Awards Management Software Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Awards Management Software Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The awards management software market is experiencing substantial growth driven by the increasing need among businesses to streamline the award process and speed up 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 expected to propel the market forward, with a significant contribution from various end-users around the globe.

Awards management software is gaining popularity due to its ease of use, flexibility, and in-built features that facilitate quick task execution at awards functions. Technological advancements in the application and mobile technology are also expected to boost the market trends.

A major driver of market growth is the software’s ability to improve and expedite the performance-related award process. The adoption of award management software helps engage and spotlight viewers, sponsors, organizers, and other management entities. Large businesses, with their vast number of employees, are projected to gain traction in the market due to the software’s capacity to screen a large volume of entries according to specific requirements. The integration of artificial intelligence and machine learning capabilities with awards management software is also expected to open up new industry prospects.

Impact of COVID-19 on the Awards Management Software Market

The COVID-19 pandemic significantly disrupted lives and businesses worldwide, and the awards management software market was no exception. The industry faced challenges as government regulations and restrictions aimed at controlling the pandemic affected the market share. Regulations such as stamp laws, privacy laws, data security laws, and gift certificate laws influenced market expansion.

During the pandemic, the lack of information about awards management software slowed market growth. Despite these challenges, the sales of awards management software are expected to increase in the coming years as the situation stabilizes and businesses adapt to new norms.

Key Demand Drivers for the Awards Management Software Market

Investment in the market is expected to rise, leading to increased adoption of awards management software. End-users span various segments, including voting management, tracking applications, and entry management. Governments, political entities, corporate sectors, educational institutions, and industrial associations are anticipated to drive market growth.

Key Awards Management Software Market Trends

The trend towards the automatic processing of awards management and the ability to access information with a single tap are significant factors driving the market. The integration of AI tools is expected to further boost market growth as firms seek to decrease manpower, perform more efficiently, and manage important data.

The market is likely to grow as end-users embrace new trends and technologies, capitalizing on the benefits of awards management software. The software provides a variety of services to customers, including training, support, and maintenance, which are expected to increase demand.

The awards management software market dynamics include drivers, opportunities, restraints, and challenges, all of which impact the market. Drivers and limits are intrinsic to the market, while opportunities and challenges are extrinsic. The market outlook projects revenue growth throughout the forecast period.

Segmentation Outlook for the Awards Management Software Market

The awards management software market is segmented by components, deployment type, organizational size, function, platform, end-user, and region.

Based on components, the solutions segment holds the highest potential, driven by the rising desire among enterprises to automate and improve their award procedures. The software equips award managers with tools for effective communication with reviewers, applicants, sponsors, and award organizers.

By organizational size, large enterprises are anticipated to dominate the market due to their affordability and advanced technologies.

Regionally, North America is a prominent player in the market. The region’s market is expected to grow significantly, driven by the adoption of awards management software solutions to manage data and reports. This trend helps brands reach their potential heights.

Europe and Asia Pacific Outlook

Europe and Asia Pacific are also projected to play significant roles in the adoption of awards management software. These regions are more concerned with the award life-cycle, projects, and managing large amounts of data. China is likely to be a prominent market, with significant growth expected.

South Korea Outlook

In East Asia, South Korea is expected to have a lesser market share compared to other regions due to lower knowledge and adoption rates of awards management software.

Competitive Analysis for the Awards Management Software Market

The awards management software market is highly competitive, with several key players striving to capture the maximum market share. Recent developments in the market include:
• Blackbaud opened a new headquarters in Daniel Island, South Carolina, serving as an innovation center and a meeting place for customers, partners, and community leaders.
• Blackbaud also reached an agreement with a higher education school to streamline the scholarship process, promoting campus-wide collaboration and boosting fundraising and marketing initiatives.
• WizeHive and eCivis collaborated to streamline and centralize grant awards and application intake in Arizona.
• Award Force introduced new features to its judge management function, enhancing its usability and visual appeal.

Key Market Players
• Blackbaud
• WizeHive
• Submittable
• Evalato
• Award Force
• SmarterSelect
• Reviewr
• Eventsforce
• Currinda
• AwardStage

Market 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, Others.
• By Deployment Mode: Cloud, On-premises.
• By Region: North America, Latin America, Europe, Asia Pacific, Middle East & Africa.

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