Global Award Management Software Market Worth US$ 15,763.2 Million by 2027 with major key Players in the market
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.
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.
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The award-winning software market is expected to see significant gains as the adoption of cloud-based solutions increases. Cloud-based award management software overcomes some of the challenges posed by on-premises solutions, especially for small businesses. It’s scalable, flexible, secure, and generally offered on a subscription basis. Educational institutions, government agencies, non-profit organizations, and charities are just a few examples of end users who are good at managing software ultimately and delivering better services through cloud-based solutions.
The key participants operating in the report are Conduent, AwardForce, Awards Absolute Pty Ltd, AwardStage, Currinda, eAwards, Evalato, Eventsforce, eVision, Fluid Review, Fluxx, Judgify, omniCONTESTS, OpenWater, reviewr, RhythmQ, Stream Link Software Inc.(AmpliFund), VYPER, WizeHive,Inc.
Key Findings of the Report:
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Award management software market
By Organizational Size
- In terms of revenue, global award management software market is expected to reach US$ 1053.83 million by 2027 owing to the need for automation of awards management processes and increased adoption of social media for conducting contests.
- Among the deployment types, cloud based solutions are expected to grow at a CAGR of 10.0% over the forecast period as they provide flexibility, scalability and aid in improving performance & services quality at a lower upfront cost.
- Asia Pacific region is expected to witness the highest growth over the forecast period owing to increasing social media usage, large population and increased investment from global companies in the region.
- Some of the players operating in the market are Conduent, AwardForce, Awards Absolute Pty Ltd, AwardStage, Currinda, eAwards, Evalato, Eventsforce, eVision, Fluid Review, Fluxx, Judgify, omniCONTESTS, OpenWater, reviewr, RhythmQ, Stream Link Software Inc.(AmpliFund), VYPER, WizeHive,Inc.
By End Users
- Small and Medium Enterprises
- Large Enterprises
- Private and Family Foundations
- Community Foundations and Fundraising Organizations
- Corporate Foundations
- Education Institutions
- Government Institutions
- Non-Profits and Charities
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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The Asia Pacific is one of the fastest growing regions for the award management software market globally. China contributes a major share to the Asia Pacific award management software market. The region’s propensity to adopt new and upcoming technologies is driving this market’s growth in the Asia Pacific. Moreover, the increase in the demand for automated processes will positively influence the market growth in this region in the years ahead.
Using SWOT analysis to gather and study all the information, you can see the competitive environment vividly in Award Management Software market. Openings for future market developments were revealed and likewise had a competitive advantage. Taking into account the drift and propensity of this market, it shows that the strategic direction is good. Understand your market base and understand your market data using standards, methodologies, and other driving market trends determined for reference.
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