PRESS RELEASE – WÜRZBURG, March 30th, 2023
- – Highlight #1: BARC publishes “BARC Score Financial Performance Management”.
- – Highlight #2: An up-to-date, independent and reliable summary of the FPM software market.
- – Highlight #3: Several challengers are closing in on the established market leaders.
BARC publishes BARC Score Financial Performance Management. This detailed market analysis provides in-depth descriptions of leading software vendors and their solution portfolios for financial performance management (FPM), including a strengths/weaknesses analysis. BARC Score can help companies to drive the software selection process and enables them to measure up solution offerings against their own requirements.
Vendors with significant market penetration
Vendors evaluated in BARC Score Financial Performance Management have a strong focus on corporate consolidation, financial planning, financial reporting and other related areas. They must cover a good range of financial performance management functions with the evaluated product portfolio as well as achieve a minimum level of license and maintenance revenue with the solutions under consideration.
In addition to the vendors featured in this report, there are many other interesting and emerging players in the market that were not included in the analysis because they do not currently meet the above inclusion criteria.
Several competitors are challenging the established market leaders
The global financial performance management software market offers many powerful and mature products. While the market-leading vendors have continued to expand their leading positions in 2023, several “Challengers” are closing in on these vendors. Products in the “Challengers” segment are often corporate performance management tools with a broad range of functions that also focus on topics such as group consolidation and preparation of financial statements, financial planning, and financial reporting. Other vendors have strengthened through acquisition and face the challenge of seamless portfolio integration.
Five market leaders
Five vendors have established themselves as “Market Leaders”. In addition to a comprehensive portfolio for financial performance management, they have a strong market presence. These companies enjoy a high level of awareness and convince with a solid product strategy and financial position, sales and marketing programs, and a distinctive partner network and ecosystem.
Figure 1: BARC Score Financial Performance Management Global 2023
(The unredacted graph is available to journalists on request by email to firstname.lastname@example.org)
© BARC 2023
Current market developments
Many of the vendors in this market are focused on broadening their portfolio capabilities (x-axis). Those that come from areas such as corporate consolidation and financial planning are looking to expand their support for reporting and operational planning while providers of corporate planning and analytics software are rounding out their offerings with solutions and functions for corporate consolidation.
The current high demand for professional software solutions on the user side is reflected in the area of market execution (y-axis). Numerous providers achieved strong gains in new customer numbers as well as significant revenue growth in 2022.
About BARC Score Financial Performance Management
This BARC Score examines the market for FPM products and portfolios. Based on countless data points from various BARC surveys and many analyst interactions, vendors are evaluated on a variety of criteria, from product functionality, architecture and ease of use to financial metrics, sales and marketing strategy and user feedback.
The study focuses on the market-leading vendors with broad product portfolios. Therefore, in addition to functional scope and software sales, criteria such as geographical distribution and reach must also be met. BARC Score Financial Performance Management is published in two editions: the global edition and an edition that specifically examines the market in the DACH region (Germany, Austria and Switzerland). Click here for more information.
BARC is one of Europe’s leading analyst firms for business software, focusing on the areas of data, business intelligence (BI) and analytics. The company was founded in 1999 as a spin-off of the chair of Business Administration and Information Systems at the University of Würzburg, Germany. Today, BARC combines empirical and theoretical research, technical expertise and practical experience, and a constant exchange with all market participants to provide market-leading research publications, events and advisory.
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