DUBLIN--(BUSINESS WIRE)--The "Award Management Software Market by Component, Function (Entry Management, Judging Management, Reporting and Analytics, and Application Tracking), Platform, Deployment Type, Organization Size, End User, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The total award management software market size is expected to grow from USD 5,58,950 thousand in 2020 to USD 8,55,802 thousand by 2025, at a Compound Annual Growth Rate of 8.9% during the forecast period.
The award management software market is driven by various factors, such as reducing administrative time and costs, automating report creations to keep a track on award processes. However, the unification of award management solution with the existing communication system can hinder the growth of the market.
By award management software function, the application tracking segment to grow at the highest CAGR during the forecast period.
Application tracking helps organizations to keep track of award entries, evaluation of applications, and deciding the winner. The application tracking includes creating and maintaining award documentation, formulating budgets, and ensuring that the funds are utilized in adherence with the required compliance. Varied end users around the globe are formulating award management strategies that will help them to manage the entire lifecycle of awards.
Web platform segment to hold a higher market share during the forecast period.
The award management software can be used to develop web-based applications and mobile applications. Web-based applications have several benefits, such as they run on web browsers, and there is no need to create multiple applications for various platforms. Moreover, web-based applications can be used on any browser, regardless of the Operating System (OS) on which the browser is running.
Asia Pacific to record the highest growth rate during the forecast period.
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period, due to the increasing demand for award management software and services. Award management software enables an organization to fine-tune the award process so that it can align perfectly with the journey of prospects. The APAC region is expected to experience extensive growth opportunities during the forecast period. China, Japan, Australia, and Singapore have emerged as undisputed leaders in the award management software market. Meanwhile, North America is projected to hold the largest market size during the forecast period.
- Need for Automating Award Management Processes
- One-Tap Accessibility to Vital Information
- Obligations for Addressing Governance and Compliance Requirements
- Integration of AI-Enabled Tools with Award Management Solution
- Meeting Requirements of Data Security and Privacy Concerns
- Unification of Award Management Solution with Existing Communication Systems
- Award Force
- Untap Compete
- Alpha Awards
For more information about this report visit https://www.researchandmarkets.com/r/w0ns1t