“Global Award Management Software Market to reach a market value of USD 1.6 Billion by 2031 growing at a CAGR of 13.6%”
The Global Award Management Software Market size is expected to reach $1.6 billion by 2031, rising at a market growth of 13.6% CAGR during the forecast period.
Industry associations utilize award management software to manage member recognition programs, industry-specific awards, and professional excellence accolades. Industry associations can manage large volumes of applications and nominations with award administration software, which guarantees a fair and transparent evaluation process. Thus, the industry association segment held 17% revenue share in the market in 2023. This segment has seen steady growth as organizations within various industries, including healthcare, technology, and entertainment, increasingly use automated systems to recognize excellence and drive industry standards.
Award management software helps to meet these demands by providing tools for monitoring fund allocation, tracking milestones, and generating compliance reports. These tools ensure that organizations can demonstrate transparency in distributing and using funds. As organizations face increasing scrutiny regarding the use of public funds, they must ensure adherence to stringent compliance standards. For example, the European Union’s Public Sector Accounting Directive mandates transparency in government spending, including grants and awards. Therefore, the rising need for transparency and compliance drives the growth of the award management software market, as it helps organizations streamline processes and maintain transparency in their operations. Additionally, Digital transformation is a priority in the public sector, with governments worldwide implementing digital solutions to enhance service delivery and transparency. For example, the European Union’s Digital Strategy aims to improve the digital capacity of public services, ensuring that governments can serve their citizens more effectively. As a result, award management software providers are seeing growing opportunities to offer cloud-based, scalable, and flexible solutions to public and private sector organizations moving toward comprehensive digital transformation. Hence, the expanding digital transformation across public and private sectors is a key driver in the increasing demand for award management software.
However, customization requires additional time and resources for initial setup and ongoing maintenance. This can increase costs and complexity, making it less appealing for organizations looking for an easy-to-use solution. Without the right level of customization, organizations may find themselves paying for features they don’t need or unable to access the required functionalities. This mismatch between off-the-shelf solutions and the specific needs of organizations can slow the adoption of AMS. Therefore, the lack of customization in off-the-shelf award management solutions can limit their appeal, especially for organizations with more complex or specialized needs.
Based on component, the market is divided into solution and services. The services segment held 38% revenue share in the award management software market in 2023. This segment encompasses the various professional services provided alongside the software solutions, including consulting, implementation, training, and support. The growing need for tailored services to customize award management systems to specific organizational needs drives the demand for this segment. As more organizations adopt award management software, they require ongoing support to optimize the use of these systems, ensuring they function effectively and efficiently.
On the basis of deployment, the market is segmented into on-premise and cloud. The cloud segment recorded the largest revenue share in the award management software market in 2023. Cloud-based solutions offer several advantages, including scalability, remote accessibility, lower upfront costs, and easier integration with other cloud-based tools. As organizations increasingly move toward digital transformation, the cloud segment has grown significantly, especially among businesses and institutions requiring flexible, accessible, and cost-effective solutions.
Based on vertical, the market is categorized into corporation, government, industry association, educational institute, philanthropic organization, and others. The government segment witnessed 19% revenue share in the market in 2023. Government agencies and public organizations often rely on award management software to manage grants, public recognition programs, and civil service awards. With an increasing focus on transparency and efficiency in government processes, award management software helps streamline operations, ensure fairness in award distributions, and improve overall governance.
By organization size, the market is divided into large enterprises and SMEs. In 2023, the large enterprises segment registered 57% revenue share in the award management software market. Large enterprises typically have complex organizational structures, a broad workforce, and multiple award programs, making award management software essential for streamlining and automating recognition and award processes. These organizations require scalable and robust solutions to handle many awards and nominations, often across multiple locations or departments.
Free Valuable Insights: Global Award Management Software Market size to reach USD 1.57 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed 36% revenue share in the market in 2023. North America, particularly the United States and Canada, has a high adoption rate of digital tools across various corporate, government, and education sectors. The increasing demand for automated and efficient solutions to manage employee recognition programs, grants, and awards has fueled market growth in this region.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 576.42 Million |
| Market size forecast in 2031 | USD 1.6 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 13.6% from 2024 to 2031 |
| Number of Pages | 232 |
| Number of Tables | 440 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Component, Deployment, Vertical, Organization Size, Region |
| Country scope |
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| Companies Included | SurveyMonkey Inc. (STG Partners, LLC), WizeHive, Inc., Submittable Holdings, Inc., Award Force, Blackbaud, Inc., OpenWater, Evalato, Judgify Ltd., RhythmQ Inc, AcclaimWorks Ltd. |
By Component
By Deployment
By Vertical
By Organization Size
By Geography
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