The global Award Management Software market size is expected to be worth around US$ 5.1 billion by 2030, according to a new report by Vision Research Reports.
The global Award Management Software market size was valued at US$ 652.1 million in 2020 and is anticipated to grow at a CAGR of 9.2% during forecast period 2021 to 2030.
|Market Size||US$ 5.1 billion by 2030|
|Growth Rate||CAGR of 9.2% From 2021 to 2030|
|Largest Market||North America|
|Forecast Period||2021 to 2030|
|Segments Covered||Component, Deployment, Organization, End-user|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||AcclaimWorks; Alpha Awards; Award Force; AwardStage; Blackbaud; Currinda; Evalato; Impexium Inc.; Judgify; Reviewr; RhythmQ; Submit.com; Submittable; WIZEHIVE; Zealous Solutions Ltd.|
The rising need among enterprises to improve the overall award process by accelerating award application review is expected to drive the growth of the market. The capabilities of award management software to automate report creation to keep the record of the award process, screen large volumes of entries, reduce the time to scrutinize, and subsequently, reduce administrative costs are expected to drive the adoption of award management software over the forecast period.
Award management software allows enterprises to manage and streamline various aspects of the award process. Enterprises typically utilize the software to create award programs, invite applications, review and evaluate entries, and compile and record the entire award management process to maintain transparency.
By Component Analysis
Based on component, the market has been further segmented into solution and service. The solution segment dominated the market in 2020 and accounted for a revenue share of over 60%.
The efficient tools award management software facilitates for professionals to effectively engage with the applicants, reviewers, sponsors, and award organizers also bode well for the growth of the segment.
The service segment is anticipated to expand at the second-highest CAGR over the forecast period. Award management services comprise implementation and integration, training and education, and support and maintenance.
By Deployment Analysis
The cloud segment dominated the market in 2020 with a revenue share of 50.8%. Opting for cloud-based award management software provides a unified way to integrate the systems and components with both mobile apps and web applications.
The cloud segment is also expected to register the highest CAGR over the forecast period. Organizations are aggressively switching to cloud-based solutions to exploit various benefits, such as enhanced collaboration, flexibility, scalability, and cost-effectiveness, associated with cloud-based software.
By Organization Analysis
Based on organization, the market has been further segmented into small and medium enterprise and large enterprise. The large enterprise segment dominated the market in 2020 with a revenue share of around 60%. Large enterprises have to maintain and process large volumes of data as part of their award process.
The large enterprise segment is also estimated to expand at the highest CAGR from 2021 to 2030. The growth of the segment can be attributed to the large number of applications large enterprises have to scrutinize to make effective decisions on providing awards.
By End-user Analysis
Based on end-user, the market has been further segmented into government, educational institutes, corporations, industry associations, philanthropic organizations, and others. The corporation segment dominated the market in 2020 with a revenue share of around 24%.
The current competitive market is prompting both large and small enterprises to award deserving employees as part of the efforts to attract new talent while encouraging and retaining the incumbent talented professionals.
The educational institute segment is expected to expand at the highest CAGR over the forecast period. Colleges and universities often have to manage the list of programs over multiple systems and software.
By Regional Analysis
North America accounted for the highest revenue share of 27.8% in 2020. Developed economies in North America, such as the U.S. and Canada, are considered early adopters of the latest technologies. North America is home to some of the major market players, which bodes well for the growth of the regional market.
Advances in technology, the growing population, and the growing concerns over efficient management of the award process among organizations in Asia Pacific countries, such as India, China, and Japan, are expected to boost the adoption of award management software in the region.
Zealous Solutions Ltd.
Small and Medium Enterprise
Middle East & Africa
The Award Management Software market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Award Management Software market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Award Management Software market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Award Management Software market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Award Management Software market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Award Management Software capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Award Management Software by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Award Management Software market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Award Management Software market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Award Management Software market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Award Management Software industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Award Management Software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Award Management Software market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Award Management Software market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Award Management Software market. These factors have benefited the growth of the global market for Award Management Software. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Award Management Software. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Award Management Software are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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