The awards management software market is poised to soar to a massive $1.5 billion, more than doubling in size from 2022’s $664 million, new research has shown. The projected increase underscores the growing demand for such tools as companies look to automate their awards processes in an effort to save time.
Persistence Market Research unveiled the results from its Award Management Software Market report in a press release at the end of November 2022, saying that the segment is on track to account for $1.5 billion over the course of a decade, climbing at a compound annual growth rate (CAGR) of 8.2% from 2022 to 2032.
The US market in particular is set to reach $509.5 million, with a CAGR of 7.7% during the forecast period. China is close behind in terms of projected growth, with an expected CAGR of 7.5% and a market share of $104.5 million. The UK meanwhile is expected to reach a market share of$61.2 million, with a CAGR of 7.1% by the end of the reported period 2032.
Persistence Market Research further notes in the report that the market is primarily driven by a global increase in the processing and managing of awards. This in turn has resulted in high demand for awards management software, with customers looking for solutions that automatically process awards shows with a single tap.
The report signals the growing importance of awards management features that rely on automation, such as customizable email communication, automated application approval, and automated special offers and promo codes. End-users are increasingly looking for solutions that would save time by streamlining the entire awards management process, from setting up the program to announcing the winners.