DUBLIN, January 18, 2022--(BUSINESS WIRE)--The "Award Management Software Market By Component, By Deployment Mode, By Organization Size, By End-User, And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 - 2026" report has been added to ResearchAndMarkets.com's offering.
According to the report, the global award management software market is predicted to be valued at approximately USD 546 Million in 2020 and is expected to reach a value of around USD 902.1 Million by 2026, at a CAGR of around 8.2% between 2021 and 2026.
Awards management software is utilized by firms in order to effectively handle the complete awards procedure comprising of submission, collection, and proposal commencing from the decision and presenting. The product collates and integrates all the information apt to the awards procedure. Businesses and educational institutions like schools also make use of awards management software for accepting award applications, examining the applications, checking the submissions, and announcing the results to the industry participants via a sole platform. The software helps in simplifying the complications related to running an awards program and helps in stitching together a myriad of solutions.
Furthermore, end-users can communicate with candidates, vote on suggestions, and produce reports on the awards procedure. Awards management solutions also include grant management characteristics.
Escalating government demand for grant management services to drive market trends
Rise in the demand for grant tracking & management software due to its favorable features like security and user-friendliness will culminate in the market progression during the forecast period. Moreover, the government institutes are seeking better efficiency, huge returns, and the need for authentic data as to what one can achieve through investing in the public sector. This is likely to generate more demand for award management software over the forecast timeline.
Furthermore, the growing necessity of aligning the goals of the firm with award activities will enlarge the market scope over the forecast period. Nevertheless, a low level of awareness among the potential users will obstruct the growth of the market during the forecast timeline.
A cloud-based segment to record highest CAGR over the forecast period
The cloud-based segment is set to expand at the highest growth rate of nearly over 9% during the forecast timeline. The growth of the segment over the period from 2019 to 2027 is owing to myriad benefits like high computing speed, cost-efficacy, scalability, and reduced spending on information technology infrastructure facilities.
Large enterprises to dominate the organizational size segment by 2027
The expansion of the large enterprise segment is owing to a high preference for the award management software by myriad organizations for effectively handling the awards process including submission, collection, and nomination. In addition to this, events organized by large & giant firms are comparatively bigger and more regular in comparison to the small & medium-sized firms. This, in turn, will further steer the growth of the segment during the period from 2019 to 2027.
North America to make major contributions towards the overall market revenue by 2027
The growth of the regional market during the forecast timeline is due to the huge presence of small & medium-sized firms in the region along with the acceptance of new technologies in countries like the U.S. and Canada. Apart from this, the rise in the customer base for social media networking sites will further steer the regional market expansion during the forecast timeline.
Key Topics Covered:
Chapter 1 Executive Summary
Chapter 2 Award Management Software Market - Component Analysis
Chapter 3 Award Management Software Market - Deployment Mode Analysis
Chapter 4 Award Management Software Market - Organization Size Analysis
Chapter 5 Award Management Software Market - End-User Analysis
Chapter 6 Award Management Software Market - Regional Analysis
Chapter 7 Award Management Software Market - Competitive Landscape
Chapter 8 Company Profiles
Chapter 9 Award Management Software - Industry Analysis
Chapter 10 Industrial Chain, Sourcing Strategy, and Downstream Buyers
Chapter 11 Marketing Strategy Analysis
Chapter 12 Report Conclusion & Key Insights
Chapter 13 Research Approach & Methodology
For more information about this report visit https://www.researchandmarkets.com/r/pye71g.
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Laura Wood, Senior Press Manager
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