Awards Management Software Market

Awards Management Software Market Outlook

The awards management software market is anticipated to have a significant CAGR of 8.2% during the period of 2022-2032.

The awards management software market will expand from US$ 663.4 million in 2022 to US$ 1.5 billion in 2032. Previously, the market developed at a higher CAGR of 8.9% per year from 2015 to 2021, reaching a market size of US$ 609 million in 2021.

“The growing requirement among businesses to streamline the award process and speed up the assessment of award applications is likely to fuel the demand for award management software among a variety of end users around the world.”

The sales of awards management software are anticipated to boost as many end-users trust the software with its easy to use process, flexibility & in-built features which help to perform tasks quickly at awards functions. The demand for awards management software is expected to rise in the awards management software market trends due to technological advancements in the application as well as in mobile technology.

The lion's share of the awards management software market growth is predicted to come from improving and expediting the performance-related award process. With the adoption of award management software, it engages and spotlights viewers, sponsors, organizers, and other management.

The demand for award management software is driven by its capacity to screen a huge volume of entries according to the requirements. Due to the enormous number of employees involved, large businesses are projected to gain traction. Similarly, combining artificial intelligence and machine learning skills with awards management software is expected to open up new industry prospects.

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How does COVID-19 impact on the Awards Management Software Market?

The COVID-19 waves disturbed people's lives as well as many emerging businesses, and the awards management software market share is expected to be impacted by the issue, which has given the industry a cynical reputation. The global awards management software market size is likely to shrink as a result of the COVID-19 situation.

During the COVID-19 waves, the government enacted restrictions relating to awards management software, with the goal of limiting the awards management software market share compared to the pre-pandemic. The awards management software market expansion is influenced by regulations such as stamp laws, privacy laws, data security laws, gift certificate laws, and so on.

During the COVID-19 crisis, the lack of information about awards management software slowed the growth of the awards management software market. All of these issues have an impact on the software business, but sales of awards management software are expected to increase during the projection period of 2022-2032.

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Which are the Key Demand Drivers for the Awards Management Software Market?

As a result of the rise in investment in the market, adoption of awards management software is projected to increase. End-users can be found in a variety of award management software segments, including voting management, tracking applications, entry management, and more.

Governments, politics, corporate sectors, educational institutes, industrial associations, and other end-users are expected to drive the growth of awards management software in the next forecast period.

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What are the Key Awards Management Software Market Trends?

The awards management software market trends are likely to rise due to the “automatic processing of awards management” and expected to access the information with one tap. This factor is anticipated to increase the demand for awards management software in the forecast period.

Owing to the increased adoption of awards management software for the integration of AI tools, the market is expected to grow. According to the awards management software market analysis, various firms are likely to prefer this software to decrease manpower, perform more efficiently, and handle important data.

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Comparative View of Adjacent Awards Management Software Market

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With recent trends and technology, end users are anticipated to grow and capitalize on the awards management software market, as well as embrace new trends in the market. The awards management software market is expected to grow in size and attract new customers by offering advice on their products and data.

The awards management software market share has grown as a result of these considerations. The adoption of awards management software by a variety of significant organizations, government rallies, educational institutions, and corporate bodies is producing a lot of money all over the world.

It offers a variety of services to customers, including training, support, and maintenance, all of which are likely to increase the demand for awards management software. It is likely to feature one of the most advanced systems for coordinating and managing the award process.

These awards management software market dynamics variables include the drivers, opportunities, restraints, and challenges, as well as the impact of these factors on the market. The drivers and limits are intrinsic to the awards management software market, while the possibilities and difficulties are extrinsic. The awards management software outlook projects revenue growth throughout the forecast period.

What is the Segmentation Outlook for the Awards Management Software Market?

Awards management software market is segmented into components, deployment type, organizational size, function, platform, end user and region.

According to FMI, based on the component, the solutions segment has the highest potential in the awards management software market, with the projected CAGR of 7.2% through 2032. The global market for award management software is predicted to develop in response to enterprises' rising desire to automate and improve their award procedures.

The award management software equips award managers with the tools they need to communicate successfully with reviewers, applicants, sponsors, and award organizers. The adoption of award management software is due to organizations across end users, since it aids in data management.

Which Segment is likely to Contribute to the Awards Management Software Market, by Organization Size?

Based on organizational size, the large enterprises are anticipated to dominate the awards management software market with the projected CAGR of 8% during the forecast period, due to their affordability and advanced technologies.

How Different Regions are Performing in the Awards Management Software Market?

The different regions are anticipated to boost the awards management software market size in the coming forecast period. The regions are segmented into Asia Pacific, North America, Latin America, Europe, South Africa and others. The North American region is a prominent player in the awards management software market share.

The US market in the North American region is expected to grow higher in the growth of awards management software, with a CAGR of 7.7%, with the market value of US$ 509.5 billion during the forecast period 2022 to 2032. The numbers of end-users are likely to adopt awards management software solutions to manage the availability of data and reports. It generates demand for awards management software and helps brands reach their potential heights.

Europe and Asia Pacific Outlook

Aside from North America, Europe and Asia Pacific are projected to play a significant role in the adoption of awards management software, since they are more concerned with the award life-cycle, projects, and large amounts of data created. Following the United States, China is likely to be the second most prominent market, with a projected CAGR of 7.5% and from 2022 to 2032.

This factor leads to an increase in sales of awards management software during the forecast period. The UK is expected to have a CAGR of 7.1% during the forecast period.

South Korea Outlook

As per a new market research report on awards management software, the South Korean nation in the East Asia region is likely to grow a lesser market share among all the regions mentioned above. As it is likely to have less knowledge in the adoption of awards management software in the region.

How Strong is the Competitive Landscape for the Awards Management Software Market?

Presently, there are several market players that are becoming fiercely competitive in the awards management software market share. Few of the competitors are likely to capture the maximum portion of the awards management software market.

Recent Development of Awards Management Software Market:

• Blackbaud opened its new headquarters in Daniel Island, South Carolina, in June 2018. The newly opened headquarters is expected to serve a number of functions, including serving as an innovation center and a high-tech meeting place where customers, partners, community leaders, and influencers from across the social economy can come together to turn action into effect.
• In April 2018, Blackbaud and a higher education school reached an agreement to streamline the scholarship procedure. To expedite the scholarship and award management process, promote campus-wide collaboration, build relationships with alumni and sponsors, and boost fundraising and marketing initiatives, the University of Nevada installed a cloud-based solution from Blackbaud.
• WizeHive and eCivis are the SaaS companies which collaborated as partners in April 2018. Its main motive is likely to streamline and centralize granting awards, and application intake around Arizona.
• Award Force has announced the inclusion of new features to its judge management function as of May 2020. It has the ability to add, remove, or rearrange columns, as well as an updated score sets feature, a hidden tab setting, and various other visual enhancements.

Key Segments:

By Components

• Components
• Implementation & Integration
• Consulting & Training
• Support & Maintenance

By Function

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

By Organization Size

• SMEs
• Large Enterprises

By Platform

• Web
• Mobile
• IOS
• Android
• Windows

By End User

• Government
• Educational Institutes
• Corporations
• Industry Associations
• Philanthropic Organizations
• Other

By Deployment Mode

• Cloud
• On-premises

By Region

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