Sat, 25 Jun 2022

The new report by Expert Market Research titled, 'Global Award Management Software Market Report and Forecast 2022-2027', gives an in-depth analysis of the global award management software market, assessing the market based on its segments such as types, deployment types, functions, end-users, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.

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The key highlights of the report include:

Market Overview (2017-2027)

  • Forecast CAGR (2022-2027): 6%

The global market is expected to be driven by organisations that need to manage their award processes effectively. The global market's growth can be attributed to the growing demand among enterprises to accelerate the award application review to improve the overall award process. The ability of award management software to screen a large number of entries according to the requirements is predicted to increase the adoption of award management software. Over the forecast period, the high emphasis that firms and educational institutes are placing on giving incentives, scholarships, aids, and recognitions is expected to boost the market growth. Award management software is being used by educational institutions to limit the number of candidates and keep the award procedure within the budget. Organisations are required to choose award management software because of features such as simple access to information on employees' and students' potential, achievements, and experience.

Industry Definition and Major Segments

Companies use award management software to manage award processes, such as submission, collection, nomination, judging, and awarding. Every phase of the awards process is managed by award management solutions, which are used by all types of businesses. Data relevant to award processes is consolidated by award management software. Grant management is a common element in award management software. This category of software also includes data integration functions and is frequently used in conjunction with non-profit software.

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By type, the market is classified into:

  • Services
  • Solution

Based on deployment type, the market is segmented into:

  • On-premises
  • Cloud

By function, the market is divided into:

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

The end-users of the market are:

  • Government
  • Corporations
  • Educational Institutions
  • Industry Associations
  • Non-Profit Organisations
  • Others

On the basis of region, the market is segmented into:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Market Trends

The growing adoption of award management solutions by corporations and government organisations is anticipated to contribute to the market's growth. The growing number of small and medium companies, particularly in emerging nations, bodes well for the market's growth, as small and medium enterprises are more likely to adopt software-based automation solutions. As a result, as businesses in emerging markets become more aware of the benefits of award management software, the market is projected to see new growth prospects. The growing focus of organisations on automating their award management processes and further enhancing those is driving the growth of the market. The market's growth is expected to be aided by the efficient tools award management software provides for professionals to efficiently communicate with reviewers, applicants, sponsors, and award organisers.

Key Market Players

The major players in the market are Eventsforce Solutions Ltd,, Pte Ltd, Blackbaud, Inc., and Submittable Holdings, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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