Global Award Management Software Market Share is Likely to Grow at a CAGR Value of 8.50% By 2028

06-Sep-2022 | Facts and Factors

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.

Businesses primarily use award management software to effectively manage the whole awards process, including the compilation, selection, and evaluation of applications and choices and submissions. Every stage of the award procedure is compiled and included in the program. By fusing several choices, the platform hopes to lessen the unpredictability of the current award schemes. Globally, there has been a considerable rise in the demand for award management software. This trend is anticipated to continue during the forecast period as organizations increasingly need to streamline the award process and speed up the evaluation of award applications. The market is anticipated to rise in the next years due to concerns about effective administration and more knowledge of the advantages of award management software.

Browse the full “Award Management Software Market Size, Share, Growth Analysis Report By Components (Component (Services and Solutions), Implementation & Integration, Consulting & Training, Support & Maintenance), By Functions (Entry Management, Judging Management, Reporting & Analytics, Application Tracking, Others (Social Media Management and Voting Management)), By Platform (Web, Mobile, iOS, Android, Windows), By Pricing Model (Free, Subscription), By Deployment Types (On-Premises, Cloud), By Organization Size (Small & Medium-sized Enterprises (SMEs), Large Enterprises), By End Users (Government, Educational Institutes, Corporations, Industry Associations, Philanthropic Organizations, Others (Political Organizations and Environmental Entities)), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/award-management-software-market

The government's expanding need for grant management solutions is one major element driving the global award management software market. Grant cycle navigation is made simple by grant management software, which supports institutions looking for funding, such as universities. These options save time for the employees while assisting the business in growing. The growing requirement to align award operations with organizational goals is also anticipated to fuel the global market for award management software. Additionally, these solutions foster support from the service provider, enabling institutions to avoid hiring a sizable team with IT experience, saving time and money, especially if award distribution is a routine activity for the company. These platforms offer total openness regarding the outcomes, which helps to preserve consistency and confidence between the candidates and the application process. These elements are expected to fuel the global market's development of award management software. Several obstacles and limits will constrain the overall market growth. The absence of a global standard operating procedure, the integration of federal, state, and local grant systems, and the incorporation of grant management tools with current communication systems are some of the factors that could impede the overall growth of the global award management software market.

The global award management software market has been segmented into components, functions, platforms, deployment types, organization size, end users, and region. Based on components, the award management software market is segregated into components, implementation & integration, consulting & training, and support & maintenance. In 2021, the component segment dominated the global award management software market. Based on the functions, the 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 market is segregated into the web, mobile, iOS, Android, and Windows. In 2021, the web segment dominated the global award management software market. Based on deployment types, the market is segregated into on-premises and cloud. In 2021, the cloud segment dominated the global market. Based on organization size, the market is segregated into small & medium-sized enterprises (SMEs) and large enterprises. In 2021, the large enterprise segment dominated the global market. Based on end users, the market is segmented into government, educational institutes, corporations, industry associations, philanthropic organizations, and others (political organizations and environmental entities). In 2021, the corporation's segment dominated the global award management software market.

The global award management software market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. North America dominated the market for award management software in 2021. The region is expected to dominate due to the region's quick adoption of new technologies and the adoption of developing technologies from the United States and Canada. North America is an early user of award management solutions as it prioritizes awards & projects and abides by established norms in contrast to other regions. Award management systems are gaining popularity as a way to retain and manage this data for on-demand availability due to the enormous amount of data produced in North American organizations. Award management software has three main purposes: to review award applications, manage the award lifecycle, and engage with high-potential prospects.

Report Scope

Key global award management software market players include Blackbaud, WizeHive, Submittable, AcclaimWorks, Judgify, Untap Compete, Evalato, Award Force,  SmarterSelect, Reviewr, Eventsforce, Currinda, AwardStage, OpenWater, omniCONTESTS, eAwards, alpha awards, Omnipress,  Submit.com, and RhythmQ.

Recent Developments:

• May 2020: The inclusion of new capabilities to Award Force's judge management function was revealed. The columns, the updated score sets function, the hidden tab setting, and other aesthetic additions can all be changed, added, or removed.

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 Region

• 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

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