Enterprise Performance Management - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

Enterprise Performance Management - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

The Enterprise Performance Management Market size is estimated at USD 7.53 billion in 2024, and is expected to reach USD 11.86 billion by 2029, growing at a CAGR of 9.5% during the forecast period (2024-2029).

The increasing need to have a transparent business strategy, growing focus on core business, overall improvement in performance, and rising data-driven decision-making in the organization are driving the growth of the EPM market.

Key Highlights

• The increase in the adoption of cloud-based EPM worldwide is gaining market traction. For instance, in July 2022, JTEKT reported a 25% reduction in budgeting time, reduced project delivery time, and improved forecast and assertiveness, as the company utilized Oracle Cloud EPM software and its related features in areas like business, finance, information technology, and human resources.
• Integrating Robotic Process Automation (RPA) Tools in enterprise performance management is one of the critical EPM market trends influencing growth. Including RPA in the enterprise's performance management processes will enable employees to focus more on core operations.
• Moreover, the leading companies are integrating new infrastructure performance management (IPM) solutions. For instance, in November 2022, a Leading supplier of AI-driven hybrid cloud management and monitoring solutions, Virtanen, announced that its flagship Infrastructure Performance Management (IPM) product, VirtualWisdom, would be integrated into the Virtana Platform. The Virtana Platform is a Software-as-a-Service (SaaS) platform that enables users to address the problems associated with tool sprawl by combining many products into a single solution.
• The increasing regulatory requirements owing to the rising volume and sensitive nature of data being generated across industries are prompting the deployment of EPM software. Moreover, the companies adapt to various merger and acquisition strategies to develop new products and expand their portfolio to different data analytics features in EPM products.
• However, enterprises still need to be made aware of the tremendous benefits of EPM software. The companies are yet to leverage the real-time benefits, coupled with the new technologies, to analyze their business metrics in advance and streamline their decision-making processes with added transparency. The EPM software providers can market the products among clients by introducing more affordable service packages.
• 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 will likely be added to the existing EPM Tools.

Enterprise Performance Management (EPM) Market Trends

BFSI Sector is Expected to Account for Major Market Share

• Later the global financial crisis, the banks have become very conscious about the measure that helps them reduce risk on their balance sheet and restructure their cost bases by leveraging economic prosperity and liquidity. However, many banks remain vulnerable to customers' financial circumstances, such as loan debts added with the commercialization of banks, giving rise to cut-throat competition.
• Thereby, companies in the BFSI sector are increasingly deploying EPM applications to streamline financial planning and budgeting processes. Swedish and Thai banking have started implementing progress management solutions into their core operations.
• Also, the introduction of cloud-based bespoke solutions has enabled the broader deployment of EPM solutions across the industry. For instance, according to the update issued by Oracle Corporation for SAP customers in July 2022, Oracle Exodata Database Machine consolidated SAP and non-SAP Databases into private Database Cloud form, handling the data almost ten times faster or more. This helps in the circulation and utilization of storing the data for further analytics in SAP and other Oracle tools for optimizing system performance.
• Similarly, Oracle offers SAP S/4HANA Finance, an ERP financial management and accounting software solution that covers everything from business planning and analysis to treasury management and joint finance operations. The integration of the cloud helps access performance-related information remotely.
• Additionally, the global COVID-19 pandemic causing the disruption in business operations in the BFSI sector is expected to enable companies to deploy EPM software for business impact analysis. Moreover, with various companies working remotely, the EPM software provides much-needed support to maintain business requirements. For instance, Oracle Hyperion EPM evaluates the user environment and determines the needs to be tuned to optimize the experience of remote users.

Asia Pacific is Expected to be the Fastest-Growing Market

• The market growth is expected to be driven by the development of the end-user segments. The retail and E-commerce vertical is expected to hold the largest market size in the region during the forecast period.
• As emerging countries such as India in the region with growing regulatory controls, rapid and highly competitive business across the industries has increased the need for the guidance of business strategies added to the unprecedented and unrelenting pressure on finance professionals is driving the demand for EPM solutions.
• According to The Economic Times, in April 2022, Mesh, Inc, an Indian start-up providing Performance Management software, raised USD 11 million in funding led by RTL Group for plans to expand across the Asia Pacific and the United States. Similarly, in June 2021, the company raised USD 5.1 million as a part of its seed round. The company also reported its revenue to have grown 16 times since its foundation.
• Also, the growing 5G networks are expected to aid the remote deployment of such software in end-user segments like banking, leveraging the cloud iterations of the software and related tools utilizing the outcomes. According to gadgets360.com, in August 2022, the website reported that the Department of Telecom confirmed 13 Indian cities to get high-speed internet services the following month as it issued spectrum assignment letters to the bidders for radio wave channels.
• Besides, China's government has launched the 'Made in China 2025' initiative to improve the country's manufacturing competitiveness. The goal of upgrading the nation's manufacturing capacity is expected to lead to higher deployment of software like EPM to bolster informed growth and decision-making, leveraging other benefits for managing businesses effectively.

Enterprise Performance Management (EPM) Industry Overview

The enterprise performance management market is moderately fragmented, with intense competition among the service providers. The vendors continually add new modules to their existing solutions to aid better performance management of customers. Strategic acquisitions and partnerships continue to shape the ecosystem, with companies opting for services customized as per the size and requirements of the organizations. Also, incorporation of the cloud and other latest technologies is seen for upgrading the

• August 2022 - Nissan Motor Co., Ltd selected Anaplan, Inc. to collect and analyze global data worldwide. Nissan aimed to streamline complex operations, making more informed and prompt business decisions by using Anaplan to collect and analyze global data across its businesses, enabling real-time performance management and faster business decisions for the future.
• July 2022 - Oracle Corporation released Enterprise Performance Management (EPM) 11.2.10, available for download on Oracle Software Delivery Cloud. The new version included features like Java 8 Update 331, an updated Wallet creation section in the EPM Security guide, Oracle 21c database support, and other features.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support