In a recent published report, Kenneth Research has updated the market report for Enterprise Performance Management Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Enterprise Performance Management Market products.
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The growth of the market can be attributed to the growing accessibility to internet amongst the households globally and the need for advanced technologies that promote effective communication between two distant geographies. In the United States, internet access to households grew from around 73% of the households in 2015 to close to 80% of the households in 2019. In Korea, it was around 98% in 2014 which grew to nearly 100% in 2020. On the other hand, in the Netherlands, internet access to households touched nearly 98% in 2019. Countries in the Latin America, such as Brazil and Mexico grew at a significant pace by about 1.45x and 1.63x respectively within a span of 4 years between 2015 and 2019.
The Enterprise Performance Management Market is likely to obtain substantial incremental $ opportunity between 2017 and 2023 as per the recent market study conducted by Kenneth Research. This Enterprise Performance Management Market market strategic report has been produced emphasizing upon various growth factors contributing towards the growth of this market. This market study speaks about the relation between in-dependent variable such as the market and as well as the dependent variables which include the core macro-economic indicators such as population, GDP, personal disposable income and others. The business intelligence report also covers the challenges which may impact the growth of this market in the long-run. Several prevailing trends have been analysed in this report which have strengthened the growth of the market all across the globe.
The recent evolution of IT and cloud services as a business has changed the entire industry. Improvements in enterprise capacity and performance, container-based service, and flash storage capabilities have further improved the enterprise performance management market. There are numerous factors that redefine the enterprise performance management market. Rapid improvement in the efficiency, the introduction of cloud-based enterprise performance management solutions and services offerings, use of cloud computing, software-define networking (SDN), and virtualization mean that the organizations require new approaches to meet the demands for enterprise performance management.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
With cloud computing entering the market, the opinion regarding the future of enterprise performance management has started to change. The market is sending mixed signals with the changing business landscape. Thus, the cloud-based deployment mode will have the highest growth. The cloud service providers will help enterprises of all size in understanding the changing technology and its effect on future demand. Presently, decisions regarding the use of cloud require a structured approach. Organizations need to assess the workloads and identify the applications that can be moved out of the on-premises model into the cloud. The workloads are not cloud-ready, and can be run on on-premises or moved to colocation depending upon the nature and business criticality.
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The benefits of cost and efficiency of cloud computing are compelling, fostering business managers to move certain applications to the cloud keeping in mind that this move would not expose the business to risk, increased cost, and disruption. The first stage is the re-platforming of applications, for instance, transitioning them from Unix or mainframe-based architecture to an X86 architecture allowing users to move away from physical infrastructure using virtualization technologies. This process is complex, which requires an integration with cloud partners to undertake cloud migration across heterogenous environment.
Most of the organizations are running test for cloud commuting. Few have migrated their entire infrastructure to a public or private cloud and many still require on-premises infrastructure to meet the needs of the future. Enterprise performance management on cloud has significant opportunities for organizations to save costs, and become efficient and agile by optimizing the traditional facilities. The aging infrastructure cost makes it difficult to capitalize on the transformational trends such as mobility and cloud.
Research forecasts the global enterprise performance management market to grow at a CAGR of 11.4% during the forecast period. The market is segmented into solutions, services, deployment modes, end-user verticals, and regions.
In 2017, the worldwide GDP stood at USD 84,740.3 Billion as compared to the GDP of USD 80,144.5 Billion in 2017, marked a growth of 5.73% in 2017 over previous year according to the data quoted by International Monetary Fund. This is likely to impel the growth of Enterprise Performance Management Market market over the period 2019-2026.
The Enterprise Performance Management Market market report also focuses on the analysis on the basis of geography which includes North America (U.S. and Canada), Latin America (Mexico, Brazil, Argentina, Rest of Latin America), Europe (Germany, UK, France, Spain, Italy, NORDIC, BENELUX, Poland, Russia, Hungary, Rest of Europe), Asia Pacific (China, Japan, India, Australia, New Zealand, South Korea, Malaysia, Indonesia, Rest of Asia Pacific) and Middle East and Africa (GCC, North Africa, South Africa and Rest of Middle East and Africa).
In U.S., the GDP per capita was valued at USD 62,606 in 2017 as compared to USD 59,895 marked in 2017, observed a growth of 4.53% in 2017 over previous year. Rise in GDP per capita has intensified the growth of this market in the country.
The key offerings in the report:
- Evaluating the market size of the global Enterprise Performance Management Market market as well as the market forecast.
- Analysing various market segmentations as well as forecasting the market on the basis of geography which includes North America, Latin America, Europe, Asia Pacific and Middle East and Africa
- Highlighting the factors impacting the growth of the market which includes growth drivers, challenges, opportunities as well as trends
- Examining competitive landscape of the leading companies on the basis of overview of the company, business strategy, product overview, risk analysis, recent developments and SWOT analysis.
Various statistical methods such as Covariance, Correlation, Regression and Coefficient of Determination (R square) analysis have been utilized to assess the market performance and analyse the future outlook of the market.
This market study is definitely going to be useful and can be utilized as a valuable source of assistance for the investors, manufacturers related to the product, suppliers, distributors, investment banks, management consulting companies, regulatory and government bodies, research organizations, and forums.
Don’t miss out on the business potential of Enterprise Performance Management Market
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