New York, NY, Dec. 11, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Enterprise Performance Management Market By Component (Software and Services), By Function (Sales & Marketing, Operation, Finance, Supply Chain, Human Resource, and Others), and By End-User (BFSI, Retail & E-commerce, Telecom, Manufacturing, Transportation & Logistics, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017–2024”. According to the report, the global enterprise performance management market was valued at approximately USD 6.17 billion in 2017 and is expected to reach approximately USD 12.67 billion by 2024, at a CAGR of around 10.82% between 2018 and 2024.
Enterprise performance management is a part of the business planning process that is associated with business intelligence and includes managing and evaluating an enterprise’s performance to enhance efficiency, reach performance goals, and maximize business processes. Enterprise performance management involves reviewing performance metrics related to cost and value by evaluating overhead costs and determining whether these costs are in line with the performance objectives.
Browse through 66 Tables & 35 Figures spread over 157 Pages and in-depth TOC on “Global Enterprise Performance Management Market Size, Share 2017: Industry Trends, Growth Analysis and Forecast to 2024”.
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The growing need for frequent financial planning has encouraged enterprises to adopt enterprise performance management solutions. Enterprise performance management solution analyzes both the historic and current marketing programs and campaigns performance with daily, weekly, or monthly snapshots. It ensures maximum return on investments (ROI) of marketing spends and strategic alignment of sales target with campaigns and programs. Furthermore, the increasing need for real-time business performance analysis is anticipated to boost enterprise performance management solutions globally. EPM offers a customizable business intelligence solution that business analysts can use from varied locations. With the effective utilization of EPM solutions, organizations can take prompt decisions with accurate and faster views of KPIs through mobile and web browsers. Moreover, the growing adoption of cloud-based EPM solutions and demand for reducing operational costs are other major factors contributing to the adoption of enterprise performance management solutions globally. Additionally, the rising popularity of EPM solutions among the SMEs is projected to further fuel the enterprise performance management market in the upcoming years. However, the lack of awareness about EPM solutions among organizations might hinder the enterprise performance management market in the future.
The market for enterprise performance management is segmented based on component, function, and end-user. By component, the global enterprise performance management market is bifurcated into software and services. By function, the market is divided into sales and marketing, operation, finance, supply chain, human resource, and others. By end-user, this market includes BFSI, retail and e-commerce, telecom, manufacturing, transportation and logistics, and others.
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North America is likely to hold the largest share in the overall market for enterprise performance management. Increasing adoption of digital transformation by North American organizations is driving the enterprise performance management market in the region. Investing in digital technologies, resources, and assets, improvements made to the existing talent and recruiting external digital talent are the three major factors contributing to the growth of digital transformation among the North American companies. Furthermore, increasing investments made in enterprise resource planning by companies in North America has propelled the demand for enterprise performance management solutions in the region. According to the IFS Digital Change Survey 2017, approximately 41% of organizations in all industries in North America are likely to invest in enterprise resource planning.
Europe is likely to witness moderate growth in the enterprise performance management market. The growing adoption of corporate performance management (CPM) solutions by European companies is projected to propel the demand for enterprise performance management solutions in the region. Many CPM software providers in Europe are collaborating with other industry players to offer effective corporate performance management solutions to their customers. For instance, in 2014, a leading CPM software developer, Prophix Europe, partnered with Finland based Rongo Oy, a leading information management company, to expand the Prophix’s CPM solution in Finland.
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Asia Pacific is projected to register the highest growth rate in the global enterprise performance management market, mainly due to higher adoption of cloud technologies in the banking sector. Moreover, the financial services institutions in the region are increasingly implementing cloud computing, both public and hybrid, in their business processes. Furthermore, the booming retail e-commerce industry in Asia Pacific has encouraged several enterprises to adopt effective solutions to improve their business performances, which is expected to fuel the enterprise performance management market in the region. A study reveals that in 2017, the retail e-commerce industry generated USD 1.34 Trillion in revenue, at a 31% growth rate, in Asia Pacific.
Latin America is likely to witness moderate growth in the enterprise performance management market during the forecast time period. Growing adoption of cloud analytics in business processes, increasing social media analysis for brand development, and technological advancements are fuelling the demand for enterprise performance management solutions in Latin America.
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The key players profiled in the global enterprise performance management market are IBM, SAP, Oracle, Workiva, SAS Institute, Capgemini, CA Technologies, HCL Technologies, KPMG, MicroStrategy, The Hackett Group, and Emtec, among others.
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This report segments the global enterprise performance management market as follows:
Global Enterprise Performance Management Market: Component Segment Analysis
- Software
- Services
Global Enterprise Performance Management Market: Function Segment Analysis
- Sales & Marketing
- Operation
- Finance
- Supply Chain
- Human Resource
- Others
Global Enterprise Performance Management Market: End-User Segment Analysis
- BFSI
- Retail & E-commerce
- Telecom
- Manufacturing
- Transportation & Logistics
- Others
Global Enterprise Performance Management Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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