As per the report published by Allied Market Research, the global proposal management software market generated $1.8 billion in 2021, and is expected to reach $7 billion by 2031, registering a CAGR of 14.8% from 2022 to 2031. The report provides an in-depth analysis of top segments, changing market trends, value chain, key investment pockets, competitive scenarios, and regional landscapes.
Integration with existing tools and customization and rise of cloud-based proposal management software have boosted the growth of the global proposal management software market. The market across North America dominated in 2021, holding more than two-fifths of the market. The Covid-19 pandemic severely impacted the market due to increase in the number of smartphone users, high adoption of connected devices, and rise in the e-commerce sector.
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Based on enterprise size, the large enterprises segment held the largest share in 2021, contributing to around three-fifths of the market. However, the SMEs segment is anticipated to register the highest CAGR of 16.1% during the forecast period.
Based on component, the service segment is expected to portray the highest CAGR of 16.2% during the forecast period. However, the software segment held the largest share in 2021, contributing to nearly three-fifths of the market.
The global proposal management software market includes an in-depth analysis of the prime market players such as Aarav Software, Bidsketch, Better Proposals, Deltek, Inc., GetAccept, Icertis, iQuoteXpress, Inc., Ignition, Microsoft Corporation, Nusii, Proposify, PandaDoc, RFPIO, Sofon, Tilkee, WeSuite, and Zbizlink.
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The global proposal management software market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2021, holding more than two-fifths of the market. However, the market across Asia-Pacific is projected to showcase the highest CAGR of 17.2% during the forecast period.
On the basis of industry vertical, the manufacturing segment is projected to register the highest CAGR of 17.8% during the forecast period. However, the government segment held the largest share in 2021, accounting for more than one-fifth of the market.
On the basis of deployment model, the cloud segment is projected to manifest the highest CAGR of 15.9% during the forecast period. However, the on-premise segment held the lion’s share in 2021, accounting for more than half of the market.
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Covid-19 scenario:
- The Covid-19 pandemic severely impacted the market due to an increase in number of smartphone users, high adoption of connected devices, and a rise in the e-commerce sector. The Covid-19 pandemic created economic challenges and disrupted the supply chain.
- The shutdown of various plants and factors negatively affected the supply chain and manufacturing, delivery schedules, and sales of products.
- Digital and artificial intelligence industry gained popularity to manage and control the outbreak.
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