipped infrastructure is required to reduce the cost of implementing EPM software.
Business Planning and Budgeting Segment is expected to hold larger market size during the forecast period
Business planning and budgeting is used by both corporate finance and operational planners throughout the business. It gives operational planners the flexibility, scalability and ownership to plan the way they want while providing the transparency and control they need. Traditionally, businesses have depended on spreadsheets and excelled at planning and forecasting activities. These days, companies struggle to effectively execute their business strategies and align those strategies with the execution plan. Hence, they invest heavily in robust planning and budgeting tools to improve their business performance.
It is necessary to translate strategic decisions into long-term plans, medium-term budgets and short-term forecasts to improve the efficiency of the finance function. EPM solutions are designed to provide pilot-based simulation analysis and scenario planning capabilities. The growing need to link sales and operations planning activities with financial planning, budgeting and forecasting processes is driving adoption of this application. Oracle, SAP, Anaplan, Host Analytics, and Infor are EPM vendors that offer enterprise planning and budgeting applications in their solutions.
The BFSI vertical is expected to hold the largest market share in 2020
The BFSI industry faces unprecedented slow economic growth, market saturation and a burdensome regulatory environment. EPM solutions help financial institutions streamline their financial planning and analysis, performance management, reporting and compliance processes. They also help plan and forecast income from various activities and products, including asset management, brokerage, mortgages, and paid services. In addition, they help integrate, analyze and interpret large amounts of data, typically fragmented and held in different silos, in a centralized database, which helps decision makers better understand profitability by product and service.
EPM enables decision-makers to make better and more strategic decisions about the range of services, the share of customer portfolio and the seasonality of the business through scenario modeling and advanced analytics. It also uses AI and machine learning to produce data-driven insights. For example, an organization needed a better way to consolidate its monthly financial results. It deployed Oracle Hyperion Financial Management, a web-based financial consolidation application, reporting and analysis tool, to streamline closing and end-of-period reporting processes and improve the delivery of management information.
North America will hold the largest market size and Asia-Pacific (APAC) will experience faster growth during the forecast period
APAC is one of the fastest growing regions in terms of technology adoption, and the demand for digitization is driven by various initiatives led by different governments and large companies in the region. Countries such as China, Japan, Australia, Singapore, India and Indonesia are at the forefront of this technological adoption, which includes the adoption of new era technologies such as AI, edge, IoT, analytics and the cloud. The region is home to a large number of businesses related to manufacturing, energy and utilities, transportation and logistics, chemicals and aerospace, which is further expected to drive demand for management of business performance. Rapid advancements in telecommunications, cloud computing, and IoT have led several organizations to adopt cloud-based strategies.
- Increase operational efficiency by optimizing business processes
- Improved profitability by reducing operating costs
- Regulatory and Safety Compliance Requirements
- High cost of deploying EPM systems
- Lack of technological planning and complexity of applications
- Increased adoption of cloud-based EPM software to support business functions
- Growing need for mobility to implement a flexible working system
- Lack of adequate training and skills of employees
- Lack of coordination and integration of cloud applications
- International Consulting
- Light analytics
- Data rails
- deFacto Global
- Epicor software
- insight software
- Long-term vision
- Unicom Systems
- Unit 4
- Vein Solutions
- Wolters Kluwer
- Working day
For more information on this report, visit https://www.researchandmarkets.com/r/bycmxe
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INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE
SOURCE: Research and markets
Copyright Business Wire 2021.
PUB: 06/16/2021 07:03 / DISC: 06/16 // 2021 07:03
Copyright Business Wire 2021.