Award Management Software Market | Cloud Technology Segment to Offer Significant Growth
AwardStage, Blackbaud Inc., Creative Force Ltd., Currinda Pty Ltd., Judgify, OpenWater Inc. are among the key vendors discussed in the research report
The global award management software market is expected to grow by $ 235.37 million, accelerating at a CAGR of 8.21% during the forecast period. Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus.
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Award Management Software Market: Market Segments and Growth Forecasts
This research report will provide insights into the current market share of each segment of award management software along with growth projections for the next five years.
- The Award Management Software Market is segmented by Technology (cloud and on-premise) and Geography (North America, Europe, APAC, South America, and MEA). The award management software market share growth by the cloud segment has been significant in recent years.
- In terms of geographic segmentation we found that 31% of the market growth will originate from North America during the forecast period. The US is the key market for award management software solutions in the region. This report provides an accurate prediction of the contribution of all the geographic segments to the growth of the Award Management Software Market size.
Award Management Software Market: Trends, Drivers, Challenges
Our report helps market players to discover the various trends, drivers, and challenges that are likely to influence the market growth during the forecast period. These insights will provide clients with all the information they would require for designing a growth strategy for their business.
- A significant factor in driving the growth of the Award Management Software Market will be the growing need among enterprises to improve the award processes. These software solutions enable organizations and award management professionals to expedite and improve award processes.
- Price reduction due to cloud-based software, storage, and technical staff will be instrumental in driving market growth during the forecast period.
- Lack of universal standard procedure is a hurdle that needs to be crossed on the path to success.
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Award Management Software Market: Vendor Analysis
- The market is fragmented.
- The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
- AwardStage, Blackbaud Inc., Creative Force Ltd., Currinda Pty Ltd., Judgify, OpenWater Inc., Submittable Co., Weemss Ltd., and Wizehive Co are some of the major market participants.
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The report provides insights into the following FAQs:
- What is the market CAGR?
The market will accelerate at a CAGR of 8.21%.
- What is the incremental growth of the market?
The market is expected to grow by $ 235.37 mn through 2021-2025.
- What is a key factor driving this market?
Growing need among enterprises to improve the award processes will drive market growth during the forecast period.
- What are the key regions covered in this market research report?
North America, Europe, APAC, South America, and MEA are the key regions featured in this research report.
- Which is the leading geographic region for this market:
31% growth will originate from North America with US being the leading country in the region.
- Who are the leading market vendors?
The leading vendors in this market are AwardStage, Blackbaud Inc., Creative Force Ltd., Currinda Pty Ltd., Judgify, OpenWater Inc., Submittable Co., Weemss Ltd., and Wizehive Co
- What are the market segments covered in this report?
The market is segmented by Technology (cloud and on-premise) and Geography (North America, Europe, APAC, South America, and MEA)