According to a new market research report “Proposal Management Software Market by Software, Service (Deployment and Integration, Consulting, Support and Maintenance), Deployment Type (On-Premises and Cloud), Organization Size, Vertical, and Region – Global Forecast to 2024″, published by MarketsandMarkets, the global Proposal Management Software Market size to grow from USD 1.5 billion in 2019 to USD 3.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period.
Major factors expected to drive the growth of the proposal management software industry include increasing shift to cloud-based technologies, proposal management becoming an effective tool to increase the winning rate of business deals, and integration of AI-enabled tools with proposal management software.
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Based on component, the services segment is likely to record a higher growth rate than the software segment during the forecast period
By component, the services segment is expected to grow at a higher rate than the software segment during the forecast period. The services segment has a major influence on the Proposal Management Software Market growth. The demand for services is increasing with the growing adoption of proposal management software solutions by enterprises across major application areas. Services are necessary for easy deployment, integration, and proper functioning of the software. The services segment has been further segmented into deployment & integration, consulting & advisory services, and support & maintenance.
Among services, deployment & integration segment to grow at a higher rate than the support & maintenance, and consulting & advisory services segment during the forecast period
Deployment & Integration services include infrastructure assessment and planning services, interface design and development, and upgrade assistance, and real-time IT support. These services help configure, test, and deploy proposal management software and are essential for the efficient installation of proposal management software within an organization’s existing infrastructure.
Vendors offer services that evaluate the complete project life cycle and cover all phases of software implementation, right from planning and deployment to support. They also include software integration with legacy systems that enable rapid deployment. Once the software is configured, thorough user acceptance testing is conducted to ensure the system works to improve business efficiency and employee productivity. Vendors typically follow a phased implementation approach as per the organization’s desired time frame for implementation, starting from installation and configuration to testing, training, and going live.
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North America to account for the largest market size during the forecast period
North America consists of developed countries, such as the US and Canada. This region is open to the adoption of new and emerging technologies. Moreover, its strong financial position enables it to invest heavily in the adoption of the latest and leading tools and technologies for ensuring effective business operations. Such advantages help organizations in this region gain a competitive edge.
North America has the first-mover advantage in the adoption of new technologies, such as smartphones and cloud platforms. North America headquarters many large enterprises and are host to various international events. Enterprises are willingly investing in North America. The factors expected to drive the growth of the Proposal Management Software Market in North America are the stable economy, technological enhancements, and advanced infrastructure.
Key and emerging players include in Proposal Management Software 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), Aarav Software (India), Zbizlink (US), Nibaal (India), and Privia (US). These players have adopted various strategies to grow in the Proposal Management Software Market.