Proposal Management Software Market Definition
Proposal Management Software is designed to help sales teams and companies increase sales efficiency and automate the proposal and contract process. It helps in sending quality proposals in less time. It helps to add product configurations, price guidance, quotes, proposals, and execute contracts, helping drive higher revenue and faster profit realization.
The market study is broken down by Type (Cloud-based and On-premises), by Application (BFSI, Telecom & IT, Transportation and Logistics, Manufacturing, Government, Retail and eCommerce, Healthcare and Lifesciences and Others) and major geographies with country level splits. According to AMA, the Global Proposal Management Software market is expected to see growth rate of 15.36% and may see market size of USD4522.33 Million by 2024.
In the Proposal Management Software Market, it has been observed that most of the companies are upgrading or introducing innovative services. They rely on strategies such as mergers & acquisitions, product development, geographical expansion, technological innovation and sourcing strategies to enhance their market share. Research Analyst at AMA estimates that North America Players will contribute to the maximum growth of Global Proposal Management Software market throughout the predicted period.
Icertis (United States), Microsoft Corporation (United States), Deltek (United States), WeSuite (United States), GetAccept Inc. (United States), Nusii (Spain), iQuoteXpress (United States), Sofon (Netherlands), Tilkee (France), Practice Ignition Pty Ltd (Australia), Bidsketch (United States), RFPIO (United States), Proposify (Canada), PandaDoc (United States), Bidrik (Sweden), Better Proposals (England), Aarav Software Pvt. Ltd.(India), Zbizlink (United States) and Nibaal (India) are some of the key players that are part of study coverage.
AdvanceMarketAnalytics has segmented the market of Global Proposal Management Software market by Type, Application and Region. On the basis of Type, On-premises are dominating the market in the year 2018 where as Cloud stood as second largest market share.
On the basis of geography, the market of Proposal Management Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Organization Size, the sub-segment i.e. Small and Medium-sized Enterprises (SMEs) will boost the Proposal Management Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Software will boost the Proposal Management Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In May 2019, Icertis completed the acquisition of, Verodin, a security instrumentation provider for USD 250 million. The Verodin platform complements existing cybersecurity products and technology-enabled services. Verodin would integrate with FireEye Helix’s security orchestration capabilities to help its customers prioritize and automate continuous improvement of security controls.
In February 2019, Deltek entered into a strategic agreement with Grant Thornton, a leading professional services firm. This alliance will focus on assisting both all sizes of private and public companies to comply with rules, regulations, and standards while accounting using expertise as well as technology.
- Increasing Shift to Cloud-Based Technologies
- Proposal Management to Be an Effective Tool for Increasing the Wining Rate of Business Deals
- Integration of AI-Enabled Tools With Proposal Management Software
- Initiatives From Organizations to Reduce Paper Wastage
- Growing Demand among SMEs
- Security and Privacy Concerns for Confidential Data and Business Processes
- Lack of Standard Procedures and Integration Concerns With Traditional Architectures
Analyst ViewThe use of the proposal management software in various end user industries has increased as these software provides proposals with less time money and resources. In addition, these software provides the centralized and integrated access to proposal assets for specified teams so as to focus on delivering high quality proposals. These advantages has driven the demand of the proposal management software.
Key Target AudienceProposal Management Software Manufacturers, Proposal Management Software Distributors/Traders/Wholesalers, Proposal Management Software Subcomponent Manufacturers, Industry Association and Downstream Vendors
About ApproachThe research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
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