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Award management software offers a platform for companies and organizations to evaluate, compile, select, manage, judge, and analyze the nominees. It offers solutions for the entire award selection process for the organizations. The software also offers features such as communication channels for applicants, providing voting process, offer in-depth reports, and offers brief information of each applicant from the large pool of application. Its fast and instant summarization of application and provision of results is boosting the software demand. The software can be implemented in enterprises for screening the employees, educational, government institutions for allotting scholarships, fellowships, and grants. The vast application of software in organizations is driving the award management software market. Moreover, the ability to screen the large volume of entries as per the requirement is driving the demand of the software. The software also provides grant management capabilities, to offer incentives, aids, scholarships, recognitions, and more for educational and corporate institutes.
The large enterprises are expected to gain the traction owing to the massive number of employee participation. Similarly, the cloud-based award management software is expected to witness rapid adoption owing to its low cost of implementation, high storage space, and real-time access to data. Similarly, the integration of artificial intelligence and machine learning capabilities with the software is likely to create new opportunities in the market.
Key Market Driver -
• Growing demand for grant management software is likely to drive the market
Key Market Restraint -
• Issues like data privacy and security might hinder market growth
Some of the key players in the global award management software market are Award Force WizeHive, AwardStage, Judgify, omniCONTESTS, Openwater, Reviewr, RhythmQInc, Smarterselect, Reviewr among others. The companies are offering a wide range of award management software. With an aim to reach end-users the software providers are entering into strategic partnerships with educational institutes, corporates, and government agencies.
North America is expected to dominate the award management software market owing to being an early adopter of the software. The US accounts for a significant number of software providers. The rising competition in the country and the need to acquire potential candidates are boosting the demand for the software. Europe is anticipated to grow in term of major market revenue share in the market.
Asia Pacific is likely to gain traction during the forecast period. The development in countries like China, Japan, and India is boosting the adoption of software. China and India being the highly populated countries, the software offers easy access and information regarding the student and employee such as achievements, potential, experience, and more. This is driving the market.
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