Award Management Software Market Is Flourishing With Healthy CAGR By 2028

Award Management Software Industry Overview

The global award management software market size is anticipated to reach USD 1.1 billion by 2028, expanding at a CAGR of 8.2% from 2021 to 2028, according to a new study conducted by Grand View Research, Inc. The rising need among enterprises to improve the overall award process by accelerating award application review is expected to drive the growth of the market. The capabilities of award management software to automate report creation to keep the record of the award process, screen large volumes of entries, reduce the time to scrutinize, and subsequently, reduce administrative costs are expected to drive the adoption of award management software over the forecast period.

 

Award Management Software Market Segmentation

Grand View Research has segmented the global award management software market based on component, deployment, organization, end-user, and region:

Based on the Component Insights, the market is segmented into Solution and Service

  • The solution segment dominated the market in 2020 and accounted for a revenue share of over 60%. The growing focus of organizations on automating their award management processes and further enhancing those is driving the growth of the segment.
  • The service segment is anticipated to expand at the second-highest CAGR over the forecast period. Award management services comprise implementation and integration, training and education, and support and maintenance.

 

Based on the Deployment Insights, the market is segmented into On-Premise and Cloud

  • The cloud segment dominated the market in 2020 with a revenue share of 50.8%. Opting for cloud-based award management software provides a unified way to integrate the systems and components with both mobile apps and web applications. Cloud-based installation can help organizations in fast-tracking the award processes. Adopting cloud-based software can also help in saving on the costs related to storage and deploying dedicated technical staff.
  • The cloud segment is also expected to register the highest CAGR over the forecast period. Organizations are aggressively switching to cloud-based solutions to exploit various benefits, such as enhanced collaboration, flexibility, scalability, and cost-effectiveness, associated with cloud-based software.

 

Based on the Organization Insights, the market is segmented into Small and Medium Enterprise and Large Enterprise

  • The large enterprise segment dominated the market in 2020 with a revenue share of around 60%. Large enterprises have to maintain and process large volumes of data as part of their award process. Hence, large enterprises always prefer adopting emerging technologies that can potentially help in narrowing down the large volumes of information to the relevant data required for implementing the overall award process efficiently.
  • The large enterprise segment is also estimated to expand at the highest CAGR from 2021 to 2028. The growth of the segment can be attributed to the large number of applications large enterprises have to scrutinize to make effective decisions on providing awards.

 

Based on the End-user Insights, the market is segmented into Government, Educational Institute, Corporation, Industry Association, Philanthropic Organization, and Others

  • The corporation segment dominated the market in 2020 with a revenue share of around 24%. The current competitive market is prompting both large and small enterprises to award deserving employees as part of the efforts to attract new talent while encouraging and retaining the incumbent talented professionals.
  • The educational institute segment is expected to expand at the highest CAGR over the forecast period. Colleges and universities often have to manage the list of programs over multiple systems and software. Educational institutes are using award management software to cap the number of applicants and manage the award process within the allocated budget.

 

Award Management Software Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

Key Companies Profile & Market Share Insights

The market can be described as a highly fragmented market characterized by the presence of both established and local market players. The growth of the market players depends on several factors, such as industry development, government support, and market conditions.

Some of the prominent players operating in the global award management software market are:

  • AcclaimWorks
  • Alpha Awards
  • Award Force
  • AwardStage
  • Blackbaud
  • Currinda
  • Evalato
  • Impexium Inc.
  • Judgify
  • Reviewr
  • RhythmQ
  • com
  • Submittable
  • WIZEHIVE
  • Zealous Solutions Ltd.

 

Order a free sample PDF of the Award Management Software Market Intelligence Study, published by Grand View Research.

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