Award Management Software Industry Overview
The global award management software market size was valued at USD 552.1 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.2% from 2021 to 2028.
The growth of the market can be attributed to the growing need among enterprises to accelerate the award application review as part of the process to improve the overall award process. The capabilities offered by award management software to screen a large number of entries according to the requirement are expected to drive the adoption of award management software. The strong emphasis corporations and educational institutes are putting on providing incentives, scholarships, aids, and recognitions also bode well for the growth of the market over the forecast period.
Gather more insights about the market drivers, restrains and growth of the Global Award Management Software Market
The outbreak of the COVID-19 pandemic and the restrictions imposed in different parts of the globe as part of the efforts to arrest the spread of coronavirus have had a moderate impact on the award management software market. The financial stress stemming from the pandemic compelled organizations across several industries and industry verticals to put new automation initiatives on the back burner. Moreover, several market players witnessed a significant decline in their revenues in 2020, as most of the operations were put on hold and the need for award management software also plummeted. However, the award management market is poised for recovery from 2021.
The strong emphasis organizations are putting on efficient management of the award process is expected to drive the growth of the market over the forecast period. The growing adoption of award management solutions by both corporations and government organizations is anticipated to contribute to the growth of the market. The increasing number of small and medium enterprises, especially in developing countries, particularly bodes well for the growth of the market as small and medium enterprises are more inclined toward adopting software-based automation solutions. Subsequently, the rising awareness about the benefits offered by award management software among enterprises in emerging economies is expected to create new growth opportunities for the market.
Enterprises, especially those awarding their employees regularly, may have to employ a dedicated workforce to manage the award process. Opting for award management software can help such enterprises in saving the time and money incurred on the award process. Besides, the transparency provided by award management software can also help in building trust between applicants and the organization. Enterprises can also leverage award management software to align the award process with the organizational aims.
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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:
Award Management Software Component Outlook (Revenue, USD Million, 2018 - 2028)
- Solution
- Service
Award Management Software Deployment Outlook (Revenue, USD Million, 2018 - 2028)
- On-Premise
- Cloud
Award Management Software Organization Outlook (Revenue, USD Million, 2018 - 2028)
- Small and Medium Enterprise
- Large Enterprise
Award Management Software End-user Outlook (Revenue, USD Million, 2018 - 2028)
- Government
- Educational Institute
- Corporation
- Industry Association
- Philanthropic Organization
- Others
Award Management Software Regional Outlook (Revenue, USD Million, 2018 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global award management software market include
- AcclaimWorks
- Alpha Awards
- Award Force
- AwardStage
- Blackbaud
- Currinda
- Evalato
- Impexium Inc.
- Judgify
- Reviewr
- RhythmQ
- Submit.com
- Submittable
- WIZEHIVE
- Zealous Solutions Ltd.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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