Global Award Management Software Market - 2023-2030

Global Award Management Software Market - 2023-2030

Global Award Management Software Market reached US$ 0.6 billion in 2022 and is expected to reach US$ 1.1 billion by 2030, growing with a CAGR of 8.8% during the forecast period 2023-2030.

Organizations, both in the public and private sectors, are increasingly adopting and recognizing the value of awards and these programs boost employee morale, enhance brand reputation and acknowledge outstanding achievements. As a result, there is a growing demand for efficient and streamlined award management processes. As many award programs have transitioned from paper-based systems to digital platforms.

Awards can vary significantly in terms of criteria, categories and evaluation processes. Award management software provides the flexibility to configure and manage diverse award programs efficiently, saving time and reducing errors. Award management software offers data-driven insights and reporting capabilities, enabling organizations to assess the impact and effectiveness of their awards.

Asia-Pacific is the fastest growing region in the global award management software market covering less than 1/4th of the market in 2022. As businesses and organizations in the region are continuously growing and compete on a global scale, there is an increasing recognition of the value of awards and recognitions. Many companies see awards as a way to showcase their achievements and gain a competitive edge in the market.

Dynamics

Increased Requirement of Award Management Software

As organizations and industries seek recognition and accolades for their achievements, there is a growing number of awards, grant and scholarships available and this increased volume necessitates efficient management systems to handle the application, evaluation and distribution processes. Award programs have become more intricate, often involving multiple categories, criteria and stages. The software helps streamline these complex processes, making it easier to administer and participate in such programs.

For instance, on 13 June 2023, Freshworks, a software company known for its customer support, conversational messaging and IT service management software applications, received recognition at the fourth annual B2B Stack Awards in Brazil. The awards ceremony took place during the TD Web Conference one of Latin America's largest online innovation events. Freshworks' Freshdesk and Freshchat applications were honored with the main B2B software awards in the Support and Chat categories.

High Demand for Grant Management Solutions

Organizations, that includes government agencies, non-profits and educational institutions, are recognizing the importance of efficiently managing grants and awards. Manual processes are time-consuming process and error-prone process, leading to a growing demand for software solutions that can streamline the entire grant management lifecycle. Grant programs have become more complex, often involving multiple stakeholders, compliance requirements and reporting obligations.

For instance, on 9 March 2023, SmartSimple Software, a leading provider of cloud-based solutions for grants management and corporate giving, launched SmartSimple Cloud AI, a transformative product that incorporates artificial intelligence into the entire grant management lifecycle and this groundbreaking product introduces end-to-end AI support, streamlining the grant management process and reducing administrative burdens.

Technology Advancement

The adoption of cloud-based solutions has allowed for greater accessibility and scalability of award management software. Cloud technology enables organizations to access their award management systems from anywhere, collaborate seamlessly and receive automatic software updates, driving technological advancement. AI and machine learning technologies are being applied to award management software to automate routine tasks, improve decision-making and enhance data analysis.

For instance, on 1 September 2023, the 2023 SAP Innovation Award winners highlight the transformative power of technology and human expertise in driving innovation across various industries. While digital tools and cloud-based solutions have revolutionized collaboration, it's essential to recognize that human ingenuity and dedication remain crucial to propelling industries forward.

The 2023 SAP Innovation Awards celebrated organizations' achievements in harnessing technology for sustainable and impactful innovation. The number of submissions for the awards has significantly increased over the years, reflecting the growing importance of technological innovation.

Expensive and Time Taken Process

Implementing award management software often requires training for staff who may not be familiar with the system. Learning to use the software effectively can take time and there may be resistance to change among team members. While award management software offers customization options, making extensive customizations can be complex and may require IT expertise and this can slow down the implementation process.

There is an upfront cost associated with purchasing and implementing award management software, including licensing fees, setup and training expenses. For small organizations or nonprofits with limited budgets, this cost can be a barrier. Integrating award management software with existing systems, such as financial software or CRM tools, can be challenging. Compatibility issues may arise, leading to data transfer problems.

Segment Analysis

The global award management software market is segmented based deployment, component, organizational size, function, platform, end-user and region.

Adoption of Cloud-Based Platform

Cloud based deployment is expected to cover about 1/3rd of the global market during the forecast period 2023-2030. Increasingly shift towards operations to digital platforms the demand for cloud-based solutions that include award management software. Cloud-based software allows for flexibility, scalability and accessibility that make attractive options for modern businesses. The software eliminates the requirement of infrastructure and maintenance costs.

For instance, on 29 August 2023, NetApp was recognized with two prestigious awards at the 2023 Google Cloud Technology Partner of the Year Awards. NetApp received awards in the categories of Infrastructure Storage and Marketplace Infrastructure and these awards highlight NetApp's commitment to delivering scalable, high-performance and secure storage solutions for customers as they migrate, modernize and transform their IT environments with Google Cloud.

Geographical Penetration

Growing Number of Awards Opportunities in North America

North America is the largest region in the global award management software market covering about 1/3rd of the market. The region hosts a wide range of award programs, spanning industries such as technology, healthcare, finance and more. The sheer number of award opportunities drives the demand for efficient software to manage submissions and evaluations.

For instance, on 7 March 2023, Mevisio, a Swedish provider of digital visual management solutions for businesses and organizations, has registered its U.S. subsidiary, Mevisio North America Inc., in U.S. Federal Government's System for Award Management and this registration allows the company to bid on government contracts and receive federal funding, providing new growth opportunities in U.S.

Competitive Landscape
The major global players in the market include Blackbaud, Inc., Evalato, Creative Force Ltd, SmarterSelect, Currinda, AwardStage, Untap Technologies, OpenWater, eAwards and Omnipress.

COVID-19 Impact Analysis

Lockdowns and social distancing measures in place, organizations and institutions that previously relied on manual or in-person award management processes turned to online solutions and this led to a surge in demand for Award Management Software as a means to facilitate remote collaboration, application submissions and evaluations. Many award ceremonies and events transitioned to virtual formats due to restrictions on large gatherings.

The pandemic disrupted many industries and sectors, affecting eligibility criteria and deadlines for awards. Award Management Software needed to be flexible enough to accommodate these changes and ensure fairness in the selection process. Award Management Software played a pivotal role in facilitating communication through automated notifications, messaging features and centralized information sharing.

The shift to online award management raised concerns about data security and privacy, especially when handling sensitive applicant information. Software providers had to enhance security measures and compliance with data protection regulations. Some organizations faced resource constraints during the pandemic, affecting their ability to implement and maintain award management solutions.

AI Impact

AI automates many routine tasks that are involved in the award management process, such as data entry, document processing and communication and this automation saves time and reduces the risk of errors, allowing staff to focus on more strategic tasks. AI-powered analytics process large volumes of data to provide insights and trends. Award managers use these insights to make data-driven decisions, identify opportunities for improvement and optimize their award programs.

AI can help predict award outcomes and identify potential issues before they occur and this predictive capability allows award managers to take proactive measures to improve the chances of success. AI-powered NLP can analyze written documents, emails and other textual data to extract relevant information, this is especially useful for managing communication with applicants, judges and stakeholders.

For instance, on 7 August 2021, Telangana's innovative artificial intelligence-driven crowd monitoring program has been awarded the AI Gamechanger Exemplar Award by NASSCOM. The AI-based application was used during the Medaram jatara, Asia's biggest biennial tribal festival and the India Vs West Indies T20 match in Hyderabad. It enables authorities to take corrective measures such as deploying manpower, making public announcements and rerouting crowds to prevent incidents like stampedes.

Russia- Ukraine War Impact

The conflict has led to geopolitical disruptions, which can affect international collaborations and partnerships related to awards and grants. Organizations using Award management software for managing international awards may face challenges in communication, coordination and funding allocation. The war has diverted attention and resources towards humanitarian efforts, defense and crisis management.

Economic instability resulting from the war can affect the funding available for awards and grants. Organizations may need to reassess their budgets and funding sources, which could impact the number and size of awards offered. Individuals and organizations based in conflict-affected regions may face challenges in accessing and applying for awards. Award management software may need to incorporate flexibility in eligibility criteria to accommodate these applicants.

By Deployment

● Cloud-Based

● On-Premises

By Component

● Solution

● Service

By Organizational Size

● Small and Medium Enterprises

● Large Enterprises

By Function

● Entry Management

● Judging Management

● Reporting and Analytics

● Application Tracking

● Others

By Platform

● Web

● Mobile

● IOS

● Android

● Windows

By End-User

● Private and Family Foundations

● Community Foundations and Fundraising Organizations

● Corporate Foundations

● Associations

● Education Institutions

● Others

By Region

● North America
U.S.
Canada
Mexico

● Europe
Germany
UK
France
Italy
Russia
Rest of Europe

● South America
Brazil
Argentina
Rest of South America

● Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific

● Middle East and Africa

Key Developments

● On 6 June 2022, Yokogawa Electric Corporation introduced OpreX Asset Health Insights, a cloud-based service. Part of the OpreX Asset Management and Integrity family, this service gathers operational technology (OT) data from distributed assets and offers real-time connectivity from anywhere globally.

● On 7 April 2023, Rezolve.ai introduced a ChatGPT-like IT Service Management (ITSM) Chatbot designed to revolutionize enterprise knowledge management. The advanced AI-powered chatbot uses natural language processing and algorithms to analyze various documents, such as manuals and IT helpdesk websites, learning from their content.

Why Purchase the Report?

● To visualize the global award management software market segmentation based on deployment, component, organizational size, function, platform, end-user and region, as well as understand key commercial assets and players.

● Identify commercial opportunities by analyzing trends and co-development.

● Excel data sheet with numerous data points of award management software market-level with all segments.

● PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.

● Product mapping available as excel consisting of key products of all the major players.

The global award management software market report would provide approximately 85 tables, 91 figures and 210 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies