Enterprise Performance Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The Enterprise Performance Management (EPM) market is estimated to grow at a CAGR of about 8.46% over the forecast period 2021 to 2026. 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 is driving the growth of the EPM market.

• 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. For instance, to comply with the changing regulations, AirAsia Group Bhd recently deployed EPM software to facilitate its global account reconciliation. The software used will also enable the organization to manage and publish its financial, regulatory, and management reports.
• The increase in the adoption of cloud-based EPM across the world is gaining traction of the market. For instance, In February 2020, Harper College deployed Oracle Cloud Applications to bring HR and finance teams together, where Oracle ERP Cloud and Oracle EPM Cloud are expected to enable accurate and efficient process financial information, track project statuses, and identify patterns in operational and financial data.
• The integration of Robotic Process Automation Tools in enterprise performance management is one of the critical EPM market trends that is influencing growth. The inclusion of RPA in the enterprise’s performance management processes will enable employees to focus more on core operations. UiPath and Oracle recently collaborated to combine powerful RPA of the former with Oracle’s cloud platform and business applications to streamline critical workflows and processes.
• Moreover, the companies are adapting to various merger and acquisition strategy to develop new products and expand its product portfolio to different geographies. ​For instance, In March 2020, Inspirage acquired Vertical Edge Consulting Group to strengthen its capability to implement a full suite of Oracle ERP Cloud applications for companies.
• 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 are also likely to be added to the existing EPM Tools in the future.

Scope of the Report

Enterprise Performance Management is a software solution that helps in analyzing, understanding, and reporting the business requirements. It is the process designed to help organizations plan, budget, forecast, report on business performance, and consolidate financial results driven by the need to minimize operational expenses. EPM solutions are majorly used by CFOs and the office of finance, while other functional areas, such as HR, sales, marketing, and IT, uses EPM for operational planning, budgeting, and reporting

• The reports cover the emerging trends in enterprise performance management segmented by deployment, size of the enterprise, end-user vertical across different regions studied. ​

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Key Market Trends

BFSI Sector is Expected to Account for a major Portion of the Market Share

• Later the global financial crisis, the banks have been very conscious about the measure that helps them reduce risk in their balance sheet and are restructuring their cost bases leveraging the economic prosperity and liquidity. However, many banks remain vulnerable to customers' financial circumstances, such as loan debts added with the commercialization of banks gives rise to cut-throat competition.
• Thereby, Companies in the BFSI sector are increasingly deploying EPM applications to enable financial planning and budgeting processes streamlining. Blue Link ERP Launched the Financial Report Writer in Aug 2019 that is expected to aid its deployment in the BFSI sector. Also, industries such as the Swedish banking industry, the Thai banking industry have started to implement progress management solutions into their core operations.
• Also, with the introduction of cloud-based bespoke solutions has enabled the broader deployment of EPM solutions across the industry. Oracle offers SAP S/4HANA Finance that is an ERP financial management and accounting software solution that covers everything starting from business planning and analysis to treasury management and collaborative finance operations.
• Additionally, The global pandemic COVID-19 causing the disruption in business operations in the BFSI sector is expected to enable companies to deploy EPM software for such business impact analysis. Moreover, with the various company working remotely, the EPM software is providing much-needed support to maintain the business requirement's nitty-gritty. For instance, Oracle Hyperion EPM is evaluating the user environment and determining the needs that are to be tuned to optimize the experience of remote users.

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