Proposal Management Software Market to Touch New Height USD 3.1 billion By 2024
According to a new market research report "Proposal Management Software Market by Software, Service (Deployment andIntegration, Consulting, Support and Maintenance), Deployment Type (On-Premisesand Cloud), Organization Size, Vertical, and Region - Global Forecast to2024",published by MarketsandMarkets, the global Proposal Management Software Marketsize to grow from USD 1.5 billion in 2019 to USD 3.1 billion by 2024, at aCompound Annual Growth Rate (CAGR) of 14.9% during the forecast period.
Major factors expected to drive the growth of the proposalmanagement software industry include increasing shift to cloud-basedtechnologies, proposal management becoming an effective tool to increase thewinning rate of business deals, and integration of AI-enabled tools with proposalmanagement software.
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Based on component, the services segment is likely to recorda higher growth rate than the software segment during the forecast period
By component, the services segment is expected to grow at ahigher rate than the software segment during the forecast period. The servicessegment has a major influence on the Proposal Management Software Market growth.The demand for services is increasing with the growing adoption of proposalmanagement software solutions by enterprises across major application areas.Services are necessary for easy deployment, integration, and proper functioningof the software. The services segment has been further segmented intodeployment & integration, consulting & advisory services, and support& maintenance.
Among services, deployment & integration segment to growat a higher rate than the support & maintenance, and consulting &advisory services segment during the forecast period
Deployment & Integration services include infrastructureassessment and planning services, interface design and development, and upgradeassistance, and real-time IT support. These services help configure, test, anddeploy proposal management software and are essential for the efficientinstallation of proposal management software within an organization’s existinginfrastructure.
Vendors offer services that evaluate the complete projectlife cycle and cover all phases of software implementation, right from planningand deployment to support. They also include software integration with legacysystems that enable rapid deployment. Once the software is configured, thoroughuser acceptance testing is conducted to ensure the system works to improvebusiness efficiency and employee productivity. Vendors typically follow aphased implementation approach as per the organization's desired time frame forimplementation, starting from installation and configuration to testing,training, and going live.
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North America to account for the largest market size duringthe forecast period
North America consists of developed countries, such as the USand Canada. This region is open to the adoption of new and emerging technologies.Moreover, its strong financial position enables it to invest heavily in theadoption of the latest and leading tools and technologies for ensuringeffective business operations. Such advantages help organizations in thisregion gain a competitive edge.
North America has the first-mover advantage in the adoptionof new technologies, such as smartphones and cloud platforms. North Americaheadquarters many large enterprises and are host to various internationalevents. Enterprises are willingly investing in North America. The factorsexpected to drive the growth of the Proposal Management Software Market inNorth America are the stable economy, technological enhancements, and advancedinfrastructure.
Key and emerging players include in Proposal ManagementSoftware Market are Icertis (US), Microsoft (US), Deltek (US), WeSuite (US),GetAccept (US), Nusii (Spain), iQuoteXpress (US), Sofon (Netherlands), Tilkee(France), Practice Ignition (Australia), Bidsketch (US), RFPIO (US), Proposify(Canada), PandaDoc (US), Bidrik (Sweden), Better Proposals (England), AaravSoftware (India), Zbizlink (US), Nibaal(India), and Privia (US). These players have adopted various strategies to growin the Proposal Management Software Market.
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