According to a new report, published by KBV research, 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.
The Solution segment is generating the maximum revenue in the Global Award Management Software Market by Component in 2023; thereby, achieving a market value of $945.4 million by 2031. This segment includes the software tools and platforms for managing the end-to-end award management process, from submission and evaluation to final decision-making and reporting. The increasing adoption of automated systems for award management across various industries, such as education, corporate, and government sectors, drives the demand for such solutions.
The On-Premise segment exhibits a CAGR of 13.3% during (2024 - 2031). While cloud-based solutions dominate, on-premises solutions, such as large enterprises or government agencies, continue to serve organizations that require more control over their data and security. On-premises deployment allows for greater customization and can be preferable for organizations with strict data privacy regulations or those operating in regions where cloud services may have limitations.
The Corporation segment is leading the Global Award Management Software Market by Vertical in 2023; thereby, achieving a market value of $336.7 million by 2031. Corporations utilize award management software to streamline the recognition process, improve employee engagement, and manage internal awards and recognition programs. The growing emphasis on employee satisfaction, retention, and corporate culture drives the demand for these software solutions. Additionally, as companies expand globally, award management software enables them to efficiently handle award programs across multiple regions and departments, contributing to the segment’s substantial market share.
The SMEs segment is capturing a CAGR of 14.1% during (2024 - 2031). While SMEs have fewer employees than large enterprises, they increasingly adopt award management software to enhance employee motivation, reward systems, and organizational culture. The adoption of such software among SMEs is driven by the need to streamline operations, improve employee satisfaction, and enhance recognition without substantial investments in manual processes.
Full Report: https://www.kbvresearch.com/award-management-software-market/
The North America region dominated the Global Award Management Software Market by Region in 2023; thereby, achieving a market value of $544.3 million by 2031. The Europe region is expected to witness a CAGR of 13.2% during (2024 - 2031). Additionally, The Asia Pacific region would obtain a CAGR of 14.2% during (2024 - 2031).
By Component
By Deployment
By Vertical
By Organization Size
By Geography
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