Pune,India, Dec. 08, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Proposal Management Software Market Size was valued at USD 2.33 billion in 2022 and is projected to grow from USD 2.59 billion in 2023 to USD 5.81 billion by 2030, exhibiting a CAGR of 12.2% during the forecast period.
Increasing demand for product innovation systems to assist Software-as-a-Service (SaaS)-enabled proposal management applications is driving market expansion. Rapid integration of cloud-based proposal management software to enhance scalability and IT infrastructure security is also contributing to market growth
Key Industry Development-
August 2022: ArchiSnapper, a software-as-a-service (SaaS) and mobile application specially developed for architects and engineers, was acquired by Deltek to automate field reporting & digital site inspection and improve collaboration.
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Key Takeaways-
- Proposal Management Software Market is expected to flourish & reach USD 5.81 Billion in 2030
- The ability to personalize proposal content will be a key differentiator that helps organizations close deals in future.
- The impact on the market is estimated to be high in the short term and moderate in the medium to long term.
- Proposal Management Software Market Size in North America was USD 0.78 Billion 2022
Discover the Leading Players Featured in the Report-
“QorusDocs Ltd. (U.S.), Xait (Norway), Conga Inc. (U.S.), Icertis Solutions Pvt. Ltd. (U.S.), Deltek Inc. (U.S.), GetAccept Inc. (U.S.), Sofon B.V. (Netherlands), Nusii Proposal S.L. (Spain), PandaDoc Inc. (Poland), Salesforce, Inc. (U.S.)”
Report Scope & Segmentation-
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 12.2% |
| 2030 Value Projection | USD 5.81 Billion |
| Base Year | 2022 |
| Proposal Management Software Market Size in 2022 | USD 2.33 Billion |
| Historical Data for | 2017 to 2021 |
| No. of Pages | 135 |
| Segments covered | Deployment, Enterprise, Industry |
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Drivers and Restraints-
Surging Investments in Tech and Automation to Improve Proposal Quality to Drive Market Growth
An increase in Request for Proposals (RFP) competition is expected to boost the demand for personalized content proposals in the coming years. Surging investments in tech and automation to improve activities and proposal quality are propelling the proposal management software market growth. The increasing need for proposal management software among businesses to customize proposals is driving market expansion. Companies are concentrating on automation and increasing their workforce to pave the way for success.
However, market growth is restrained by difficulties in integrating AI for users of proposal management software.
Leading Segments Covered in this Report-
By Deployment
- Cloud
- On-premises
By Enterprise Type
- Small and Mid-sized Enterprises (SMEs)
- Large Enterprises
By Industry
- BFSI
- IT & Telecom
- Retail and E-commerce
- Healthcare
- Education
- Government
- Manufacturing
- Others (Media and Entertainment)
Regional Insights-
Increasing Investments in R&D Initiatives by Key Market Players Fueled Market Growth in North America
North America dominated the global market. Increasing investments in R&D by key market players to integrate cutting-edge technology features in their solutions to enhance the customer experience are driving market growth in the region.
The market in Europe is expected to witness significant expansion over the projected period. Increasing advancements in cloud-based applications and a rise in investments in cloud services by companies are driving market growth in the region.
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Competitive Landscape-
Leading Companies Concentrate on Acquisitions to Strengthen their Market Positions
Prominent companies are implementing strategic initiatives, including acquisitions, to strengthen their market positions and provide unconventional services to end-users.
In January 2022, as part of an international diversification drive into multiple geographies and industry verticals, Jack in the Box was acquired by Xait.
FAQs
How Proposal Management Software Market?
Proposal Management Software Market size was USD 2.33 Billion in 2022. It is expected to reach USD 5.81 Billion by 2030.
How fast is the Proposal Management Software Market?
The Proposal Management Software Market will exhibit a CAGR of 12.2% during the forecast period, 2023-2030
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