MarketsandMarkets expects the global Award Aanagement Software Market is expected to grow from USD 559 million in 2020 to USD 856 million by 2025, at a Compound Annual Growth Rate (CAGR) of 8.9% during the forecast period. The growing need to automate the award process for enhancing correlation between award organizers, judges, and applicants is driving the growth of the award management software market.
By end user, corporations to hold the largest market size in 2020
In the current competent market, both small and large businesses leverage contests and events to position themselves apart from their competitors and attract more talented professionals at their workplace. The award management solution can help corporations in implementing various strategies, including entertainment of staff members, launch of new products, recruitment through creative contests, and employee motivation. Corporations are emphasizing on adopting the award management solution to boost the performance of award teams for better engagement of customers. Increasing automation in the corporation sector to increase business efficiency and remain competent in the market are major factors contributing to the growth of the award management software market.
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Services segment to grow at a higher CAGR during the forecast period
Award management services have a full scope of usage, ranging from assistance to customers for deployment of solution, integration, and implementation, to cater to the business-specific needs of organizations. Award management services help organizations bridge legacy systems to modern applications and take care of consulting and training work so that customers can focus on their core business. This has created opportunities for vendors to provide services to enterprises across different end users and help them deal with complexities while configuring the award management solution.
The major award management software vendors include Blackbaud (US), WizeHive (US), Submittable (US), Evalato (Spain), Award Force (Australia), SmarterSelect (US), Reviewr (US), Eventsforce (UK), Currinda (Australia), AwardStage (UK), AcclaimWorks (England), Judgify (Singapore), Untap Compete (Egypt), OpenWater (US), omniCONTESTS (US), eAwards (Philippines), alpha awards (Austria), Omnipress (US), Submit.com (Ireland) and RhythmQ (Canada).These vendors offers solutions to manage end-to-end award management process. These companies have also adopted different growth strategies, such as new partnerships, and agreements to further expand their presence in the global award management software market. These strategies have helped them innovate their offerings and broaden their customer base.
Blackbaud (US), a leading cloud software company works for social good and is a prominent player that offers award management solutions and services. The company provides custom on-premises and cloud-based software to the global philanthropic community, educational institutes, corporations, and art and cultural organizations. The company invests substantially in Research and Development (R&D) and focuses on enhancing its existing products and services by enabling ease of use to fulfill the needs of the award organizers. The company’s growth strategy is built on its one Blackbaud ecosystem, a connected, one-stop destination for customers to make their social goods easier and efficient. In the past three years, Blackbaud has conclusively shown remarkable steps in implementing organic growth strategies. In June 2018, the company has expanded its global footprint by opening its new headquarters in South Carolina, US.
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WizeHive (US) is another leading player in the global award management software market. The award management solution offered by WizeHive simplifies and streamlines the award processes. The solution empowers customers by providing an application interface that is easy-to-use. WizeHive caters its solutions and services to a range of industry verticals, such as private and family foundations, community foundations and fundraising organizations, corporate foundations and giving, associations, educational institutions, government, nonprofits and public charities, and corporates. WizeHive has built a secure brand value in the global award management ecosystem, catering to its clientele across different regions. As a part of its growth strategy, in April 2018, WizeHive partnered with eCivis, part of GTY, a leading public sector Software-as-a-Service (SaaS) company. The partnership intended to centralize and streamline the application intake, evaluation, and award award process across the entire state of Arizona.
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