SAN MATEO, Calif., April 28, 2016 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that, for the third year in a row, it is the fastest growing financial management system (FMS) vendor among the top 10 FMS vendors on a global basis, according to calculations performed by NetSuite with data from the Gartner report, "Market Share: All Software Markets, Worldwide, 2015," published on March 31, 2016. According to calculations based on the report's data, NetSuite was the fastest growing FMS within the top 10, globally, both by market share and revenue growth in 2015. NetSuite is also the only pure cloud software provider among the top 15 FMS vendors on a global basis.
NetSuite demonstrated significant gains on many metrics, according to Gartner's latest market share research on Financial Management Systems in 2015. They include:
- On a global basis—NetSuite's FMS market share growth rate of 45 percent is more than three times the rate of its closest competitor within the top 10 by market share.
- NetSuite is the only pure cloud software provider among the top 15 FMS vendors.
- NetSuite jumped to sixth from eighth in overall FMS market share percentage.
- NetSuite's FMS revenue growth on a global basis of 40.3 percent was nearly four times the growth of its closest competitor within the top 10.
- NetSuite's total revenue gain significantly outpaced its competitors, with more than double the revenue of the next highest gainer.
- NetSuite significantly outgrew the market for FMS software as a whole, which Gartner estimates declined at a rate of 3.3 percent year over year.
"We believe these results demonstrate NetSuite's unstoppable momentum and consistent high growth as we continue to outpace our competitors," said NetSuite CEO Zach Nelson. "For the third year in a row, we feel we've proven that cloud FMS is now and the future."
Gartner estimates that the overall global market for enterprise software, including on-premise and cloud-based solutions, grew 2.6 percent in 2015. (Source: Gartner, "Market Share: All Software Markets, Worldwide, 2015," March 31, 2016).
Today, more than 30,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of cloud-based financials/enterprise resource planning (ERP) and omnichannel commerce software applications for businesses of all sizes from Start-Up to Enterprise. NetSuite continues its success in delivering leading cloud ERP/financials suites to businesses of all sizes around the world, enabling them to lower IT costs significantly while increasing productivity and supporting rapid growth and internationalization as the global adoption of the cloud is accelerating.
For more information about NetSuite, please visit www.netsuite.com.
NOTE: NetSuite and the NetSuite logo are service marks of NetSuite Inc. Third-party trademarks mentioned are the property of their respective owners.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements relating to expectations, plans, and prospects including expectations relating to the future growth of the financial management systems market. These forward-looking statements are based upon the current expectations and beliefs of NetSuite's management as of the date of this release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements including, without limitation, the risk of continued adverse and unpredictable macro-economic conditions. All forward-looking statements in this press release are based on information available to the Company as of the date hereof, and NetSuite disclaims any obligation to update these forward-looking statements.
SOURCE NetSuite Inc.