Award Management Software Market Size, Share, Industry Trends and Forecast to 2030

1. What is the Market Size & CAGR of Award Management Software market in 2021?

The global award management software market had a market size of USD 2.3 billion in 2021. The market is projected to grow at a CAGR of 8.5% from 2021 to 2028, reaching a market size of USD 4.7 billion by the end of the forecast period. The increasing adoption of award management software by organizations to streamline their award processes and improve efficiency is driving the market growth.

2. COVID-19 Impact on the Award Management Software Market

The COVID-19 pandemic has had a mixed impact on the award management software market. On one hand, the pandemic led to the cancellation or postponement of many award ceremonies and events, affecting the demand for award management software. However, on the other hand, the shift to remote work and virtual events during the pandemic increased the need for digital solutions, including award management software, to manage and coordinate virtual award ceremonies.

3. Award Management Software Dynamics

The award management software industry is experiencing rapid growth due to the increasing recognition of the importance of acknowledging and rewarding excellence in various fields. Organizations are realizing the value of using specialized software to manage their award processes efficiently and effectively. The demand for award management software is also being driven by the need for transparency, fairness, and automation in the award selection process.

4. Segments and Related Analysis

The award management software market can be segmented based on deployment type, organization size, and end-user industry. By deployment type, the market is divided into cloud-based and on-premises solutions. Small and medium-sized enterprises (SMEs) and large enterprises are the organization size segments, while end-user industries include healthcare, education, government, and others.

5. By Region Analysis

The award management software market is analyzed across regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America currently holds the largest market share due to the high adoption of technology in the region. However, the Asia Pacific market is expected to grow at the highest CAGR during the forecast period.

6. Key Market Players and Competitive Landscape

Some of the key players in the award management software market include Award Force, OpenWater, Submittable, SmarterSelect, Evalato, Reviewr, FluidReview by SurveyMonkey, and AwardStage. These companies are focusing on product innovation, strategic partnerships, and acquisitions to gain a competitive edge in the market.

7. Recent Happenings in the Award Management Software Market

In recent developments, Award Force announced the launch of a new feature that allows for automated scoring of award submissions. This feature is aimed at simplifying the judging process and saving time for award administrators. Additionally, OpenWater introduced a mobile app for judges to evaluate award submissions on the go, making the process more convenient and efficient.