Enterprise Performance Management Software - Hong Kong

In 2024, the projected revenue for the Enterprise Performance Management Software market in Hong Kong is estimated to reach US$15.76m.
This market segment is expected to demonstrate a steady annual growth rate (CAGR 2024-2029) of 5.13%, resulting in a market volume of US$20.24m by 2029.
Moreover, it is worth noting that the average Spend per Employee in the Enterprise Performance Management Software market in Hong Kong is projected to remain at US$4.23 in 2024.
When compared globally, it is anticipated that United States will generate the highest revenue in this market segment, reaching a staggering US$2.87bn in 2024.
Hong Kong's growing demand for Enterprise Performance Management Software reflects its commitment to efficient and strategic business planning.

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 Hong Kong has been experiencing a steady growth in recent years.

Customer preferences: Hong Kong enterprises have been showing an increasing interest in cloud-based solutions for their Enterprise Performance Management (EPM) needs. This is due to the convenience and scalability that cloud-based EPM software offers. Additionally, Hong Kong enterprises are looking for EPM software that can provide real-time data analysis and reporting capabilities to improve their decision-making processes.

Trends in the market: One of the major trends in the Hong Kong EPM software market is the increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies. These technologies are being used to automate routine tasks and provide predictive analytics capabilities to help enterprises make more informed decisions. Another trend is the integration of EPM software with other enterprise systems such as customer relationship management (CRM) and enterprise resource planning (ERP) systems. This integration provides a more holistic view of enterprise performance and helps enterprises identify areas for improvement.

Local special circumstances: Hong Kong's position as a global financial hub has created a unique market for EPM software. Hong Kong enterprises are subject to strict regulatory requirements and need to comply with international accounting standards. This has led to the development of specialized EPM software that caters to the needs of the financial services industry. Additionally, the increasing demand for EPM software in Hong Kong is being driven by the growth of small and medium-sized enterprises (SMEs) in the region.

Underlying macroeconomic factors: Hong Kong's stable political environment and strategic location make it an attractive destination for foreign investment. This has led to a growing number of multinational corporations setting up operations in Hong Kong. As these enterprises expand their operations, there is a growing need for EPM software to manage their performance. Additionally, Hong Kong's strong economy and high levels of disposable income have led to increased investment in technology across all industries. This has created a favorable environment for the growth of the EPM software 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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