Proposal management is a process that involves implementing specific techniques and actions in an effort to improve team collaboration and proposal quality. However, in today’s fast paced business environment, managers require efficient tools to effectively create proposals. For such managers, proposal management software or solutions help in creating, storing and managing proposals quickly and in a refined way.
The global Proposal Management Software market size is expected to reach close to 6.7 Billion by 2029 with an annualized growth rate of 11.1% through the projected period.
The global proposal management software market size is anticipated to reach approximately USD 4.1 billion by 2025. This can be attributed to ongoing automation across organizations and sales teams’ effort to automate proposal making process, increase sales efficiency and conversion. Also, the integration of AI is proving to be important factor in the growing demand for proposal management software.
However, most of the recent proposal management software are cloud based which raises measure security concern over confidential business data. This is a key factor to hamper the proposal management software market growth. Furthermore, increasing number of SMEs and startups are expected to create lucrative opportunities for the market in the forthcoming years.
Proposal Management Software Market Scope
|Revenue forecast in 2029
|US$ 6.7 Billion
|CAGR of 11.1% during 2021-2029
|by Component, by Deployment, by Enterprise Size, by Vertical, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Icertis, Microsoft, Deltek, WeSuite, GetAccept, Nusii, iQuoteXpress, Sofon, Tilkee, Practice Ignition.
Key Segment Of The Proposal Management Software Market
by Component, (USD Million)
• Proposal Management Software
• Proposal Management Services
by Deployment, (USD Million)
• On-Premises Proposal Management Software
• Cloud-based Proposal Management Software
by Enterprise Size, (USD Million)
• Proposal Management Software for Large Enterprises
• Proposal Management Software for Small and Medium-Sized Enterprises
by Vertical, (USD Million)
• Retail and E-Commerce
• Healthcare and Lifesciences
• Transportation and Logistics
• Telecom & IT
• Verticals (Energy and Utilities, Media & Entertainment, and Education)
Regional Overview, (USD Million)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
Today, the markets have become highly competitive. With the ongoing digital transformation, organizations are digitizing and automating every possible business function or process. The proposals and contract management are the key processes in sales, and sales teams are always looking to improve sales efficiency and increase conversion rates. The proposal management software is a key solution for such sales teams, as such software reduce the turnaround time once the RFP is generated. Also, with the availability of AI and cloud based solutions the proposal management process becoming highly effective and conversion rates are comparatively higher. With the rise in number of SME’s and developing startup, there will be significant demand for proposal management software in future.
Based on the component segment, the market is divided into software and services. In 2019, the software segment gathered the highest market revenue and it is anticipated to dominate the proposal management software market throughout the forecast period. However, the services segment is expected to gather the highest growth throughout the forecast period.
Industry Vertical Segment
Based on industry vertical, the market is bifurcated into IT & telecom, BFSI, retail, healthcare, government and defense, manufacturing, and others. In 2019, the IT & Telecom segment captured the highest market revenue and is anticipated to dominate the proposal management software market throughout the forecast period. The growth of this segment is mainly attributed to the higher level of awareness and early adoption of such solutions.
The North America region dominated the overall market in 2019 and it is expected to do so throughout the forecast period 2020-2025. The dominance of this region mainly attributed to the presence of major market players such as Microsoft, Icertis, Deltek, Proposify, and others in this region. Also, early awareness and adoption is also the key market driver for this region. However, the Asia-Pacific region is anticipated to experience the highest growth during the forecast period. The growth of this region is mainly accredited to rapid digital transformation in the region as well as presence of large number of SMEs.
The major players of the global proposal management software market are Icertis, Microsoft, Deltek, WeSuite, GetAccept, Nusii, iQuoteXpress, Sofon, Tilkee and Proposify. The recognized companies are coming up with updated solutions and services, especially in integration with Artificial Intelligence and cloud. The leading companies are investing into both organic as well as in-organic growth strategies.