SAN MATEO, Calif., April 28, 2014 /PRNewswire/ -- NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced that it is the fastest growing financial management system (FMS) vendor on a global basis in 2013, according to calculations performed by NetSuite with data from the Gartner report, "Market Share: All Software Markets, Worldwide, 2013," published on March 28, 2014. According to the report data calculations, NetSuite is the fastest growing FMS within the top 10 by market share and the only pure cloud software provider among the top 20 FMS vendors on a global basis.
NetSuite demonstrated significant market share gains on many metrics, according to Gartner's latest market share research on Financial Management Systems in 2013. They include:
On a global basis - NetSuite's market share growth rate of 41.6 percent was nearly four times the rates of its closest competitor within the top 10 by market share.
In the mature APAC region, defined as Australia, New Zealand, Japan and Singapore, NetSuite was named the fastest-growing FMS vendor within the top 10 and the only pure cloud-based FMS in the top 20.
NetSuite was the fastest growing and only pure cloud FMS vendor in the top 20 in EMEA.
In North America, NetSuite was the fastest growing FMS vendor, the seventh ranked FMS vendor and the only pure cloud vendor in the top 10.
"We believe this research is clear and concrete evidence of NetSuite's accelerating global growth and the worldwide demand for cloud ERP," said NetSuite CEO Zach Nelson. "Our continued momentum in North America, EMEA and APAC is helping to demonstrate the transformative power of the cloud for businesses everywhere."
Gartner is expecting growth of 7 percent overall for the financial management systems market in 2014 globally, including on-premise and cloud-based solutions. For cloud-based FMS only, Gartner forecasts total software revenues to grow close to 30 percent in 2014 (Source: Gartner, "Forecast: Enterprise Software Markets, Worldwide, 2011-2018, 1Q14 Update," March 14, 2014).
Today, more than 20,000 companies, organizations 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 enterprise-class cloud ERP suites for divisions of large enterprises and mid-sized organizations seeking to upgrade their antiquated client/server ERP systems. NetSuite continues its success in delivering the best cloud ERP/financial suites to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud accelerates.
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.