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Enterprise Performance Management Global Market Report 2024 Global Market Analysis, Trends, Growth, Research And Forecast 2033
Enterprise Performance Management Global Market
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According to The Business Research Company's, The enterprise performance management market size has grown strongly in recent years. It will grow from $6.81 billion in 2023 to $7.31 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to operational efficiency goals, demand for performance measurement, adoption of balanced scorecard methodologies , improved data visualization, focus on customer relationship management.
The enterprise performance management market size is expected to see strong growth in the next few years. It will grow to $9.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to continues shift to cloud-based solutions, mobile-centric solutions, heightened data security measures, sustainability integration, demand for integrated platforms . Major trends in the forecast period include integration of advanced analytics, cloud-based solutions adoption, focus on real-time data, integration of business intelligence, strategic planning enhancement.
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Market Drivers and Trends:
The growing adoption of cloud-based EPM solutions are driving the enterprise performance management market. Cloud-based solutions refer to services, applications, or resources that are delivered over the internet, hosted on remote servers, and accessed through web browsers or dedicated software. Cloud-based EPM solutions offer faster time to value, reduced total cost of ownership, and increased autonomy. They eliminate the effort and costs of setting up infrastructure, provide a lower overall cost compared to on-premises software, and empower Finance to drive and control the implementation and maintenance of the EPM solution. For instance, in 2021, according to CludZero, a US-based cloud cost intelligence platform, SMEs (Small and medium-sized enterprises) spent 47% of their technology budgets on cloud services in 2022, a 67% increase from 2021 to 2022. In 2023, their cloud investment will surpass 50% of their tech budget. Therefore, increasing adoption of cloud-based EPM solutions will propel the growth of the enterprise performance management market.
Technological advancement is a key trend gaining popularity in the enterprise performance management market. Major companies in the enterprise performance management market are advancing towards cloud-based enterprise performance management to gain a competitive edge in the market. For instance, in September 2021, Oracle, a US-based company operating in Enterprise Performance Management (EPM), introduced various innovative features for its Oracle Fusion Cloud ERP and EPM solutions, expanding its EPM platform. The innovative features include new enhancements to EPM enterprise journals, Intelligent Document Recognition (IDR) features, Fusion ERP's analytics capabilities, Intelligent Performance Management (IPM) tools, compliance APIs, and risk management.
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Major Key Players of the Market:
Oracle Corporation, IBM Corporation, Infor Inc., SAP AG, Anaplan Inc., Workday Inc., Unicom Systems Inc., Planful, Workiva Inc., Unit4, BOARD International SA, Adaptive Insights Inc., Host Analytics Inc., SAS Institute Inc., Epicor Software Corporation, OneStream Software LLC, BearingPoint, Vena, Prophix, Jedox, Planview Enterprise One, Microsoft, Tagetik, Longview Solutions, CCH Tagetik, MicroStrategy, QlikView, Tableau, TIBCO Spotfire, Information Builders
Enterprise Performance Management Market 2024 Key Insights:
• The enterprise performance management market size is expected to see strong growth in the next few years. It will grow to $9.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
• The Surging Enterprise Performance Management Market Driven By Escalating Regulatory Compliance And Security Needs
• Technological Advancements Propel The Evolution Of Enterprise Performance Management Market With Oracle's Cutting-Edge Solutions
• North America was the largest region in the enterprise performance management market share in 2023
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