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Growing demand to automate the award process and need to get real-time updates of award applications to drive the overall growth of the award management software market
The global award management software market size is expected to grow from USD 559 million in 2020 to USD 856 million by 2025, at a Compound Annual Growth Rate (CAGR) of 8.9% during the forecast period. The award management software market is driven by various factors, such as reducing administrative time and costs, automating report creations to keep a track on award processes. However, the unification of award management solution with the existing communication system can hinder the growth of the market.
By award management software function, the application tracking segment to grow at the highest CAGR during the forecast period
Application tracking helps organizations to keep a track of award entries, evaluation of applications, and deciding the winner. The application tracking application includes creating and maintaining award documentation, formulating budgets, and ensuring that the funds are utilized in adherence with the required compliance. Varied end users around the globe are formulating award management strategies that will help them to manage the entire lifecycle of awards.
Web platform segment to hold a higher market share during the forecast period
The award management software can be used to develop web-based applications and mobile applications. Web-based applications have several benefits, such as they run on web browsers, and there is no need to create multiple applications for various platforms. Moreover, web-based applications can be used on any browser, regardless of the Operating System (OS) on which the browser is running.
Asia Pacific to record the highest growth rate during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period, due to the increasing demand for award management software and services. Award management software enable an organization to fine-tune the award process so that it can align perfectly with the journey of prospects. The APAC region is expected to experience extensive growth opportunities during the forecast period. China, Japan, Australia, and Singapore have emerged as undisputed leaders in the award management software market. Meanwhile, North America is projected to hold the largest market size during the forecast period.
In-depth interviews were conducted with Chief Executive Officers (CEOs), directors, other innovation and technology directors, and executives from various key organizations operating in the award management software market.
- By company type: Tier 1 – 15%, Tier 2 – 42%, and Tier 3 – 43%
- By designation: C-level – 62%, Director-level – 20%, and Others – 18%
- By region: North America – 40%, Europe – 30%, APAC – 20%, MEA– 5% and Latin America- 5%
Major vendors offering award management software and services across the globe include
Blackbaud (US), WizeHive (US), Submittable (US), Evalato (Spain), Award Force (Australia), SmarterSelect (US), Reviewr (US), Eventsforce (UK), Currinda (Australia), AwardStage (UK), AcclaimWorks (England), Judgify (Singapore), Untap Compete (Egypt), OpenWater (US), omniCONTESTS (US), eAwards (Philippines), alpha awards (Austria), Omnipress (US), Submit.com (Ireland) and RhythmQ (Canada).
The study includes an in-depth competitive analysis of these key players in the award management software market, with their company profiles, recent developments, and key market strategies.
The market study covers the award management software market size across segments. It aims at estimating the market size and the growth potential of this market across different segments, such as component (solution and services), function, deployment type, organization size, end user, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall award management software market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.