(I-BusinessNews.Com, January 11, 2021 ) According to a new market research report “Award Management Software Market by Component, Function (Entry Management, Judging Management, Reporting and Analytics, and Application Tracking), Platform, Deployment Type, Organization Size, End User, and Region – Global Forecast to 2025″, published by MarketsandMarkets, the Award Management Software Market is expected to grow from USD 559 million in 2020 to USD 856 million by 2025, at a Compound Annual Growth Rate (CAGR) of 8.9% during the forecast period.
The growing demand to scale award efforts with the help of advanced technology, establish a communication between award organizers, applicants and judges, increasing need to engage with the customers, and deliver an enriched experience continuously are some of the major factors driving the growth of the Award Management Software Market.
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By end user, corporations to hold the largest market size in 2020
In the current competent market, both small and large businesses leverage contests and events to position themselves apart from their competitors and attract more talented professionals at their workplace. The award management solution can help corporations in implementing various strategies, including entertainment of staff members, launch of new products, recruitment through creative contests, and employee motivation. Corporations are emphasizing on adopting the award management solution to boost the performance of award teams for better engagement of customers. Increasing automation in the corporation sector to increase business efficiency and remain competent in the market are major factors contributing to the growth of the Award Management Software Market.
Services segment to grow at a higher CAGR during the forecast period
Award management services have a full scope of usage, ranging from assistance to customers for deployment of solution, integration, and implementation, to cater to the business-specific needs of organizations. Award management services help organizations bridge legacy systems to modern applications and take care of consulting and training work so that customers can focus on their core business. This has created opportunities for vendors to provide services to enterprises across different end users and help them deal with complexities while configuring the award management solution.
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North America to have the largest market size during the forecast period
North America is estimated to account for the highest share of the Award Management Software Market during the forecasted period. The region comprises developed countries, such as the US and Canada, and is considered the most advanced area in terms of adopting digital technologies. The North American region exhibits an extensive presence of key industry players offering award management solutions and services, and its financial position enables the region to invest majorly in leading tools and technologies for effective business operations.
Major vendors offering award management solution and services across the globe includes Blackbaud (US), WizeHive (US), Submittable (US), Evalato (Spain), Award Force (Australia), SmarterSelect (US), Reviewr (US), Eventsforce (UK), Currinda (Australia), AwardStage (UK), AcclaimWorks (England), Judgify (Singapore), Untap Compete (Egypt), OpenWater (US), omniCONTESTS (US), eAwards (Philippines), alpha awards (Austria), Omnipress (US), Submit.com (Ireland) and RhythmQ (Canada).
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Mr. Aashish Mehra