The Enterprise Performance Management (EPM) software market is expected to experience a surge due to rising demand for enhanced strategic plans in businesses.
Cloud-based EPM software provides additional benefits related to conventional EPM software, creating a more efficient and faster tool to implement, an increasing rate of innovation in businesses, reducing operational costs and supporting closer collaboration between team members.
EPM software supports the automation of manual tasks and improves the implementation rate of focus finance processes. EPM software is created in a way to support the implementation of key strategic plans and goals that have been created for an entire business chain. At present, the global EPM software market is expected to reach a value of $3,600 million by the year 2022 and continue to increase at a steady rate during this period.
Global Forecast for the EPM Software Market
Industry analysts suggest the services product sector reach a value of nearly $800 million by the year 2022. This equates to a steady and solid CAGR growth from now until 2022. The services product sector is predicted to account for over 20% of the revenue share of the product type and is due to gain market share further by 2022.
Forecasts suggest that the IT and Telecommunication end-user industry will reach a value of approximately $550 million and is due to gain further market share by 2022. The cloud industry is expected to reach a value of nearly $970 million by 2022 and continue to expand its market share within this period.
The biggest contributing share in the cloud market is found within North America, with a forecast compound annual growth rate of around 5% from now until 2022.