Global Request for Proposal (RFP) Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Request for Proposal (RFP) Software Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A request for proposal (RFP) is a document that solicits proposal, often made through a bidding process, by an agency or company interested in procurement of a commodity, service, or valuable asset, to potential suppliers to submit business proposals. It is submitted early in the procurement cycle, either at the preliminary study, or procurement stage. RFP Software is a kind of software to manage this process.

Market Overview:

The latest research study on the global Request for Proposal (RFP) Software market finds that the global Request for Proposal (RFP) Software market reached a value of USD 207.96 million in 2022. It’s expected that the market will achieve USD 667.08 million by 2028, exhibiting a CAGR of 21.44% during the forecast period.

The increased downside risk of IT spending in developed regions

Affected by the epidemic, Request for Proposal (RFP) Software Industry has limited development efficiency, which has a negative impact on software sales and software upgrade. In the information service industry such as software, the epidemic caused the on-site commissioning and private network delivery to fail to start as scheduled, resulting in service outsourcing, system integration projects, offline training are seriously affected. At the same time, the epidemic has a negative impact on the information exchange and industry bidding of software and information services.

The epidemic accelerated the digitalization process of downstream enterprises

COVID-19 forces many unprepared enterprises and processes to digitize at a tortuous speed. Internet has become the foundation of successful economic transformation in COVID-19 era. The integration of services provides a powerful impetus for the Internet and a large number of services to continue to play an economic and social role.
When faced with the fear and pain of the COVID-19 epidemic, it is difficult for people to consider certain situations in advance. Business leaders should not only pay attention to how to survive, but also think about how to develop under the background of COVID-19 era, because COVID-19 era is not the past, but a new reality.
COVID-19 has accelerated social and technological changes, and has influenced other aspects. This is a technology-driven era, where people are forced to work from home, serve for entertainment, and accept the trend of telemedicine and machine learning. This change reflects a profound behavior change, which can't be realized even within ten years.
The current change is not only from digitalization to cloud computing and consumer applications, but also a behavioral change. Some far-sighted enterprises are seizing this unprecedented opportunity, suspending simple growth or implementation work and creating new value and creativity instead. The whole team will be liberated from the original cycle, thinking about new ideas and making the enterprise more streamlined and flexible. The market environment of request proposal (RFP) software industry has been further improved.

The trend of software legalization

With the enhancement of the awareness of intellectual property protection in the whole society, the legal protection system of intellectual property has gradually improved, and copyright protection departments at all levels have actively promoted the legalization of software. A large number of enterprises that use unauthorized software will gradually turn to the use of genuine software, creating a huge effective market demand for genuine software suppliers including Request for Proposal (RFP) Software.

Technical risk

The software itself is a creative product, and the confidentiality of the core technology of the product itself is very important. For a long time, when developing software products, some companies only pay attention to the technology itself, while ignoring the protection of patents. The flow of technical personnel in software industry is a very common phenomenon. With the loss and change of technical personnel, it is likely to lead to the leakage of products and new technologies, resulting in the theft of software products by other companies, resulting in the failure of the project. Therefore, the Request for Proposal (RFP) Software industry should pay attention to strengthening the property right management of personnel and technology.

Automation will enhance the function of RFP software

Achieving more goals through RFP automation also means responding to more RFPs. Automated RFP tools promise to enable internal staff to complete RFP faster than traditional document software. Artificial intelligence (AI) platforms can pre-fill RFP responses according to previously submitted proposals, which can sometimes save valuable time.
RFP software providers have now started to provide automation functions in their solutions to help procurement teams evaluate thousands of proposals for various conditions more accurately in a shorter time. Through auto-filling, rule-based scoring, weighted scoring and structured decision, RFP software users can create and score proposals more easily.
Save time by automating efficient processes. User can use extra time to consider feasible business opportunities, and maybe even break into new markets. RFP automation effectively helps the team to provide a space for establishing active processes, in which technology can handle most of the heavy work.

Region Overview:

Geographically, United States held the largest market share – 70.51% in 2022.

Company Overview:

RFPIO is one of the major players operating in the Request for Proposal (RFP) Software market, holding a share of 23.52% in 2022.

RFPIO

RFPIO is the market leader in response management software, trusted by some of the world's smartest companies to support RFP and Security questionnaire response, create and manage sales proposals, and resolve inefficiencies rooted in decentralized and inaccessible content and knowledge.

Qvidian (Upland Software)

Upland Software Inc provides cloud-based enterprise work management software. The Company offers software applications that enable organizations to plan, manage and execute projects and work.

Segmentation Overview:

By type, Cloud-Based segment accounted for the largest share of market in 2022.

Application Overview:

The market's largest segment by application is the segment Large Enterprises, with a market share of 71.83% in 2022.

Key Companies in the global Request for Proposal (RFP) Software market covered in Chapter 3:

DirectRFP
Loopio
PostRFP
Expedience Software
RFPIO
QorusDocs
Client point
Proposify
Ombud
ProcurePort
Qvidian (Upland Software)
Qwilr
Synlio
PandaDoc

In Chapter 4 and Chapter 14.2, on the basis of types, the Request for Proposal (RFP) Software market from 2018 to 2029 is primarily split into:

On-Premises
Cloud-Based

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Request for Proposal (RFP) Software market from 2018 to 2029 covers:

Small and Medium Enterprises (SMEs)
Large Enterprises

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)