Enterprise Performance Management Market by Component, Application, Business Function, Deployment Type, Organization Size, Vertical and Region - Global Forecast to 2027
Financial consolidation is a process that enterprises conduct on a monthly or quarterly basis to reconcile, translate, eliminate, consolidate, and report financial information.
DUBLIN, Nov. 14, 2022 /PRNewswire/ --The "Enterprise Performance Management Market by Component, Application (Enterprise Planning & Budgeting, Reporting & Compliance), Business Function, Deployment Type, Organization Size, Vertical and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global Enterprise Performance Management (EPM) Market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period, to reach USD 8.3 billion by 2027 from USD 6.0 billion in 2022.
The financial consolidation segment is expected to to perform efficiently during the forecast period.
Financial organizations use legacy tools for the financial consolidation process. This process is complex, time-consuming, and loaded with risks of data integrity errors. Financial consolidation is a process that enterprises conduct on a monthly or quarterly basis to reconcile, translate, eliminate, consolidate, and report financial information. The financial consolidation application is designed to help organizations manage and streamline their financial close process.
This close process includes the closing of sub-ledgers and General Ledger (GLs), collection and consolidation of financial results, management, and financial reporting, as well as regulatory filings. Consolidation aims to collect and transform data into financial presentations. EPM solutions offer decision-makers complete visibility into the entire close, consolidation, data collection, and reporting activities. Additionally, they offer robust automation, process-driven workflow, stringent controls, and detailed audit logs to modernize the legacy approaches.
The IT vertical expected to grow with steady CAGR during the forecast period
The IT department needs to align IT plans with strategic business goals to ensure a proper service level for business operations. EPM solutions combine data from different sources, analyze and process data at the granular level, and provide actionable insights for better decision-making. Anaplan and BOARD are some of the vendors offering EPM solutions for these IT business functions.
The demand for EPM solutions has increased among enterprises due to the rising demand to make business strategies transparent to all employees in the organization. In times of increasing economic uncertainties and disruptive technology evolution, organizations need to quickly adopt new digital business models without overlooking their daily operational efficiency and cost control.
Europe to hold the second largest market size during the forecast period
Europe is projected to account for the second-largest market size in the global EPM market by 2027. Countries, such as the UK, Germany, and France, are the major adopters of EPM solutions in Europe. These countries have been the frontrunners in terms of EPM adoption. Robust economic infrastructure and high internet penetration make Europe one of the top markets for solutions. However, technology adoption is low in Europe compared to the US. European brands are adopting digital transformation through migration from legacy systems to virtual environments slowly.
According to the data of the EIB Investment Survey, digital adoption rates are lower in Europe than in the US. Only 66% of manufacturing firms in the EU, compared to 78% in the US, have adopted at least one digital technology. As digital transformation is becoming a key to achieving future growth, the European government is investing in digital technologies. Thus, European organizations take several steps to achieve economic development and growth.
For instance, the European Commission continuously invests in its Digitizing European Industry (DEI) initiative to help European businesses across industries and regions benefit from digital innovations. In addition to the above developments, enterprises in verticals across Europe have started realizing the benefits of deploying EPM solutions into their operations to enhance decision-making.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Growth Opportunities in the Enterprise Performance Management Market
4.2 Market, by Application, 2022 Vs. 2027
4.3 Market, by Deployment Model, 2022
4.4 Market, by Organization Size, 2022
4.5 Market, by Vertical, 2022 Vs. 2027
4.6 Enterprise Performance Management Market: Regional Scenario, 2022-2027
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Operational Efficiency by Optimizing Business Processes
5.2.1.2 Improved Profitability by Reducing the Operational Cost
5.2.1.3 Requirements for Regulatory Compliance and Security
5.2.2 Restraints
5.2.2.1 High Cost of Deploying Epm Systems
5.2.2.2 Lack of Technological Planning and Application Complexity
5.2.3 Opportunities
5.2.3.1 Increase in Adoption of Cloud-Based Epm Software to Support Business Functions
5.2.3.2 Rising Need for Mobility to Implement a Flexible Work System
5.2.4 Challenges
5.2.4.1 Lack of Proper Training and Skillset of Employees
5.2.4.2 Lack of Coordination and Integration of Cloud Applications
5.3 COVID-19-Driven Market Dynamics
5.3.1 Drivers and Opportunities
5.3.2 Restraints and Challenges
5.4 Case Study Analysis
5.4.1 Case Study 1: Reconciliation of Business Processes
5.4.2 Case Study 2: Future-Oriented Financial Planning and Analysis
5.4.3 Case Study 3: Improved Budgeting and Planning Process
5.4.4 Case Study 4: Consistent and Timely Financial Reporting
5.5 Technological Analysis
5.6 Patent Analysis
5.7 Value Chain Analysis
5.8 Ecosystem
5.9 Porter's Five Forces Analysis
5.10 Key Stakeholders & Buying Criteria
5.11 Key Conferences and Events in 2022-2023
5.12 Pricing Analysis
5.12.1 Average Selling Price Trend
5.13 Trends/Disruptions Impacting Buyers
5.14 Regulatory Landscape
6 Enterprise Performance Management Market, by Component
6.1 Introduction
6.1.1 Components: Market Drivers
6.1.2 Component: COVID-19 Impact
6.2 Solutions
6.2.1 Growing Demand for Reducing Operational Costs, Adoption of Cloud-Based Solutions, and Implementation of Data-Driven Solutions
6.3 Services
6.3.1 Advising and Helping End-Users to Integrate and Deploy Epm Solutions
6.3.2 Professional Services
6.3.3 Managed Services
7 Enterprise Performance Management Market, by Application
7.1 Introduction
7.1.1 Application: Market Drivers
7.1.2 Application: COVID-19 Impact
7.2 Enterprise Planning and Budgeting
7.2.1 Effectively Executing Business Strategies and Aligning Them with the Execution Plan
7.3 Financial Consolidation
7.3.1 Increasing Need to Reconcile, Translate, Eliminate, Consolidate, and Report Financial Information
7.4 Reporting and Compliance
7.4.1 Need to Increase the Accuracy of Financial Reporting while Decreasing the Turnaround Time
7.5 Integrated Performance Management System
7.5.1 Increasing Need to Help An Enterprise in Planning, Measuring, and Analyzing Performance
7.6 Other Applications
7.6.1 Increasing Data Generation Through ERP, Crm, Warehouse Management System (Wms), and Transportation Management System (Tms)
8 Enterprise Performance Management Market, by Business Function
8.1 Introduction
8.1.1 Business Function: Market Drivers
8.1.2 Business Function: COVID-19 Impact
8.2 Finance
8.2.1 Increasing Need to Address a Wide Range of Budgeting, Planning, and Forecasting Requirements
8.3 Human Resources
8.3.1 Need to Maximize the Potential of the Workforce while Increasing Efficiency
8.4 Supply Chain
8.4.1 Need to Make Timely Value-Based Decisions to Respond Quickly to the Shifts in Demand and Customer Needs
8.5 Sales and Marketing
8.5.1 Aligning Marketing Campaigns and Program Plans to Sales Staffing and Revenue Plans
8.6 It
8.6.1 Aligning It Plans with Strategic Business Goals to Ensure a Proper Service Level for Business Operations
9 Enterprise Performance Management Market, by Organization Size
9.1 Introduction
9.1.1 Organization Size: Market Drivers
9.1.2 Organization Size: COVID-19 Impact
9.2 Large Enterprises
9.2.1 Monitoring and Controlling Financial Performance and Coordinating Tasks Across Other Departments
9.3 Small and Medium-Sized Enterprises
9.3.1 Increasing Need to Provide Structured Reporting, Customization, Improved Efficiency, and Visibility
10 Enterprise Performance Management Market, by Deployment Type
10.1 Introduction
10.1.1 Deployment Type: Market Drivers
10.1.2 Deployment Type: COVID-19 Impact
10.2 Cloud
10.2.1 Multiple Users Accessing the Information Through the Internet and Reduced Operational Costs
10.3 On-Premises
10.3.1 Increasing Need to Improve Efficiency and Consistency in Financial Reporting, Security, and Regulatory Compliance
11 Enterprise Performance Management Market, by Vertical
11.1 Introduction
11.1.1 Verticals: Market Drivers
11.1.2 Verticals: COVID-19 Impact
11.2 Banking, Financial Services, and Insurance
11.2.1 Financial Institutions Streamlining Their Financial Planning and Analysis, Performance Management, Reporting, and Compliance Processes
11.3 It and Ites
11.3.1 Need for Improving Response Time, Analyzing Traffic, Continuous Evolvement, and Studying Product Affinity
11.4 Retail and Consumer Goods
11.4.1 Extracting Real-Time Insights into Sales and Operational Performance and Making Better Decisions
11.5 Government and Public Sector
11.5.1 Need to Deal with Large Silos of Data and Produce Actionable Insights
11.6 Media and Entertainment
11.6.1 Improving Performance, Complying with Regulations, and Understanding Financial Impact of Decisions
11.7 Healthcare and Life Sciences
11.7.1 Increasing Need to Keep Track of Equipment and Reduce the Risk of Equipment Downtime
11.8 Manufacturing
11.8.1 Need to Optimize Supply, Demand, and Production Decisions and Integrate Operational and Production Planning with Financial Plans
11.9 Telecommunications
11.9.1 Implementation of Ai and Machine Learning to Optimize the Decision-Making Process
11.10 Other Verticals
11.10.1 Planning, Monitoring, and Assessing the Investment Affects on Cash Flow, Interest Expense, and Profitability
12 Enterprise Performance Management Market, by Region
13 Competitive Landscape
13.1 Introduction
13.2 Market Evaluation Framework
13.3 Market Ranking
13.4 Market Share Analysis
13.5 Historical Revenue Analysis of Top Vendors
13.6 Company Evaluation Quadrant
13.6.1 Company Evaluation Quadrant Methodology
13.6.2 Stars
13.6.3 Emerging Leaders
13.6.4 Pervasive Players
13.6.5 Participants
13.7 Sme Evaluation Quadrant
13.7.1 Responsive Players
13.7.2 Progressive Players
13.7.3 Dynamic Players
13.7.4 Starting Blocks
13.8 Competitive Benchmarking
13.9 Competitive Scenario
14 Company Profiles
14.1 Major Players
14.1.1 Oracle
14.1.2 Sap
14.1.3 Ibm
14.1.4 Anaplan
14.1.5 Infor
14.1.6 Unicom Systems
14.1.7 Workday
14.1.8 Planful
14.1.9 Unit4
14.1.10 Epicor Software
14.2 Other Players
14.2.1 Onestream
14.2.2 Workiva
14.2.3 Broadcom
14.2.4 Sas
14.2.5 Board International
14.2.6 Lucanet
14.2.7 Prophix
14.2.8 Vena Solutions
14.2.9 Solver
14.2.10 Longview
14.2.11 Jedox
14.2.12 Corporater
14.2.13 Wolters Kluwer
14.2.14 Insight Software
14.2.15 Centage
14.2.16 Inphase
14.2.17 Datarails
14.2.18 Idu
14.2.19 Calumo
14.2.20 Defacto Global
14.2.21 Syntellis
14.2.22 Achieveit
14.2.23 Kepion
14.2.24 Bright Analytics
15 Adjacent/Related Markets
16 Appendix
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