Prevalence of Cognitive Computing to Aid Enterprise Performance Management (EPM) Software Market Expansion During 2022

Enterprise Performance Management (EPM) is a kind of software that is designed to help organizations link their strategies to their plans and execution. There are various components of an EPM software that are linked to management processes such as budgeting, planning, forecasting and modelling. 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 used as a yardstick in EPM software are return on investment (ROI), revenue costs, overhead costs and operational costs.

According to the assessment of Persistence Market Research, the global Enterprise Performance Management (EPM) software market is forecasted to reach a figure of about US$ 3,600 Mn in 2022 and is poised to exhibit a robust CAGR in the period of assessment.

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The Enterprise Performance Management (EPM) software market is soaring due to an increasing demand for upgrading the strategy of organizations. The involvement of cloud based EPM software builds on the benefits of the traditional EPM software, making it faster and easier to implement, increase the speed of innovation across the organizations, reduce the operating costs of entities using the EPM software and supporting increased collaboration and teamwork in the entire organization. EPM software also helps in automating tasks that are manual in nature and increase the implementation speed of key finance processes. The EPM software is designed to help in the implementation of the strategic plans and goals that enterprises have set for themselves and help in the attainment of such goals as per the broader vision and mission of the enterprises.

The global EPM software market is slated to touch a value of about US$ 3,600 Mn in the year 2022 and grow at a robust CAGR during the assessment period.

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4 Forecast Highlights on Global EPM Software Market

As per the forecast of Persistence Market Research, the services product type segment is slated to touch a value of nearly US$ 800 Mn in the year 2022. This represents a robust CAGR growth during the assessment period of 2017-2022. The services product type segment is estimated to account for more than one-fifth of the revenue share of the product type segment by the year 2017 and is forecasted to gain market share by 2022 over 2017.

As per the forecast of Persistence Market Research, the IT & Telecommunication end user segment will reach a value of about US$ 550 Mn in the year 2017. This represents a robust CAGR growth during the forecast period. The IT & Telecommunication end user segment is forecasted to account for nearly one-fifth of the total revenue share of the end user segment by the end of the year 2017 and is expected to gain in market share by 2022 as compared with the year 2017.

As per the forecast of Persistence Market Research, the cloud segment is slated to reach a value of nearly US$ 970 Mn in 2022. The cloud segment is expected to gain market share by the end of the year 2022. The largest share is contributed by the North America region in the cloud segment.

Persistence Market Research forecasts the U.S. EPM software market to exhibit a compound annual growth rate (CAGR) of nearly 5% from 2017 to 2022.

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