SAN FRANCISCO, Jan. 12, 2022
SAN FRANCISCO, Jan. 12, 2022 /PRNewswire/ -- The global award management software market size is anticipated to reach USD 1.1 billion by 2028, expanding at a CAGR of 8.2% from 2021 to 2028, according to a new study conducted by Grand View Research, Inc. The rising need among enterprises to improve the overall award process by accelerating award application review is expected to drive the growth of the market. The capabilities of award management software to automate report creation to keep the record of the award process, screen large volumes of entries, reduce the time to scrutinize, and subsequently, reduce administrative costs are expected to drive the adoption of award management software over the forecast period.
Key Insights & Findings from the report:
Read 150 page market research report, "Award Management Software Market Size, Share & Trends Analysis Report By Component (Solution, Service), By Deployment (On-premise, Cloud), By Organization, By End User, By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research
Award management software allows enterprises to manage and streamline various aspects of the award process. Enterprises typically utilize the software to create award programs, invite applications, review and evaluate entries, and compile and record the entire award management process to maintain transparency. Enterprises can use award management software to screen employees for different types of awards, such as institutional awards and fellowships. The software also includes a voting process, and a communication channel for applicants, among other features.
Large enterprises are particularly expected to opt for award management software owing to a large number of employees they have to screen as part of the award process. The adoption of cloud-based software is expected to gain traction as cloud-based software can potentially reduce implementation costs while facilitating adequate storage space and real-time access to data. The integration of machine learning and artificial intelligence capabilities with award management software is expected to create new growth opportunities for the growth of the market over the forecast period.
Grand View Research has segmented the global award management software market based on component, deployment, organization, end-user, and region:
List of Key Players in the Award Management Software Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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