Global award management software market expected to generate around USD 1,053 million by 2027, at a CAGR of around 9.2% between 2019 and 2027. The growing demand for grant management solutions by the government is a major driver boosting the growth of the global award management software market.
Sarasota, FL -- (SBWIRE) -- 04/23/2019 -- Zion Market Research has published a new report titled "Award Management Software Market by Deployment (On-Premises and Cloud-Based), by Organizational Size (Small and Medium Enterprises and Large Enterprises), and by End-User (Private and Family Foundations, Community Foundations and Fundraising Organizations, Corporate Foundations, Associations, Education Institutions, Government Institutions, Non-Profits and Charities, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2027". According to the report, the global award management software market was valued at approximately USD 516 million in 2018 and is expected to generate around USD 1,053 million by 2027, at a CAGR of around 9.2% between 2019 and 2027.
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Awards management software is used by organizations to manage the complete award process from submission, assortment, and nomination. Award management software combines all the data appropriate to the awards process. Various types of organizations use award management solutions to manage every step of the award process. The growing demand for grant management solutions by the government is a major driver boosting the growth of the global award management software market. The grant management software helps in assisting fund seeking organizations, such as universities, that are administrating and automating the grant process. The grant tracking and management software are increasingly becoming a must-have for funders. This software helps the agency to soar to new heights by saving the time of the workforce. In addition, the increasing need for alignment of award activities with organizations' goals is further expected to drive the award management software market globally in the future. Performance management is a process that is used to track and manage the performance of employees. The employees not only demand good pay and benefits but also want to be treated fairly and contribute toward the organizational growth through their work. This has resulted in the higher application of award management software, which is also contributing to the overall market size. However, the lack of awareness among people is a major restraint for the award management software market globally.
By deployment, the market is segmented into on-premises and cloud-based. The on-premise segment held the largest market share in 2018. By organization size, the award management software market is bifurcated into small and medium enterprises and large enterprises. By end-user, the award management software market comprises private and family foundations, community foundations and fundraising organizations, corporate foundations, associations, education institutions, government institutions, non-profits and charities, and others. Government institutions held the largest market share in 2018, due to the automation of the federal procurement and awards processes that have evolved over time through the development of systems to perform individual steps in the award process. Private and family foundations held a significant market share in 2018.
By region, North America will hold the largest market share for the award management software market in the future. The U.S. and Canada are the major contributors of the North American award management software market, owing to the presence of a large number of small- and medium-sized enterprises, greater technology adoption, and increasing user-base on social media platforms.
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Some major players of the global award management software market are Judgify, Reviewr, omniCONTESTS, FluidReview, StreamLink Software Inc., VYPER, WizeHive, Inc., Openwater, Fluxx, RhythmQInc, Eventsforce, eVision, eAwards, Evalato, Award Force, Awards Absolute, AwardStage, and Currinda.
This report segments the global award management software market as follows:
Global Award Management Software Market: Deployment Analysis
On-Premises
Cloud-Based
Global Award Management Software Market: Organizational Size Analysis
Small and Medium Enterprises
Large Enterprises
Global Award Management Software Market: End-User Analysis
Private and Family Foundations
Community Foundations and Fundraising Organizations
Corporate Foundations
Associations
Education Institutions
Government Institutions
Non-Profits and Charities
Others
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Global Award Management Software Market: Regional Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa