Award Management Software Market Share to Reach USD 902.1 Million by 2026

[197+ Pages Report] The latest findings and offers on the global award management software market released by Facts & Factors offer a complete market analysis. The global award management software market was valued to be around USD 546 Million in the year 2020 and will grow at an estimated CAGR rate of 8.2% to an overall value of USD 902.1 Million in the year 2026.

Overview

Award management software solutions are employed by companies and firms that need efficient handling of the full awards process that includes a wide variety of tasks such as process, selection, compilation, and review of applications, along with the judgments and submissions that are associated with the latter. The latest generation of software has the ability to gather and link all the pertaining details that are related to the awards process in order to reduce the work stress of the other system processes in order to lower ambiguity on the previous generation of software.

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Growth Factors

The primary driving factors for the global award management software market can be credited to the rising need from the entrepreneur sector to improve and create a seamless workflow for the award process in order to accelerate the acceptance rate coupled with increasing demand for grand management solutions to name a few. Additionally, increasing requirements for a wide variety of tasks arising from colleges in terms of navigating and simplifying the grant cycle coupled with the rising demand from the sector of fund-seeking organizations is expected to increase the footprint of the global award management software market during the forecast period. Time-intensive tasks are heavily simplified by the assistance of award management software which further triggers the firm to effectively manage work and meet its ongoing goals.

Integration of IT services coupled with conservation of time and money is expected to fuel the global award management software market during the forecast period. Additionally, factors pertaining to complete transparency and a constant flow of consistency during processing is expected to increase the consumer base for the global award management software market during the forecast period. However, the lack of a universal standard procedure and less potential for integration between existing systems can hamper the growth of the global award management software market during the forecast period.

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Key Segments

The global award management software market is segmented into component, deployment type, organization size, end-user, and regions.

On the basis of components, the global award management software market is divided into components, implementation & integration, consulting & training, and support & maintenance. The component segment is expected to witness the largest market share during the advent of the forecast owing to the increased focus of the organization in automation processes coupled with effective tools for various tasks such as reviewer, applicant, sponsors, and award organizers to name a few. Based on deployment mode, the global award management software market is segmented into on-premises & cloud-based. The segment pertaining to cloud deployment is expected to witness the largest market share during the advent of the forecast owing to various benefits such as scalability, flexibility in capabilities, enhanced collaborative tools, and cost-effective measures to name a few.

On the basis of organization size, the global award management software market is divided into SMEs and large enterprises. The large enterprise’s category is expected to occupy the largest market share during the advent of the forecast owing to affordable and highly accepted solutions coupled with requirements dealing with a larger flow of data when compared to its counterparts. With the help of end-user, the global award management software market is fragmented into educational institutions, industry associations, non-profit organizations, government, and corporations. From these, the government category is expected to witness the largest market share during the forecast period owing to the increasing requirement of grant management solutions to name a few.

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Global Award Management Software Market: Report Scope

North America is expected to witness the largest market share during the advent of the forecast owing to increased integration of award management software into awards, projects, and a standardized set of regulations in the region when compared to other regions to name a few. Additionally, the increased amount of data generated in the organizations residing in the regions coupled with increased adoption of award management solutions for maintaining and regulating data for on-demand availability measures is expected to increase the footprint of the award management software market during the forecast period. Moreover, factors pertaining to helping brands to reach high-potential prospects, review award applications, manage award lifestyles, and the increasing number of key market players in the region will open new revenue opportunities for the award management software market during the forecast duration.

Global Award Management Software Market: Competitive Players

The key market participants for the global award management software market are Blackbaud, WizeHive, Submittable, Evalato, Award Force, SmartSelect, Reviewr, Eventsforce, Currinda, AwardStage, AcclaimWorks, Judgify, Untap Complete, OpenWater, omniCONTESTS, eAwards, alpha awards, RhytmQ, and Omnipress, to name a few.