Increasing focuson on improving sales efficiency, popularity of cloud based solutions, and integration of AI and analytics are the major factors driving the growth of the proposal management software market
The global proposal management software market size is anticipated to reach nearly USD 4.1 billion by 2025. In addition, it is expected to exhibit a CAGR of nearly 14% during the forecast period 2020-2025. The area of proposal management software is developing and offers potential opportunities in the upcoming years. The growing demand from small & medium organizations to improve sales efficiency and conversion rate is expected to drive the growth proposal management software market in coming future.
The existing and future proposal management software market developments are defined to determine the attractiveness of the market. Key impacting factors highlight the proposal management software market opportunities throughout the forecast period. The ongoing digital transformation and critical importance of increasing sales efficiency and conversion rate are a key drivers for this market. Also, increased deployment of cloud and web-based proposal management software are also fuelling the adoption of proposal management software. However, the concerns over data and privacy security is expected to hamper the proposal management software market growth. Furthermore, developing startup ecoysystem in Asia- Pacific is expected to create lucrative opportunities for the market in the forthcoming years.
The report also highlights numerous aspects of the global proposal management software industry by evaluating the market through value chain analysis. Besides, the report covers numerous qualitative aspects of the proposal management software industry in market drivers, restraints, and key industry opportunities. Furthermore, the report offers a complete assessment of the market rivalry along with company profiling of local as well as global vendors.
The proposal management software market has strong competition among the well-established as well as new emerging players. Also, the proposal management software industry players are targeting prospective markets to capture a competitive advantage over the other industry players by forming agreements, mergers & acquisitions, acquiring new startups & other companies, forming collaboration and partnerships, and expanding their business presence.
Based on deployment mode, the market is bifurcated in on-premise and cloud based solutions. The cloud segment is expected to grow at the highest rate. The cloud based solutions are less costly compare to on-premise solutions, as the infrastructure cost is highly reduced. SME’s are highly demanding such solutions inspite of investing into higher infrastructure costs.
Based on industry vertical, the market is bifurcated into IT & telecom, BFSI, retail, healthcare, government and defense, manufacturing, and others. In 2019, the IT and 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 higher awareness and early adoption of this vertical.
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 FireEye, IBM, Cisco, Splunk, and others in 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 favorable government policies and rapid economic developments in this region.
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.
Segment Overview of Global Proposal management software market
Component Overview, 2018-2025 (USD Billion)
- Deployment and Integration
- Support and Maintenance
Deployment Mode Overview, 2018-2025 (USD Billion)
Enterprise Size Overview, 2018-2025 (USD Billion)
Industry vertical Overview, 2018-2025 (USD Billion)
- IT & telecom
- Government and Defense
Regional Overview, 2018-2025 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America