The implementation of advanced deployment features and management software services are driving the global award management software market.
Covid-19 Impact & Market Status
The COVID-19 situation has severely impacted almost all the business units and IT sectors. Due to lockdown, many potential companies had to stop their work because of the unavailability of infrastructure, transportation, capital, investments, labourers, and other facilities. This situation has made many companies experience a severe downfall. However, it has motivated many organizations and individuals to shift their work from offline mode to online mode so that they can continue their operation. For this, many companies have provided awards and certifications to their potential workers to keep them and other staff motivated so that they can perform with their full potential.
Hence, this mindset helps in the progress and development of various organizations as the working staff is continuously motivated because their hard work and effective output are credited.
Cloud Deployment Segment Held the Largest Market Share
The award management software market depends on advanced and convenient applications and other software platforms that manage and keeps track of all the award record history and current transactions. This helps to track and analyze the progress of an organization or individual employee that helps in the evolution of the IT industries. For this, the award management software platform should be reliable and effective. To provide all these qualities, the cloud deployment environment is one of the best platforms as it provides high-end connectivity that covers most of the geographical regions without any data transfer delay. Hence, this helps develop and manage all the records efficiently so that the record retrieval and storage processes can be performed without any data loss or data corruption.
Corporate Foundations Accounted For Largest Market Share
The global award management software market is classified into private, family foundations, community foundations, fundraising organizations, corporate foundations, associations, education institutions, government institutions, non-Profits, charities, and others on the basis of End-User. Among these the corporate foundations segment accounted for highest market share and is anticipated to grow with highest CAGR in the forecast years.
Judging Management Witnessed Substantial Growth
The global award management software market is classified into Entry Management, Judging Management, Reporting and Analytics, and Application Tracking on the basis of function. Among these, the judging management function segment highest market growth due to increased adoption due to benefits such as quality services to various organizations by supporting award record keeping, data storage, processing, retrieval, maintenance, management, and security.
The growing industry verticals and competitive platforms are providing new opportunities to the global award management software market.
Owing to benefits such as quality services to various organizations by supporting award record keeping, data storage, processing, retrieval, maintenance, management, and security the award management software market is experiencing rapid adoption thus fostering remarkable progress in global award management software market. This helps in building the market value of award management software and helps to increase the revenue generated by various potential companies.
The Compound Annual Growth Rate (CAGR) of the global award management software market is expected to be 8.7% with increased market size of USD 1.01 Billion.
There is tremendous growth and development of various business sectors and IT industries due to the hard work of many people involved in various projects. This has brought new scope for the development and growth of industrial and technical sectors with the up-gradation of policies, technical stack, business approach, and much more. Hence, there is a requirement to highlight the hard work of all the involved people. For this, various organizations award the most efficient teams or individuals to motivate them and others so that they can target more big goals. In this way, there is a hierarchy for setting the highest standard for improvement and development.
There is a requirement to constantly keep the staff motivated so that they won’t lose their pace during extreme conditions. For this, many organizations offer certifications for management, administration, technical reviews, and much more so that the interest of the working staff can be increased. This has been one of the most important tasks during extreme situations like pandemics when there is a shortage of resources, manpower, and other facilities. In such extreme conditions, the market may fall if the working individuals are not motivated and qualified enough to handle the uncertainties and risks associated with the market turnover.
The award management software takes care of the annual awards allotted to the organizations and the awards that are internal to a particular organization. This helps to keep track of all the employees and organizations who have excelled in their respective domains so that they can be approached for future development or queries. Hence, the award management software plays an important role in maintaining and recording all the information related to the progress made by any organization. This serves as proof when there is any conflict among two or many organizations who claim their right over a particular project. This is increasing the adoption of award management solutions boosting the global award management software market.
There is a huge amount of historic records and current transaction data generated periodically related to the awards and certifications. Advanced technologies like Big Data, Deep Learning, etc. have helped a lot in storing a huge amount of data most effectively and efficiently so that it can be retrieved and processed without any issue thereby boosting the global award management software market.
Despite all these benefits, the set-up and networking of the award management software is a complicated task because some various awards and certifications required global connection and this wide scope of connection limits the reliability of data transfer. Also, security concerns come into account when the connection and network linkage is across a large area. This may reduce the data transfer rate in some cases and the data over the network is prone to data loss and data corruption limiting businesses and organizations from adopting award management software hampering the global award management software market. However, to avoid this, many potential companies are trying their best to increase network security and reliability by using various advanced tools and techniques anticipated to be growth opportunity to the global award management software market.
The major players of the global award management software market are RhythmQ, Blackbaud, Submit.com, WizeHive, Omnipress, Submittable, alpha awards, Evalato, eAwards, Award Force, omniCONTESTS, SmarterSelect, OpenWater, Reviewr, Untap Complete, Eventsforce, Judgify, Currinda, AcclaimWorks, Awards Absolute, FluidReview, Fluxx, SreamLink Software Inc., VYPER, and AwardStage.
Latest Innovations in the Global Award Management Software Market: a Snapshot
- Awards Absolute, WizeHive, and many other potential companies are trying their best to improve their services to increase the CAGR of the global award management software market by the end of the forecast period.
Award Management Software Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 1.01 Billion|
|Growth Rate||CAGR of 8.7 % during 2021-2028|
|Segment Covered||Component, Function, Size, Deployment, End-User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||RhythmQ, Blackbaud, Submit.com, WizeHive, Omnipress, Submittable, alpha awards, Evalato, eAwards, Award Force, omniCONTESTS, SmarterSelect, OpenWater, Reviewr, Untap Complete, Eventsforce, Judgify, Currinda, AcclaimWorks, Awards Absolute, FluidReview, Fluxx, SreamLink Software Inc., VYPER, and AwardStage.|
Key Segments of the Global Award Management Software Market
Component Overview, 2018-2028 (USD Billion)
Function Overview, 2018-2028 (USD Billion)
- Entry Management
- Judging Management
- Reporting and Analytics
- Application Tracking
Size Overview, 2018-2028 (USD Billion)
- Small Enterprises
- Medium Enterprises
- Large Enterprises
Deployment Overview, 2018-2028 (USD Billion)
End-User Overview, 2018-2028 (USD Billion)
- Private & Family Foundations
- Community Foundations & Fundraising Organizations
- Corporate Foundations
- Education Institutions
- Government Institutions
- Non-Profits & Charities
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa