The global award management software market size is expected to showcase astonishing growth owing to the increasing adoption of automated software by organizations in a bid to attain efficiency, states Fortune Business Insights™ in an upcoming report, titled, “Award Management Software market size, share & industry analysis, By Component (Solution, Services), By Function Type (Entry Management, Judging Management, Reporting & Analytics, Application Tracking, Others), By Deployment (On-premises, Cloud), By Enterprise Size (Small and Medium Enterprises, Large Enterprises), By End-user (Government, Corporate, Educational Institutes, Industrial, Others) and regional forecast 2021-2027.” The software can be implemented in enterprises for screening the employees, educational and government institutes for allotting scholarships, fellowships, and grants.
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A List of Key Manufacturers Operating In the Global Award Management Software Market Report:
- Award Force WizeHive
- Rhythm Inc.
The COVID-19 pandemic has brought numerous challenges in front of the Information and Technology (IT) sector. While there are several opportunities associated with the new normal of working from home, firms across the globe lack the infrastructure to meet the rapid demand for remote working. At Fortune Business Insights, we are closely studying the current scenario to develop a market report that will help you find the loopholes and work on the challenges.
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Highlights of the Report:
While making the report, we segmented the market on the basis of product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included Study of core competencies of the key players and their market share to anticipate the degree of competition. Bottom-up procedure was conducted to arrive at the overall size of the market.
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Drivers & Restraints-
Increasing Demand for Grant Management Software to Drive Growth
The growing age of automation amid the high competition among businesses is driving leading companies to adopt automation software. According to a recent research by Nucleus Research, using automation software increases productivity by 14.5%. The trend is enhancing the demand for grant management software, which is expected to drive the growth of the global award management software market. In addition, the ability of these software systems to provide key insights in real time is further boosting the growth.
Presence of Major Players in the U.S. to Help North America Dominate
North America is leveraging the first mover advantage to dominate the global award management software market. Home to major IT companies, the U.S. generates a huge amount of data through these companies, which is driving the adoption of award management solutions in the region. In addition, rising awareness regarding the benefits of these solutions is further strengthening the demand.
The Asia Pacific award management software market is expected to experience significant growth. The ability of the software to process huge amounts of data can be instrumental in countries including China and India, where the population is exceptionally high. This is expected to increase the demand for the software in the region, which in turn will exhibit enhanced growth.
Regular Software Updates to Help Key Payers Lead Competition
The key players operating the global award management software market are constantly working on offering an all-encompassing experience to the end users through their software. They are focusing on updating their software capabilities on a regular basis. This will help them get an edge over the competition. For instance, in September 2019, Workday enhanced the capabilities of its grants management software by adding new features. This will help the company offer a better experience to the users.
- In May 2021, Award Force announced the addition of new features in its judge management function. It can add, remove, or change the columns, the revised score sets feature, hide tab setting and other several aesthetics added.
- In April 2018, WiseHive announced partnership with eCivics, a provider of SaaS grant management systems. The partnership aims at centralizing, enhancing, and streamlining the evaluation of the grant award process.
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Major Table of Content For Award Management Software Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Award Management Software Market Analysis, Insights and Forecast, 2027
- North America Award Management Software Market Analysis, Insights and Forecast, 2027
- Europe Award Management Software Market Analysis, Insights and Forecast, 2027
- Asia Pacific Award Management Software Market Analysis, Insights and Forecast, 2027
- The Middle East and Africa Award Management Software Market Analysis, Insights and Forecast, 2027
- Latin America Award Management Software Market Analysis, Insights and Forecast, 2027
- Competitive Landscape
- Company Profile
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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