The new report by Expert Market Research titled, ‘Global Award Management Software Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global award management software market, assessing the market based on its segments such as types, deployment types, functions, end-users, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 6%
The global market is expected to be driven by organisations that need to manage their award processes effectively. The global market’s growth can be attributed to the growing demand among enterprises to accelerate the award application review to improve the overall award process.
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The ability of award management software to screen a large number of entries according to the requirements is predicted to increase the adoption of award management software. Over the forecast period, the high emphasis that firms and educational institutes are placing on giving incentives, scholarships, aids, and recognitions is expected to boost the market growth. Award management software is being used by educational institutions to limit the number of candidates and keep the award procedure within the budget. Organisations are required to choose award management software because of features such as simple access to information on employees’ and students’ potential, achievements, and experience.
Award Management Software Industry Definition and Major Segments
Companies use award management software to manage award processes, such as submission, collection, nomination, judging, and awarding. Every phase of the awards process is managed by award management solutions, which are used by all types of businesses. Data relevant to award processes is consolidated by award management software. Grant management is a common element in award management software. This category of software also includes data integration functions and is frequently used in conjunction with non-profit software.
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By type, the market is classified into:
- Services
- Solution
Based on deployment type, the market is segmented into:
- On-premises
- Cloud
By function, the market is divided into:
- Judging Management
- Entry Management
- Application Tracking
- Reporting And Analytics
- Others
The end-users of the market are:
- Government
- Corporations
- Educational Institutions
- Industry Associations
- Non-Profit Organisations
- Others
On the basis of region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Award Management Software Market Trends
The growing adoption of award management solutions by corporations and government organisations is anticipated to contribute to the market’s growth. The growing number of small and medium companies, particularly in emerging nations, bodes well for the market’s growth, as small and medium enterprises are more likely to adopt software-based automation solutions.
As a result, as businesses in emerging markets become more aware of the benefits of award management software, the market is projected to see new growth prospects. The growing focus of organisations on automating their award management processes and further enhancing those is driving the growth of the market. The market’s growth is expected to be aided by the efficient tools award management software provides for professionals to efficiently communicate with reviewers, applicants, sponsors, and award organisers.
Key Market Players
The major players in the market are Eventsforce Solutions Ltd, Submit.com, GlobalSign.in Pte Ltd, Blackbaud, Inc., and Submittable Holdings, Inc., among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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