Global Enterprise Performance Management (EPM) Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Enterprise Performance Management (EPM) Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Enterprise Performance Management (EPM) is a type of software that is developed to help organizations connect their strategies to their plans and execution. There are several components of EPM software that are connected to management processes such as planning, budgeting, forecasting and modeling. EPM software also consists of consolidation of results and closing the books on a time wise basis. EPM software also has a component of reporting results to internal and external shareholders and analyzing performance and to check whether the performance of the organization is as per the plan and in accordance with the vision and mission of the organization. Other indicators that are utilized as a yardstick in EPM software are return on investment (ROI), revenue costs, overhead costs and operational costs. EPM solutions are majorly used by CFOs and the office of finance, while other functional areas, such as HR, sales, marketing, and IT, uses EPM for operational planning, budgeting, and reporting.

Market Overview:

The latest research study on the global Enterprise Performance Management (EPM) Software market finds that the global Enterprise Performance Management (EPM) Software market reached a value of USD 6456.0 million in 2022. It’s expected that the market will achieve USD 9663.0 million by 2028, exhibiting a CAGR of 6.95% during the forecast period.

COVID-19 Impact Enterprise Performance Management Market

The need to maintain employees' safety during COVID-19 has forced many corporations to change their regulations and policies. The foremost cause of the business disruption was the inability to move the workforce and coordinate HR as earlier. The inability to travel and cross borders and social distancing have forced businesses to change their current ways of functioning and reconsider operational choices. Governments are working closely with cloud providers to fight the COVID-19 pandemic; for instance, the White House has announced the launch of the COVID-19 High-Performance Computing Consortium to provide worldwide COVID-19 researchers with access to the world's most powerful high-performance computing resources that can significantly advance the pace of scientific discovery to stop the virus. According to a remote work survey by PwC, around 90% of employees are expected to work remotely in the post-COVID era. This means that remote work is on the rise, and organizations need to rethink their core employee activities and upgrade them to accommodate the new trend. The need for a sound performance management system is on the rise. COVID-19 is expected to have a positive impact on the market studied. Since the financial disruption for some of the businesses is unprecedented, companies are expected to deploy EPM software for impact analysis. With many companies, like TCS, already planning to restructure business processes, remote performance management modules are also likely to be added to the existing EPM Tools in the future.

Increase in Need for Making Business Strategy Transparent to All Employees

It is necessary for the companies to have their every strategy aligned to achieve the goals of the company. The enterprise performance management software is needed to resolve lack of strategic focus among employees of the company set by the key executives. In addition, this software helps in mapping the goals with current performance helping users to understand and gain the perspectives of the work to be done for getting desired results. The transparency regarding business strategies among employees can be delivered through the scorecards and dashboards of the EPM software. This results in the strategic growth and increase in productivity of the employees according to the set rules by the organization.

Rise in Focus on Core Business & Improved Scalability

The need for better and more resources is increasing with the growth of the business. Thus, companies need efficient EPM software to scale according to the demand to increase capabilities and licenses as needed. This software provides scalability and high performance, as the business expands and grows. Moreover, it provides predictive analytics to decrease the time spent for the finance function enabling more focus on higher value tasks. It delivers operational efficiencies by automating routine tasks, reducing planning efforts & reporting, and provides Key performance indicators (KPI) & metrics for better assessment, and financial closures, and giving organizations qualitative business insights periodically. In this way, EPM software allows companies to better focus on the core business functions and improves decision-making rather than handling routine financial and nonfinancial tasks.

High cost of deploying EPM systems

EPM tools can improve a company’s performance, which, in turn, adds to the cost of implementing such software tools. Organizations have budget constraints while implementing any new software tool. Given the relatively high cost of the EPM tool, organizations expect how this tool will pay off. It is difficult for the organizations to perform cost and benefit analysis for EPM, which does not have a good project management system. Since the EPM tool does not generate any revenue for the business, the organizations need to focus on improving the business profits and reducing the cost. EPM systems come with an additional maintenance cost to receive timely updates over a year. EPM systems can impact the financial performance and ROI of an organization. Hence, this factor is expected to restrict the adoption of EPM systems in small enterprises.

Region Overview:

In global comparison, a significant portion of the revenue was generated in United States (45.53% in 2022).

Company Overview:

Oracle is one of the major players operating in the Enterprise Performance Management (EPM) Software market, holding a share of 24.69% in 2023.

Oracle

Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

SAP SE

SAP SE is a multinational software company. The Company develops business software, including e-business and enterprise management software, consults on organizational usage of its applications software, and provides training services. SAP markets its products and services worldwide.

Segmentation Overview:

As for product types, the On-premise segment held the largest market share in 2022.

Application Overview:

The market's largest segment by application is the segment BFSI, with a market share of 26.39% in 2022.

Key Companies in the global Enterprise Performance Management (EPM) Software market covered in Chapter 3:

Epicor Software
Workday
Host Analytics
Wolters Kluwer
lBM
OneStream Software
BearingPoint
InsightSoftware
Anaplan
SAP
Unit4
Oracle
UNICOM Systems
lnfor

In Chapter 4 and Chapter 14.2, on the basis of types, the Enterprise Performance Management (EPM) Software market from 2018 to 2029 is primarily split into:

On-premise
Cloud

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Enterprise Performance Management (EPM) Software market from 2018 to 2029 covers:

BFSI
IT & Telecommunication
Healthcare
Retail
Manufacturing
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)