DUBLIN--(BUSINESS WIRE)--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%.
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.
Market Dynamics
Drivers
- Proposal Management is Becoming an Effective Tool to Increase the Winning Rate of Business Deals
- Increasing Shift to Cloud-Based Technologies
- Integration of AI-Enabled Tools With Proposal Management Software
- Benefits Such as Consistency, Tracking, and Reduced Time to Draft the Proposal Ensuring ROI
Restraints
- Security and Privacy Concerns for Confidential Data and Business Processes
Opportunities
- Initiatives From Organizations to Reduce Paper Wastage
- Growing Demand Among SMEs
Challenges
- Lack of Standard Procedures and Integration Concerns With Traditional Architectures
Use Cases
- Use Case 1: Healthcare
- Use Case 2: Government
- Use Case 3: Service Industry
Impact of Disruptive Technologies
- Artificial Intelligence
- Robotic Process Automation
- Blockchain
Company Profiles
- Aarav Software
- Better Proposals
- Bidrik
- Bidsketch
- Deltek
- GetAccept
- Icertis
- iQuoteXpress
- Microsoft
- Nibaal
- Nusii
- PandaDoc
- Practice Ignition
- Privia
- Proposify
- RFPIO
- Sofon
- Tilkee
- WeSuite
- Zbizlink
For more information about this report visit https://www.researchandmarkets.com/r/hanmzo
