The Mexico enterprise performance management market size was valued at $338.50 million in 2021, and is projected to reach $919.49 million by 2031, registering a CAGR of 10.8% from 2022 to 2031.
EPM solution plays an important role as it supports various management processes such as budgeting, planning, forecasting, modeling, consolidating results & closing books on a periodic basis, reporting results to internal & external stakeholders, and analyzing performance based on plans, divisions, or products. EPM software aids to drive functionality across the enterprise by aligning financial, strategic, and operational goals, extending budgeting participants, and permitting managers with additional timely information.
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Mexico enterprise performance management market is expected to witness significant growth during the forecast period, owing to a rise in the need for making business strategy transparent to all employees, increased focus on core business & improve scalability, and a surge in the need to improve business performance. Furthermore, the rise in demand for cloud-based EPM software and the rise in need for mobility is anticipated to offer lucrative opportunities in the coming years for market growth across the globe. However, high risk in the implementation of enterprise performance management software, fluctuations in business priorities, and workload shifts restrain market growth. By industry vertical, the BFSI segment led the enterprise performance management market in 2021 and is projected to maintain its dominance in the future, owing to emerging trends such as cloud adoption, risk management, and improved financial reporting.
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The effects of the COVID-19 crisis on the global economy will reduce the growth of the Mexico enterprise performance management market in the short run, i.e. 2020 and 2021, owing to the reduction in overall demand for performance management services, as companies have faced challenges such as reduced revenue, supply chain disruptions, and increased costs. This has led to a decrease in the overall size of the market. On the other hand, the pandemic has also created new opportunities for growth in the market, as companies seek to respond to the challenges posed by the pandemic and improve their resilience in the face of future crises. For example, the increased demand for digital performance management tools and the expansion of the market for performance management consulting services have contributed to the growth of the market. In conclusion, the overall impact of the COVID-19 pandemic on the enterprise performance management market size has been mixed. While the pandemic has reduced demand in some areas, it has also created new opportunities for growth in others. The ultimate size of the market will depend on how well companies are able to respond to the challenges posed by the pandemic and take advantage of new opportunities for growth.
The major players operating in the Mexico enterprise performance management market are Accenture, Board International, Capgemini, IBM Corporation, Infor, Infosys Limited, Oracle, SAP SE, Wipro, and Workday, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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