PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1527936
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1527936
The awards management software market is poised for significant growth, driven by the increasing need among businesses to streamline award processes and expedite the assessment of award applications.The market is expected to reach $772.19 million in 2024 and is projected to grow to $1,338.3 million by 2031, with a CAGR of 8.20%. This demand is fueled by the software's ease of use, flexibility, and built-in features that facilitate quick task performance at award functions. Technological advancements in the application and mobile technology are also contributing to the rise in demand for awards management software.
The major portion of the market growth is expected to come from the enhancement and acceleration of performance-related award processes. The adoption of awards management software engages and highlights viewers, sponsors, organizers, and other management personnel, thereby boosting market demand. The software's capacity to screen a large volume of entries according to specific requirements is particularly beneficial for large enterprises, which are anticipated to gain traction due to the involvement of numerous employees. Moreover, integrating artificial intelligence and machine learning capabilities with awards management software is expected to create new industry opportunities.
Impact of COVID-19 on the Awards Management Software Market
The COVID-19 pandemic disrupted many emerging businesses and is expected to have impacted the awards management software market, giving the industry a mixed reputation. Government restrictions during the pandemic aimed at limiting market share compared to pre-pandemic levels influenced market expansion. Regulations such as stamp laws, privacy laws, data security laws, and gift certificate laws played a role in this impact. The lack of information about awards management software during the pandemic slowed market growth, but sales are anticipated to increase during the forecast period.
Key Demand Drivers
Increased investment in the market is projected to drive the adoption of awards management software. End-users can be found across various segments, including voting management, tracking applications, and entry management. Governments, political entities, corporate sectors, educational institutions, industrial associations, and other end-users are expected to drive market growth in the coming years.
Market Trends
The market is likely to rise due to the "automatic processing of awards management," allowing users to access information with a single tap. This convenience is anticipated to boost demand during the forecast period. The integration of AI tools with awards management software is expected to further drive market growth. Various firms are likely to adopt this software to reduce manpower, increase efficiency, and manage important data. As end-users grow and embrace new market trends, the awards management software market is expected to expand and attract new customers.
The market offers a variety of services, including training, support, and maintenance, which are likely to increase demand. The software features advanced systems for coordinating and managing the award process. These dynamics include drivers, opportunities, restraints, and challenges, all of which impact the market. The drivers and limits are intrinsic to the market, while the opportunities and challenges are extrinsic. The outlook projects revenue growth throughout the forecast period.
Segmentation Outlook
The market is segmented into components, deployment type, organizational size, function, platform, end user, and region. Based on the component, the solutions segment has the highest potential, driven by enterprises' desire to automate and improve their award procedures. The software equips award managers with tools to communicate effectively with reviewers, applicants, sponsors, and award organizers, aiding in data management.
Organizational Size Contribution
Large enterprises are anticipated to dominate the market due to their affordability and advanced technologies. Different regions are expected to boost market size in the coming forecast period. Regions are segmented into Asia Pacific, North America, Latin America, Europe, South Africa, and others. North America, particularly the US, is expected to grow significantly, with many end-users likely to adopt solutions to manage data and reports effectively.
Regional Outlook
Besides North America, Europe and Asia Pacific are projected to play significant roles in the adoption of awards management software. These regions focus on the award life-cycle, projects, and managing large amounts of data. China is likely to be a prominent market following the US. The UK is also expected to show considerable growth during the forecast period.
South Korea Outlook
In East Asia, South Korea is projected to have a smaller market share compared to other regions due to less knowledge about the adoption of awards management software.
Competitive Analysis
Key Market Players
Market Segments