Award Management Software Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[216+ Pages Report] According to Facts and Factors, the global award management software market size was worth USD 572.70 million in 2021 and is estimated to grow to USD 934.34 million by 2028, with a compound annual growth rate (CAGR) of approximately 8.50% over the forecast period. The report analyzes the award management software market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the award management software market.

Market Overview

Companies essentially utilize award management software to efficiently manage the whole awards process, including the compilation, selection, and evaluation of applications, decisions, and submissions. The program compiles and includes each step of the award process. The platform intends to decrease the uncertainty of the present award schemes by combining various options. Since businesses increasingly need to streamline the award process and accelerate the review of award applications, the need for award management software has significantly increased globally. In the forecast period, the market is projected to expand due to growing concerns about efficient administration and more awareness of the benefits of award management software. The government's growing demand for grant management solutions is a key factor in the global award management software market.

COVID-19 Impact:

The COVID-19 outbreak had a marginally negative influence on the market for award administration software. The coronavirus pandemic outbreak and the restrictions imposed in various parts of the world as part of the efforts to curb its spread have had a negligible effect on the award management software market. The financial hardship caused by the pandemic forced businesses in various industries and industrial verticals to postpone new automation investments.

Key Insights

• As per the analysis shared by our research analyst, the global award management software market value is expected to grow at a CAGR of 8.50% over the forecast period.
• In terms of revenue, the global award management software market size was valued at around USD 572.70 million in 2021 and is projected to reach USD 934.34 million by 2028.
• The government's growing demand for grant management solutions is a key factor in the global award management software market.
• By deployment type, the cloud category dominated the market in 2021.
• By end user, the corporation category dominated the market in 2021.
• North America dominated the global award management software market in 2021.

Growth Drivers

• Increased requirement for award management software drives the market growth

The need for firms to review award applications more quickly to improve the entire award process may be related to the global award management software market's growth. Additionally encouraging for the market's growth throughout the projection year is the strong focus on providing incentives, scholarships, assistance, and recognition by enterprises and educational institutions, along with the rise in the necessity for high-level monetary administration solutions. One of the key drivers of the global market is the government's expanding need for grant management solutions. Future growth in the global award management software market is also projected to be fueled by the growing need to coordinate award operations with organizational objectives. Additionally, the rising urbanization and disposable income support market expansion.

Restraints

• Prohibitions imposed by the government may hinder the market growth

Government restrictions in different economies prevent selling award management software, which limits the market. Moreover, the strict management procedures for the BFSI enterprise are acting as a market restraint, which is anticipated to impede market expansion.

Opportunities

• Support with the legacy accounting and advancements in technology presents market opportunities

The legacy accounting and economic management solutions combined with outstanding technologies and support are predicted to create profitable market prospects, which will accelerate the growth rate of the global award management software market in the coming years. Additionally, the industry will see a lot of potential for growth thanks to technical developments in mobile and application development.

Award management software Market: Segmentation

The global award management software market has been segmented into components, functions, platform, deployment types, organization size, end-user, and region.

Based on components, the award management software market is segregated into components (services and solutions), implementation & integration, consulting & training, and support & maintenance. In 2021, the component segment dominated the global market. The need for award management software is anticipated to increase due to firms' rising emphasis on automating and improving their award procedures. The award administration software gives professionals in the field of award management excellent tools for communicating with reviewers, applicants, sponsors, and prize organizers.

Based on the functions, the award management software market is segregated into entry management, judging management, reporting & analytics, application tracking, and others (social media management and voting management). In 2021, the judging management category dominated the global market.

Based on the platform, the award management software market is segregated into the web, mobile, iOS, Android, and Windows. In 2021, the web segment dominated the global market. It is an information system that enables online access to documents and other web resources.

Based on deployment types, the award management software market is segregated into on-premises and cloud. In 2021, the cloud segment dominated the global market. Organizations can save money using the cloud-based award administration solution and services instead of paying for software, storage, and technical staff. The cloud-based award management software enables firms to streamline the award-making process by providing a centralized method of integrating the system and its components with web and mobile apps.

Based on organization size, the award management software market is segregated into small & medium-sized enterprises (SMEs) and large enterprises. In 2021, the large enterprise segment dominated the global market due to developing technologies' accessibility and acceptability. Additionally, major businesses produce enormous amounts of data daily, which must be reduced to only the information necessary for a legal case—a labor-intensive process if done manually—leading to the expanding use of award management software in this market.

Based on end users, the award management software market is segmented into government, educational institutes, corporations, industry associations, philanthropic organizations, and others (political organizations and environmental entities). In 2021, the corporation segment dominated the global market. Corporate entities can benefit from award management solutions by creating imaginative competitions for hiring and other campaigns to inspire staff. Businesses implement award management solutions to ensure a quick and fair award process.

Report Scope

Regional Landscape

• North America dominated the award management software market in 2021

In 2021, North America dominated the global award management software market. The rapid acceptance of new technologies and the adoption of emerging technology in the United States and Canada is why the region will likely dominate. In contrast to other regions, North America prioritize awards & projects and adhere to established standards, making it an early adopter of award management solutions. Due to the massive volume of data produced in North American enterprises, award management solutions are becoming increasingly popular to maintain and manage this data for on-demand availability. Reviewing award applications, managing the award lifecycle, and connecting with high-potential prospects are all things that award management software is intended to do. Major players' presence in the area also contributes to the demand for and understanding of the advantages of using an award management solution, thereby driving regional market growth.

Competitive Landscape

• Blackbaud 
• WizeHive 
• Submittable 
• AcclaimWorks 
• Judgify 
• Untap Compete 
• Evalato 
• Award Force 
• SmarterSelect 
• Reviewr 
• Eventsforce 
• Currinda 
• AwardStage 
• OpenWater 
• omniCONTESTS 
• eAwards 
• alpha awards 
• Omnipress 
• Submit.com 
• RhythmQ.

Global Award Management Software Market is segmented as follows:

By Components

• Component (Services and Solutions)
• Implementation and Integration
• Consulting and Training
• Support and Maintenance

By Functions

• Entry Management
• Judging Management
• Reporting and Analytics
• Application Tracking
• Others (social media management and voting management)

By Platform

• Web
• Mobile
• iOS
• Android
• Windows

By Deployment Types

• On-premises
• Cloud

By Organization Size

• Small and Medium-sized Enterprises (SMEs)
• Large enterprises

By End Users

• Government
• Educational Institutes
• Corporations
• Industry Associations
• Philanthropic Organizations
• Others (Political Organizations and Environmental Entities)

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America