Award Management Software Market Size, Share & Trends Analysis Report By Component (Solution, Service), By Deployment (On-premise, Cloud), By Organization, By End User, By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global award management software market size was valued at USD 552.1 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.2% from 2021 to 2028. The growth of the market can be attributed to the growing need among enterprises to accelerate the award application review as part of the process to improve the overall award process. The capabilities offered by award management software to screen a large number of entries according to the requirement are expected to drive the adoption of award management software. The strong emphasis corporations and educational institutes are putting on providing incentives, scholarships, aids, and recognitions also bode well for the growth of the market over the forecast period.

The outbreak of the COVID-19 pandemic and the restrictions imposed in different parts of the globe as part of the efforts to arrest the spread of coronavirus have had a moderate impact on the award management software market. The financial stress stemming from the pandemic compelled organizations across several industries and industry verticals to put new automation initiatives on the back burner. Moreover, several market players witnessed a significant decline in their revenues in 2020, as most of the operations were put on hold and the need for award management software also plummeted. However, the award management market is poised for recovery from 2021.

The strong emphasis organizations are putting on efficient management of the award process is expected to drive the growth of the market over the forecast period. The growing adoption of award management solutions by both corporations and government organizations is anticipated to contribute to the growth of the market. The increasing number of small and medium enterprises, especially in developing countries, particularly bodes well for the growth of the market as small and medium enterprises are more inclined toward adopting software-based automation solutions. Subsequently, the rising awareness about the benefits offered by award management software among enterprises in emerging economies is expected to create new growth opportunities for the market.

Enterprises, especially those awarding their employees regularly, may have to employ a dedicated workforce to manage the award process. Opting for award management software can help such enterprises in saving the time and money incurred on the award process. Besides, the transparency provided by award management software can also help in building trust between applicants and the organization. Enterprises can also leverage award management software to align the award process with the organizational aims.

Component Insights

Based on component, the market has been further segmented into solution and service. The solution segment dominated the market in 2020 and accounted for a revenue share of over 60%. The growing focus of organizations on automating their award management processes and further enhancing those is driving the growth of the segment. The efficient tools award management software facilitates for professionals to effectively engage with the applicants, reviewers, sponsors, and award organizers also bode well for the growth of the segment.

The service segment is anticipated to expand at the second-highest CAGR over the forecast period. Award management services comprise implementation and integration, training and education, and support and maintenance. These services help organizations in reducing costs and managing the award process efficiently. Opting for training &implementation services also allows organizations to focus on their core business.

Deployment Insights

The cloud segment dominated the market in 2020 with a revenue share of 50.8%. Opting for cloud-based award management software provides a unified way to integrate the systems and components with both mobile apps and web applications. Cloud-based installation can help organizations in fast-tracking the award processes. Adopting cloud-based software can also help in saving on the costs related to storage and deploying dedicated technical staff.

The cloud segment is also expected to register the highest CAGR over the forecast period. Organizations are aggressively switching to cloud-based solutions to exploit various benefits, such as enhanced collaboration, flexibility, scalability, and cost-effectiveness, associated with cloud-based software. Besides, cloud-based implementation of software allows enterprises to focus on their core competencies. All these factors bode well for the growth of the segment over the forecast period.

Organization Insights

Based on organization, the market has been further segmented into small and medium enterprise and large enterprise. The large enterprise segment dominated the market in 2020 with a revenue share of around 60%. Large enterprises have to maintain and process large volumes of data as part of their award process. Hence, large enterprises always prefer adopting emerging technologies that can potentially help in narrowing down the large volumes of information to the relevant data required for implementing the overall award process efficiently.

The large enterprise segment is also estimated to expand at the highest CAGR from 2021 to 2028. The growth of the segment can be attributed to the large number of applications large enterprises have to scrutinize to make effective decisions on providing awards. Hence, several end-users, including government organizations, educational institutes, and corporations, among others, are aggressively adopting award management software solutions, thereby driving the growth of the segment over the forecast period.

End-user Insights

Based on end-user, the market has been further segmented into government, educational institutes, corporations, industry associations, philanthropic organizations, and others. The corporation segment dominated the market in 2020 with a revenue share of around 24%. The current competitive market is prompting both large and small enterprises to award deserving employees as part of the efforts to attract new talent while encouraging and retaining the incumbent talented professionals. At this juncture, award management solutions can help corporates in organizing creative contests for recruitment purposes and various other drives for motivating employees. Corporations are adopting the award management solution to ensure an efficient and unbiased award process.

The educational institute segment is expected to expand at the highest CAGR over the forecast period. Colleges and universities often have to manage the list of programs over multiple systems and software. Educational institutes are using award management software to cap the number of applicants and manage the award process within the allocated budget.

Regional Insights

North America accounted for the highest revenue share of 27.8% in 2020. Developed economies in North America, such as the U.S. and Canada, are considered early adopters of the latest technologies. North America is home to some of the major market players, which bodes well for the growth of the regional market. Besides, the large volumes of data organizations in North America tend to generate and the growing awareness regarding the benefits of award management software among these organizations are also expected to drive the adoption of award management solutions across North America.

Advances in technology, the growing population, and the growing concerns over efficient management of the award process among organizations in Asia Pacific countries, such as India, China, and Japan, are expected to boost the adoption of award management software in the region. Features, such as easy access to the information regarding employees' and students' potential, achievements, and experience, are expected to encourage organizations in Asia Pacific to opt for award management software.

Key Companies & Market Share Insights

The market can be described as a highly fragmented market characterized by the presence of both established and local market players. The growth of the market players depends on several factors, such as industry development, government support, and market conditions. To survive in an intensely competitive market, it would be of paramount importance for market players to offer distinguished products and services. At this juncture, market players, such as AcclaimWorks; Alpha Awards; Award Force; AwardStage; Blackbaud; Currinda; Evalato; Impexium Inc.;Judgify;Reviewr;RhythmQ;Submit.com; Submittable; WIZEHIVE; and Zealous Solutions Ltd., are pursuing different growth strategies, such as new product launches and strategic partnerships, to strengthen their foothold in the market. Moreover, market players are catering to a limited number of clients, thereby intensifying the competition in the market. Some of the prominent players operating in the global award management software market are:

• AcclaimWorks

• Alpha Awards

• Award Force

• AwardStage

• Blackbaud

• Currinda

• Evalato

• Impexium Inc.

• Judgify

• Reviewr

• RhythmQ

• Submit.com

• Submittable

• WIZEHIVE

• Zealous Solutions Ltd.

Award Management Software Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and analyzes the latest industry trends in each of the sub-segments from 2018 to 2028. For this study, Grand View Research has segmented the global award management software market report based on component, deployment, organization, end-user, and region:

• Component Outlook (Revenue, USD Million, 2018 - 2028)

  • Solution

  • Service

• Deployment Outlook (Revenue, USD Million, 2018 - 2028)

  • Cloud

  • On-Premise

• Organization Outlook (Revenue, USD Million, 2018 - 2028)

  • Small and Medium Enterprise

  • Large Enterprise

• End-user Outlook (Revenue, USD Million, 2018 - 2028)

  • Government

  • Educational Institute

  • Corporation

  • Industry Association

  • Philanthropic Organization

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • Japan

    • India

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa