Global Award Management Software Market – Industry Trends and Forecast to 2029

Global Award Management Software Market, By Deployment (On-Premises, Cloud-Based), Component (Solution, Service), Organizational Size (Small and Medium Enterprises, Large Enterprises), Functions (Entry Management, Judging Management, Reporting and Analytics, Application Tracking, Others), Platform (Web, Mobile, IOS, Android, Windows), End-User (Private and Family Foundations, Community Foundations and Fundraising Organizations, Corporate Foundations, Associations, Education Institutions, Government Institutions, Non-Profits and Charities, Others) – Industry Trends and Forecast to 2029

Market Analysis and Size

The award management software has shown a considerable increase in demand across the globe and is predicted to continue to do so over the forecast period since businesses increasingly need to streamline the award process and expedite the examination of award applications. The market is anticipated to grow in the next years, helped by rising concerns about effective administration and more knowledge of the advantages of award management software.

Global award management software market was valued at USD 600.13 million in 2021 and is expected to reach USD 1169.72 million by 2029, registering a CAGR of 8.70% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Report Scope and Market Segmentation

Market Definition

Award management software is basically used by the companies to effectively manage the entire awards process, including application selection, compiling, and evaluation, as well as judgements and submissions. Every element of the award procedure is gathered and included by the software. By incorporating numerous possibilities, the platform aims to lessen the ambiguity of the current award schemes.

Award Management Software Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Increased Requirement of Award Management Software

The demand among businesses to expedite the examination of award applications to enhance the overall award process can be related to the market's expansion. Strong emphasis on offering incentives, scholarships, aids, and recognitions by businesses and educational institutions coupled with the growth in need for high-level monetary administration solutions is also encouraging for the market's expansion during the course of the projection year.

• High Demand for Grant Management Solutions

The government's growing demand for grant management solutions is one of the main factors propelling the worldwide award management software market. Grant cycle navigation and simplification are goals of grant management software, which supports institutions looking for funding, such as colleges. Such solutions save time for employees while assisting the business in reaching new heights. The expanding necessity to align award operations with organizational goals is also anticipated to drive the future global award management software market.

Furthermore, the increase in disposable income along with the rapid urbanization further fuels market growth. The ability of award administration software to screen numerous entries in accordance with the requirements is what is anticipated to propel its uptake. The growing necessity to match award operations with the goals of organizations also cushions the market’s growth within the forecasted period.

Opportunities

• Support With The Legacy Accounting And Advancements In Technology

The combination of excellent technologies and support with the legacy accounting and economic management solutions is estimated to generate lucrative opportunities for the market, which will further expand the award management software market's growth rate in the future. Additionally, the technological advancements in the application as well as in mobile technology will also offer numerous growth opportunities within the market.

Restraints/Challenges

• Rough Administration

The rigorous administration arrangements for the BFSI enterprise is serving as a market restraint, which is expected to obstruct market growth.

• Prohibition by Government

Also, the sale of award management software is prohibited by government control across various economies, which restricts the market.

Furthermore, the burning of wood for Award management software manufacture has an impact on timber output, which is projected to be a challenge for the award management software market over the forecast period.

This award management software market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the award management software market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Award Management Software Market

The award management software market was moderately impacted by the outbreak of COVID-19. The pandemic outbreak and the limitations put in place in various regions of the world as part of the initiatives to stop the spread of coronavirus have had a modest impact on the award management software market. Organizations in various industries and industrial verticals were forced to shelve new automation initiatives because of the financial strain brought on by the epidemic. Additionally, a number of industry participants saw a sharp drop in their revenues in 2020 since most operations were suspended and demand for award management software fell. But starting in 2021, the award management market is expected to rebound.

Recent Developments

• In May 2020, the addition of new functionality to Award Force's judge management feature will take effect. The new score settings functionality, a hidden tab setting, and several other graphic improvements are all available, along with the ability to add, remove, or rearrange columns.

Global Award Management Software Market Scope

The award management software market is segmented on the basis of deployment, component, organizational size, functions, platform and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Deployment

• On-Premises
• Cloud-Based

Component

• Solution
• Service

Organizational Size

• Small and Medium Enterprises
• Large Enterprises

 Functions

• Entry Management
• Judging Management
• Reporting and Analytics
• Application Tracking
• Others

Platform

• Web
• Mobile
• IOS
• Android
• Windows

 End-User

• Private and Family Foundations
• Community Foundations and Fundraising Organizations
• Corporate Foundations
• Associations
• Education Institutions
• Government Institutions
• Non-Profits and Charities
• Others

Award Management Software Market Regional Analysis/Insights

The award management software market is analyzed and market size insights and trends are provided by country, deployment, component, organizational size, functions, platform and end-user as referenced above.

The countries covered in the award management software market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the award management software market during the forecast period of 2022 to 2029. The region is estimated to dominate because of the rapid adoption of new technologies coupled with the adoption of emerging technology in the U.S. and Canada within the region.

Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the growing adoption of award management solutions to maintain and manage such data for on-demand availability within the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Award Management Software Market Share Analysis

The award management software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to award management software market.

Some of the major players operating in the award management software market are

• Blackbaud, Inc.  (U.S.)
• WizeHive (U.S.)
• Submittable (U.S.)
• Evalato (Spain)
• Creative Force Ltd (Australia)
• SmarterSelect (U.S.)
• Reviewr (U.S.)
• Eventsforce (U.K.)
• Currinda (Australia)
• AwardStage (U.K.)
• AcclaimWorks (England)
• Judgify (Singapore)
• Untap Technologies (Egypt)
• OpenWater (U.S.)
• omniCONTESTS (U.S.)
• eAwards (Philippines)
• alpha awards (Austria)
• Omnipress (U.S.)
• Submit (Ireland)
• RhythmQ Inc.,(Canada)