Award Management Software Market To Hit Value .1 Billion By 2028 |Grand View Research, Inc.

Posted by Mrudula Anil Karmarkar on August 11th, 2023

San Francisco, 11 August 2023: The ReportAward Management Software Market Size, Share & Trends Analysis Report By Component (Solution, Service), By Deployment (On-premise, Cloud), By Organization, By End User, By Region, And Segment Forecasts, 2021 - 2028

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 allows enterprises to manage and streamline various aspects of the award process. Enterprises typically utilize the software to create award programs, invite applications, review and evaluate entries, and compile and record the entire award management process to maintain transparency. Enterprises can use award management software to screen employees for different types of awards, such as institutional awards and fellowships. The software also includes a voting process, and a communication channel for applicants, among other features.

Large enterprises are particularly expected to opt for award management software owing to a large number of employees they have to screen as part of the award process. The adoption of cloud-based software is expected to gain traction as cloud-based software can potentially reduce implementation costs while facilitating adequate storage space and real-time access to data. The integration of machine learning and artificial intelligence capabilities with award management software is expected to create new growth opportunities for the growth of the market over the forecast period.

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.

Request sample report of Award Management Software Market@https://www.grandviewresearch.com/industry-analysis/award-management-software-market-report/request/rs1

Award Management Software Market Report Highlights

• The software segment dominated the market in 2020 with a revenue share of more than 60%. The strong emphasis organizations are putting on automating their award processes is expected to drive the growth of the market over the forecast period
• The cloud segment is expected to grow over the forecast period owing to various benefits, such as scalability, agility, reduction in costs, enhanced collaboration, and convenience in accessing the data stored over the cloud
• The large enterprise segment dominated the award management software market in 2020. The need for affordability, efficient management of the award process, and real-time updates is expected to prompt large enterprises to opt for award management software
• Asia Pacific is expected to expand at the highest CAGR from 2021 to 2028. The growing awareness about award management software and the need for efficient management of the award process owing to the increase in the number of participants is expected to drive the adoption of award management software in the region

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.

Award Management Software Market Report Scope

List of Key Players in the Award Management Software Market

• AcclaimWorks
• Alpha Awards
• Award Force
• AwardStage
• Blackbaud
• Currinda
• Evalato
• Impexium Inc.
• Judgify
• omniCONTESTS