Dublin, Jan. 02, 2020 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
The Global Proposal Management Software Market Size is Projected to Grow from USD 1.5 Billion in 2019 to USD 3.1 Billion by 2024, at a CAGR of 14.9%.
This report includes an in-depth competitive analysis of these key players in the proposal management software market, with their company profiles, product portfolios, recent developments, and key market strategies. The research report segments the proposal management software market by component (software and services), deployment type, organization size, vertical, and region.
Increasing shift to cloud-based technologies is driving the proposal management software
Major factors expected to drive the growth of the proposal management software market 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.
The proposal management software segment is expected to hold the major market share during the forecast period.
Proposal management tools are designed to help sales teams and companies increase their sales efficiency and automate the proposal & contract processes. With proposal management software tools such as document generation, sales content repository, and merging content, the proposal management software aims to automate the primary proposal management operations for improved sales results. Numerous financial organizations, healthcare institutes, legal firms, manufacturing, and service sectors use proposal software to develop their sales proposals and streamline their RFP response generation.
On-premises deployment is expected to hold the major market size during the forecast period.
The on-premises deployment type refers to the installation of the proposal management software on the premises of an organization rather than at a remote facility. On-premises solutions are delivered with a one-time licensing fee, along with a service agreement. Furthermore, the deployment of this solution requires huge infrastructure and a personal data center, which is affordable only for large organizations. Hence, SMEs often face the dilemma of choosing between the hosted and on-premises solutions.
In spite of advantages, such as control over the system and data, and dedicated staff for maintenance and support, the on-premises deployment type has various drawbacks, which include high deployment costs and proper infrastructure requirements that are not always possible for every organization. The growth of the on-premises deployment type is expected to be affected by the rapid development of cloud computing solutions.
North America is expected to hold the major market size during the forecast period.
The North American region 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 allows it to invest heavily in the adoption of the latest and leading tools & technologies for ensuring effective business operations. Such advantages help organizations in this region to gain a competitive edge.
North America has the first-mover advantage in the adoption of new technologies, such as AI and ML. The factors expected to be driving the growth of the proposal management software market in North America are the stable economy, technological enhancements, and advanced infrastructure costs. APAC is one of the fastest-growing regions and has a favorable market for proposal management software and service vendors. India, China, Australia, and Japan are major contributors to the proposal management software market growth in APAC.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Global Proposal Management Software Market
4.2 Market By Component, 2019 vs. 2024
4.3 Market By Vertical, 2019-2024
4.4 Market Investment Scenario (2019-2024)
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Proposal Management is Becoming an Effective Tool to Increase the Winning Rate of Business Deals
5.2.1.2 Increasing Shift to Cloud-Based Technologies
5.2.1.3 Integration of AI-Enabled Tools With Proposal Management Software
5.2.1.4 Benefits such as Consistency, Tracking, and Reduced Time to Draft the Proposal Ensuring RoI
5.2.2 Restraints
5.2.2.1 Security and Privacy Concerns for Confidential Data and Business Processes
5.2.3 Opportunities
5.2.3.1 Initiatives from Organizations to Reduce Paper Wastage
5.2.3.2 Growing Demand Among SMEs
5.2.4 Challenges
5.2.4.1 Lack of Standard Procedures and Integration Concerns With Traditional Architectures
5.3 Use Cases
5.3.1 Use Case 1: Healthcare
5.3.2 Use Case 2: Government
5.3.3 Use Case 3: Service Industry
5.4 Impact of Disruptive Technologies
5.4.1 Artificial Intelligence
5.4.2 Robotic Process Automation
5.4.3 Blockchain
6 Proposal Management Software Market By Component
6.1 Introduction
6.2 Software
6.2.1 Proposal Management Software to Ensure Compliance Adherence and Significantly Reduce Contract Related Expenses
6.3 Services
6.3.1 Deployment and Integration
6.3.1.1 Growing Demand for Deployment Services to Help Reduce Complexities in Configuring Software in Existing Systems
6.3.2 Consulting
6.3.2.1 Need for Technical Expertise, Especially in Latin America and Mea, to Drive the Demand for Consulting Services
6.3.3 Support and Maintenance
6.3.3.1 Customer Service Assurance to Fuel the Demand for Support and Maintenance Services
7 Market By Enterprise Size
7.1 Introduction
7.2 Large Enterprises
7.2.1 High Volumes of Contracts to Boost the Demand for Proposal Management Software for Large Enterprises
7.3 Small and Medium-Sized Enterprises
7.3.1 Cost-Effectiveness of Cloud-Based Proposal Management Software to Drive the Demand Among Small and Medium-Sized Enterprises
8 Proposal Management Software Market By Deployment Type
8.1 Introduction
8.2 On-Premises
8.2.1 Security Concerns to Drive the Demand for On-Premises Proposal Management Software
8.3 Cloud
8.3.1 Small and Medium-Sized Enterprises to Drive the Demand for Cloud-Based Proposal Management Software
9 Market By Vertical
9.1 Introduction
9.2 Government
9.2.1 Increased Demand for Transparency and Visibility in the Government Sector to Boost the Need for Proposal Management Software in the Coming Years
9.3 Retail and Ecommerce
9.3.1 Growing Number of Contracts Between Retail and Ecommerce Companies and Supporting Service Industries to Drive the Growth of the Market in the Retail and Ecommerce Vertical
9.4 Healthcare and Life Sciences
9.4.1 Growing Need to Manage a Large Number of Health Systems and Related Services to Drive the Proposal Management Market
9.5 Banking, Financial Services, and Insurance
9.5.1 Digitalization in the BFSI Sector to Drive the Adoption of the Proposal Management Software
9.6 Transportation and Logistics
9.6.1 Increasing Need for Improving Business Operations to Drive the Market in the Transportation and Logistics Vertical
9.7 Manufacturing
9.7.1 Growing Demand to Overcome the Complexity in the Proposal Management Process Among Manufacturing Enterprises
9.8 IT and Telecom
9.8.1 Use of Proposal Management Software for Reducing Transactional Costs to Drive the Adoption in the IT and Telecom Vertical
9.9 Others
10 Proposal Management Software Market By Region
10.1 Introduction
10.2 North America
10.2.1 United States
10.2.1.1 Increasing Need for Enterprises to Automate the Proposal Management Process to Drive the Growth of Proposal Management in the United States
10.2.2 Canada
10.2.2.1 Deployment of Proposal Management Solutions to Get Actionable Insights to Fuel the Market Growth in Canada
10.3 Europe
10.3.1 United Kingdom
10.3.1.1 Increasing Demand for Digital Transformation in Business Operations to Boost the Market in the United Kingdom
10.3.2 Rest of Europe
10.4 Asia Pacific
10.4.1 China
10.4.1.1 High Adoption of AI and Automation Technologies in the Proposal Workflow in China to Drive the Proposal Management Software Market
10.4.2 Rest of Asia Pacific
10.5 Rest of the World
11 Competitive Landscape
11.1 Introduction
11.2 Competitive Scenario
11.2.1 New Product Launches and Product Enhancements
11.2.2 Partnerships/Collaborations/Alliances
11.2.3 Acquisitions
11.3 Competitive Leader Mapping
11.3.1 Visionary Leaders
11.3.2 Innovators
11.3.3 Dynamic Differentiators
11.3.4 Emerging Companies
12 Company Profiles
12.1 Introduction
12.2 Icertis
12.3 Microsoft
12.4 Deltek
12.5 WeSuite
12.6 GetAccept
12.7 Nusii
12.8 iQuoteXpress
12.9 Sofon
12.10 Tilkee
12.11 Practice Ignition
12.12 Bidsketch
12.13 RFPIO
12.14 Proposify
12.15 PandaDoc
12.16 Bidrik
12.17 Better Proposals
12.18 Aarav Software
12.19 Zbizlink
12.20 Nibaal
12.21 Privia
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