Awards Management Software Market is anticipated to have a significant CAGR of 8.2% by the end of 2032 – Persistence Market Research
Global Market Study on Awards Management Software: Large Enterprises to Remain Key Contributors
New York, Sept. 22, 2022 (GLOBE NEWSWIRE) — The awards management software market is predicted to account for US$ 1.5 billion in 2032, up from US$ 663.4 Million in 2022, advancing at a CAGR of 8.2% during the forecast period (2022-2032).
The awards management software market is primarily driven by an increase in the processing and managing of awards globally. This unpredictable increase has resulted in high demand for awards management software, for leading the awards to function in systematic ways is likely to have potential growth in the forthcoming years.
Furthermore, the sales of awards management software are rising due to the growing consumers as per the increase in the numbers of professional awards function globally. Furthermore, many consumers have trusted the software brand, which is likely to increase the demand for awards management software products.
End-users are rising their demand for awards management software, as it automatically processes the awards shows with one tap. The AI integration tool in the adoption of awards management software is likely to boost the opportunity all around the globe.
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Awards management software market share rises as it reduces the labor-force work and co-ordinates the relevant data with the awards management software products. Additionally, it improves the whole process related to awards and is likely to accelerate the application view in the awards management software market growth.
Several large enterprises, educational institutes, political rallies, and corporate sectors are the leading end-users who are likely to increase the awards management software market size in the forecast period 2022 to 2032.
The adoption of awards management software is anticipated to rise due to providing information related to awards management software, including training, counseling, services, support & maintenance, which leads to rises in the numbers of consumers. This factor leads to an increase in the sales of awards management software products in huge quantities during the forecast period.
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Key Takeaways:
- The awards management software market is predicted to develop at a CAGR of 8.2%, with a market share of US$ 1.5 Billion through 2032.
- In the United States, the awards management software market is estimated to reach US$ 509.5 Million, with a CAGR of 7.7% through 2032.
- The awards management software market in China is expected to have a prodigious CAGR of 7.5% through 2032, with the expected market share of US$ 104.5 Million.
- The awards management software market in Japan is expected to reach US$ 85.3 Million, with a steady CAGR of 6.6% through 2032.
- The awards management software market in the UK is expected to have a market share of US$ 61.2 Million, with a CAGR of 7.1% through 2032.
- The solutions segment of the awards management software market, by component category, is expected to grow at a CAGR of 7.2 percent through 2032.
- The large enterprise segment of the awards management software market, based on organization size, is expected to grow at an annual rate of 8% through 2032.
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Competitive Landscape:
The leading companies in the growth of the awards management software market are likely to focus on production and generate revenue to increase the awards management software market size.
Some of the competitive companies in the field of awards management software market are Blackbaud, Currinda, eAwards, SmarterSelect, OpenWater, Untap Compete, Reviewer, AcclaimWorks, Omnipress, alpha awards, OmniCONTESTS, PhythmQ, WizeHive, Judgify, Award Force, and Submittable.
Recent Developments:
- WizeHive and eCivis are the SaaS companies which collaborated as partners in April 2018. Its main motive is likely to streamline and centralize granting awards, and application intake around Arizona.
- Award Force has announced the inclusion of new features to its judge management function as of May 2020. It has the ability to add, remove, or rearrange columns, as well as an updated score sets feature, a hidden tab setting, and various other visual enhancements.
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