The proposal management software refers to a technical program that enables real-time organizing, creating, and archiving of business proposal contracts. The software allows businesses to maintain contracts, track progress, identify potential roadblocks and collaborate in real time, which may prevent proposal finalization.
New York, Jan. 25, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Proposal Management Software Market Size, Share & Industry Trends Analysis Report By Component, By Vertical, By Organization size, By Deployment Mode, By Regional Outlook and Forecast, 2022 – 2028” – https://www.reportlinker.com/p06412076/?utm_source=GNW
This software may help businesses or organizations store, build and manage proposals efficiently in an organized manner. Proposal management software serves a broad range of features & tools which allow businesses to conveniently set up a document in various document formats like MS Word.
Integration of proposal management software with novel technologies like AI (artificial intelligence) improves the capabilities of the software to support auto-suggest functionality and respond quickly to queries. Proposal management software further allows users to personalize their proposals which is helpful in communicating an enterprise’s identity to their cloud all over the world.
In addition, with the proposal management software, a single document could easily be shared with many team members, irrespective of their location or time zone, in a coordinated manner. The software help users in automating time-consuming tasks and thus save both money & time. This software works as the personal assistant of the user.
The software is designed with the aim to support the sales team and the businesses to enhance sales efficiency by automating the contract and proposal process. By using proposal management software tools like sales content repository, document generation, and merging content, the software automates the primary proposal management operations for better sales results.
COVID-19 Impact Analysis
The widespread novel corona virus has created a crisis in social & economic areas and medical life worldwide, which has directly or indirectly affected almost all industries. The travel bans, lockdowns, temporary business shutdowns, and other restrictions imposed by the governments of affected nations have caused severe disruptions in businesses. Despite this, the outbreak of the COVID-19 pandemic has significantly benefited the proposal management software market. With the increased number of smartphone users, growing e-commerce sector, and rising adoption of connected devices, the proposal management software market witnessed lucrative growth opportunities.
Market Growth Factors
Incorporation With Existing Tools
A significant benefit of proposal management software is the ability to share information with already existing programs. This allows seamless data sharing and coordination between the employees. The proposal management software allows passing the client’s information over two platforms which may add value to the proposal easily. Moreover, by the integration, users would be able to monitor the proposal’s growth without launching the proposal software. As a result of these benefits of proposal management software, the market is expected to grow substantially in the upcoming years.
Increased Demand For Customized Solutions To Queries
Nowadays, proposals are not only given more frequently, but they are also hard to gather than they were in the past. As it expands and refines the operations, proposal & capture teams are becoming more competent, and the quality of proposals has significantly increased. Because of this, customers today expect greater understanding and personalization than they did in the past. In the past year, the average number of contributors to a proposal has increased. This may result in the rising adoption of proposal management software, thereby supporting market expansion.
Market Restraining Factors
Risk Of Cyber-Security And Integration Capabilities
The proposal management software is employed on the cloud because of the expanded SaaS-based application. However, this comes up with security concerns as the data stored on the cloud is prone to cyber threats. Cyber security threats, including vulnerabilities and malware attacks in cloud-based software, could have a severe impact on proposal management software. As a result of all this, the market for proposal management software may restrict the market growth during the projection period.
Based on component, the proposal management software market is divided into software and services. In 2021, the software segment dominated the proposal management software market with maximum revenue share. The market growth in this segment is attributed from the increased innovations in different sectors including BFSI, IT & Telecom and others. The continuous digitalization has resulted in grown adoption of the cloud-based software.
Deployment Model Outlook
On the basis of deployment model, the proposal management software market is segmented into on-premise, and cloud. The cloud segment garnered a considerable revenue share in the proposal management software market. The growth of this segment is the result of factors, including an increased shift towards cloud-based technologies. Further, the need for cloud-based proposal management software is growing as a result of the widening integration of AI-enabled tools within the software.
Enterprise Size Outlook
By enterprise size, the proposal management software market is fragmented into large enterprise and SMEs. In 2021, the large enterprise segment registered the highest revenue share in the proposal management software market. As a result of the high affordability of large enterprises, proposal management software is widely preferred them. Efficient collaboration between large teams of large businesses is a difficult task; proposal management supports the collaboration within the team by allowing the whole team working on a project to access the documents at the same time but in a secure way.
Based on industry vertical, the proposal management software market is classified into government, transportation & logistics, healthcare & life science, BFSI, retail & e-commerce, manufacturing, IT & telecom and others. The retail segment garnered a considerable growth rate in the proposal management software market in 2021. The rising competition in the market, declining margins, and reduced brand loyalty are a few issues due to which the retailers are looking for innovative ways to gain profit. In addition, retailers are widely shifting towards procurement teams to reduce supply risks and lessen the cost to be spent.
Region wise, the proposal management software market is analyzed across North America, Europe, Asia Pacific and LAMEA. In 2021, the North America region led the proposal management software market by generating the largest revenue share. The region’s developed nations, such as Canada and the United States, are open to adopting emerging innovative technologies. Besides this, the region’s well-established financial position allows people to invest in the adoption of innovative and leading technologies to ensure effectiveness in operations.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Icertis, Inc., Deltek, Inc. (Roper Technologies, Inc.), WeSuite, LLC, GetAccept, Inc., Nusii Proposals S.L., iQuoteXpress, Inc., Sofon B.V. (Revalize, Inc.), Aarav Solutions Pvt. Ltd., and Practice Ignition Pty Ltd. (Ignition)
Strategies Deployed in Proposal Management Software Market
Oct-2022: Icertis introduced Icertis Contract Intelligence (ICI) for Banking and Financial Services. The new solution supports teams in increasing their business velocity, and at the same time managing business risk and enhancing regulatory compliance in areas including ISDA credit support, credit risk reviews, and AML.
Sep-2022: Aarav Solutions took over Froot Research, an India-based Artificial Intelligence startup. Through this acquisition, Aarav aims at launching AI-related platforms and products and expanding its organization’s branding, research capacity, and operations in the AI domain.
Aug-2022: Icertis came into partnership with Cognitus, a US-based company primarily providing services in spend management, analytics, human resources, etc. The partnership involves providing end-to-end solutions in downstream processes and contract lifecycle management for the aerospace and defense industry and further provides value to the Icertis SAP solutions and their joint customers in the Aerospace and Defense industry.
Jan-2022: Icertis extended its partnership with SAP, a Germany-based management consulting firm. The extended partnership aims at providing improved contract management services to support companies improve efficiency, and realize the full potential of their agreements. Additionally, this partnership reflects Icertis’ vision to become a contract intelligence platform of the world.
Nov-2021: Icertis partnered with Accenture, an Ireland-based management consulting firm. The partnership combines Icertis’ contract intelligence technology and Accenture’s expertise in digital transformation. The partnership further aims at advancing clients contracting migration to the cloud and advancing the process, streamlining business outcomes through the use of AI, thereby providing greater value to stakeholders.
Oct-2021: Practice Ignition partnered with Gusto, a US-based provider of human resource management platforms, cloud-based payroll, etc. The partnership involves rolling out Gusto’s People Advisory Accelerator program and serving their joint customers in the United States. The partnership further allows users to connect Gusto and Practice Ignition to gain pre-made proposal templates and at the same time populate client and employee headcount through Gusto, thereby benefitting clients.
Apr-2019: Aarav Solutions acquired NEXwhaT Consulting Services, an India-based company, primarily into providing services including marketing, branding, etc. This acquisition reinforces Aarav’s digital transformation solutions offerings, and further strengthens and expands its presence in MEA regions, the US, and India.
Sep-2018: GetAccept came into partnership with BlueSnap, a US-based developer of an online payment platform. The partnership involves providing a supreme contracting process and improved efficiency to clients across the globe. With this partnership, the companies aim to provide organizations with trackable sales collateral, real-time editing in quotes and proposals, and electronic signature in the final contract and look forward to combining the strength of both platforms in an integrated product offering.
Scope of the Study
Market Segments covered in the Report:
• Software (Without Services)
• IT & Telecom
• Retail & Ecommerce
• Healthcare & Life Sciences
• Tranportation & Logistics
By Organization size
• Large Enterprises
By Deployment Mode
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Microsoft Corporation
• Icertis, Inc.
• Deltek, Inc. (Roper Technologies, Inc.)
• WeSuite, LLC
• GetAccept, Inc.
• Nusii Proposals S.L.
• iQuoteXpress, Inc.
• Sofon B.V. (Revalize, Inc.)
• Aarav Solutions Pvt. Ltd.
• Practice Ignition Pty Ltd. (Ignition)
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• Assured post sales research support with 10% customization free
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