Enterprise Performance Management Software - GCC

The Enterprise Performance Management Software market in the GCC is expected to witness a significant revenue growth, with projections indicating that it will reach US$32.98m by the year 2024.
Moreover, the market is anticipated to exhibit a steady annual growth rate (CAGR 2024-2029) of 5.11%, resulting in a market volume of US$42.31m by 2029.
When it comes to the average Spend per Employee in the GCC's Enterprise Performance Management Software market, it is estimated to reach US$1.05 in 2024.
This metric provides valuable insights into the allocation of financial resources within the market.
In terms of global comparison, United States is expected to generate the highest revenue in the Enterprise Performance Management Software market in 2024, with an impressive figure of US$2.87bn.
This highlights the dominance of the US market in this segment.
The GCC is experiencing a surge in demand for Enterprise Performance Management Software, as businesses prioritize efficient financial planning and analysis.

Definition:

The Enterprise Performance Management Software market covers software solutions that help organizations to manage and improve their performance across various areas, such as finance, operations, and strategy. These solutions typically include features for financial planning and analysis, budgeting, forecasting, and consolidation. These are primarily focused on providing insights and strategic guidance to help organizations make informed decisions and achieve their long-term goals.

Products in the Enterprise Performance Management Software market can be obtained in two ways: as on-premises software that is sold via a transactional license or a subscription and as cloud-based software (software as a service/ SaaS) that is most frequently sold as a subscription.

Additional Information:

The Enterprise Performance Management Software market comprises revenue and revenue growth as the key performance indicators. Only the revenues that are generated by primary vendors at the manufacturer price level either directly or through distribution channels (excluding value-added tax) are included and the revenues generated by resellers are excluded. Revenues are generated through both online and offline sales channels and include spending by enterprises (B2B) and governments (B2G).

Key players in this market include Oracle. SAP, Anaplan, IBM, and Workday.

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Performance management software, such as PerformYard, Engagedly, Leapsome, BambooHR, SAP SuccessFactors, Paylocity, and Workday
Financial planning and budgeting, such as SAP, Workday, and Centage (Budget Maestro)
Strategic planning and modeling, such as Workday Adaptive Planning, Jedox, and Host Analytics

Administrative software, such as ADP, Gusto, Workday, and SAP
Office software, such as Microsoft, Google, and Zoho
Collaboration software, such as Google, Slack, and Zoom

The Enterprise Performance Management Software market in GCC has been steadily growing in recent years, driven by the increasing adoption of cloud-based solutions and the need for better financial planning and analysis tools.

Customer preferences: Customers in the GCC region are increasingly looking for cloud-based Enterprise Performance Management (EPM) solutions that can help them streamline their financial planning and analysis processes. They are also looking for solutions that are easy to use and can provide real-time insights into their business performance.

Trends in the market: One of the key trends in the EPM market in GCC is the increasing adoption of cloud-based solutions. Cloud-based EPM solutions offer several benefits over traditional on-premise solutions, including lower costs, greater scalability, and improved collaboration. As a result, many companies in the GCC region are now moving towards cloud-based EPM solutions to streamline their financial planning and analysis processes.Another key trend in the EPM market in GCC is the growing demand for real-time analytics and reporting. Companies are increasingly looking for EPM solutions that can provide real-time insights into their business performance, allowing them to make faster and more informed decisions.

Local special circumstances: The GCC region has a unique business environment, with a large number of small and medium-sized enterprises (SMEs) and a growing number of startups. These companies often have limited resources and require EPM solutions that are easy to use, affordable, and scalable.

Underlying macroeconomic factors: The GCC region has a strong and growing economy, driven by the oil and gas industry, as well as other sectors such as construction, tourism, and finance. This has led to a growing demand for EPM solutions that can help companies manage their finances more effectively and make better business decisions.Overall, the EPM market in GCC is expected to continue growing in the coming years, driven by the increasing adoption of cloud-based solutions and the growing demand for real-time analytics and reporting. Companies that are able to provide easy-to-use, affordable, and scalable EPM solutions are likely to be well-positioned to capitalize on this growing market.

Data coverage:

The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations such as GDP, level of digitization, GDP sector composition, and observed level of software piracy.

Forecasts:

We use a variety of forecasting techniques, for instance, advanced statistical methods, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

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