Enterprise Performance Management (EPM) is a software to help the organization for plan, forecast, budget and make financial reports on business performance. It helps to manage data of an organization by linking their financial and operational report, and drives the strategies, plans and execution for an organization. Evolution of IT and cloud computing in recent years have changed the entire process of business. The introduction of cloud technology not only increase productivity but also provides a competitive edge to an organization. Cloud computing has significant opportunities for an organization to save cost and increase efficiency by optimizing the carious tasks.
EPM software helps in analyzing the work performance to check whether the organization is functioning according to their assigned strategies. This is also used to find the overhead cost, revenue cost and operational cost in an organization. Every organization needs to improve their business strategies to maximize their profit in limited period and EPM software assist with it. Retailers face concerns to balance their inventory, sales performance and transaction and EPM helps manage their sales activity and operation performance.
Market Size & Forecast
The global EPM market is anticipated to record a CAGR of 11% over the forecast period i.e. 2019-2027. The market is segmented by end-users into BFSI, retail, e-commerce, telecom, manufacturing, logistics and others, out of which, BFSI segment accounts for leading market share on the back of increasing utilization of cloud technology by finance department across a broad spectrum.
Additionally, the demand of EPMs is expected to increase over the forecast period as it offers an affordable option for the companies to measure the performances. Due to these advantages even most of the medium enterprises also uses EPM software to manage their data.
Rising adoption of Cloud Computing
With the introduction of cloud computing, the EPM market is continuously changing. Organization are shifting their workload from manual mode into cloud based model to increase the efficiency of workflow. The market is changing its business methodology and the cloud based deployment mode is one of the most commonly used approach. The providers of cloud services help the enterprises to understand the new technology and its effects in near future. Introduction of EPM in human resource management offers a better process to manage the workflow from recruitment to retirement. These factors boost the market growth over the forecast period.
Adoption of Data Driven Decision Making
Data is a strategic asset in an organization enabling them with adequate information to carry out various tasks and activities in a planned and organized manner. Over the recent years, there has been a change in data storage and processing methods where the new ways of collecting data help the managers with decision making. Large enterprises operate in a data driven culture and make their business decision utilizing the data. One of the crucial tasks performed by EPM software is tracking the sales performance of business to analyze the time that generated the highest and lowest revenue in order to identify the vulnerabilities in the business and maximize the profit margins. Large IT companies are frequently investing in data tracking and processing to apply for decision making. These are the factors which drives the market growth rate.
High cost of these products are restraining the small enterprises from investing in efficient EPM solutions. Lack of adequate additional resources to support the utilization of EPM is also one of the factors restraining the adoption of these solutions.
Our-in depth analysis of the global EPM market includes the following segments:
On the basis of regional analysis, the EPM market is segmented into five major regions North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in North America is expected to display a strong growth on the back of increasing trend of cloud technology and adoption of data driven technique. Further, the Europe market for EPM is anticipated to induce a growth with the increasing trend of data management.
The market in Asia Pacific is estimated to grow significantly during the forecast period on account of shifting of manual technique to software based technology. Also, the easy availability of highly skilled labor is resulting in increasing number of companies to shift their site of production & development to countries such as India & China. Such factors are expected to result in this region capturing a very high demand over the forecast period.
The global EPM market is further classified on the basis of region as follows:
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