Award Management Software Market is segmented By Deployment (On-Premises and Cloud), By Organization Size (Large Enterprises and Small and Medium-Sized Enterprises), and By Industry Vertical (Private and Family Foundations, Community Foundations and Fundraising Organizations, Corporate Foundations, Associations, Education Institutions, Government Institutions, Non-Profits and Charities, and Others) and Region (United States, Canada, Mexico, South America, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, South Africa, Rest of World)
Businesses use award management software to efficiently manage the whole awards process, including the selection, compilation, and evaluation of applications, as well as judgments and submissions. The program collects and integrates all information about the award procedure. The platform seeks to eliminate the uncertainty inherent in existing award programs and to incorporate a diverse array of choices.
Award Management Software Market size was estimated at $554.69 million in 2022 and is growing at a CAGR of 9.2% during the forecast period of 2022 to 2032.
The award administration software may be used to create both web- and mobile-based apps. Web-based apps offer numerous advantages, including the fact that they operate on web browsers and eliminate the need to develop several programs for different platforms. Additionally, web-based apps may be accessed via any browser, independent of the Operating System (OS) that the browser is operating on.
The award administration software equips award management professionals with the necessary tools to communicate successfully with reviewers, applicants, sponsors, and awards organizers. Organizations with several end users are choosing the award management solution because it enables effective data management.
Award Management Software Market Growth and Trend
The governments rising demand for grant management solutions is a significant driver of the worldwide award management software industry. Grant management software is designed to assist institutions seeking funding, such as colleges, in navigating and simplifying the grant cycle. Such solutions enable the business to scale new heights while saving employee time. Additionally, the rising requirement to align award operations with organizational goals is expected to drive the future global award management software market
Increased demand for high-level financial administration solutions is expected to drive the global award management software market. The award management software enables commercial companies to manage practically any loan application and meet day-to-day portfolio control needs. As a result, it is anticipated that the combination of unique technologies and help with legacy accounting and economic policy solutions will create new opportunities for the award management software industry shortly. However, stringent management measures for the BFSI sector are a significant factor expected to constrain the global award management software market.
The requirement for effective award administration is driving award management software and services by both small and medium-sized businesses (SMEs) and big organizations. However, this procedure is typically lengthy, necessitating improved award administration software to overcome the obstacle. Due to the affordability and adoption of developing technologies, the significant businesses sector accounts for the largest market share in the award management software market. Additionally, numerous companies create a vast quantity of data daily, which must be filtered down to the most pertinent facts during a court case, which is a time-consuming procedure if done manually, resulting in the segments rising usage of award management software.
Numerous businesses concentrate their efforts on organic growth methods such as product launches, approvals, and others like patents and events. The markets external growth methods included acquisitions and partnerships & collaborations. These actions opened the path for market participants to expand their business and consumer base. As a result, the industry participants in the award management software market are expected to benefit from attractive growth possibilities in the future, owing to the sectors increasing demand. The following is a list of a few businesses that are active in the award management software industry.
Award Management Software Market Segmentation
The Award Management Software market is segmented by deployment, organization size, and industry vertical. Based on deployment, the market is segmented into on-premises and cloud-based system. By organization size, the market is divided into small and medium enterprises (SME) and large enterprises. Based on industry vertical, the market is divided into private and family foundations, community foundations and fundraising organizations, corporate foundations, associations, education institutions, government institutions, non-profits and charities, and others
Award Management Software Market Country Analysis
North America was an early user of award management solutions since it is more engaged with awards and projects than other areas and adheres to uniform standards. The massive amount of data created by North American businesses results from the rapid adoption of new technology, has increased the usage of award management systems to preserve and manage such data for on-demand access. The Asia Pacific award management software market is anticipated to grow at the fastest CAGR during the forecast period. India, China, Japan, and Australia are the regions largest markets for award management software.
Award Management Software Market Share and Competition
The major players operating in 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.
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Industry Segmentation and Revenue Breakdown
Deployment Analysis (Revenue, USD Million, 2022 – 2032)
Organization Size Analysis (Revenue, USD Million, 2022 – 2032)
• Large Enterprises
• Small and Medium-Sized Enterprises
End-User Analysis (Revenue, USD Million, 2022 – 2032)
• Private and Family Foundations
• Community Foundations and Fundraising Organizations
• Corporate Foundations
• Education Institutions
• Government Institutions
• Non-Profits and Charities
Region Analysis (Revenue, USD Million, 2022 – 2032)
• North America
o United States
• South America
o United Kingdom
• Asia Pacific
o South Korea
• Middle East
o GCC C ountries
o South Korea
• South Africa
• Rest of World
Award Management Software Market Companies
• StreamLink Software Inc.,
• WizeHive, Inc.,
• Award Force
• Awards Absolute
• United States Award Management Software Industry Research Report
• Europe Award Management Software Industry Research Report
• Asia Pacific Award Management Software Industry Research Report
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