MarketsandMarkets projects the global Proposal Management Software Market size to grow from USD 1.5 billion in 2019 to USD 3.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 14.9% during the forecast period. 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.
Based on component, the services segment is likely to record a higher growth rate than the software segment during the forecast period
By component, the services segment is expected to grow at a higher rate than the software segment during the forecast period. The services segment has a major influence on the proposal management software market growth. The demand for services is increasing with the growing adoption of proposal management software solutions by enterprises across major application areas. Services are necessary for easy deployment, integration, and proper functioning of the software. The services segment has been further segmented into deployment & integration, consulting & advisory services, and support & maintenance.
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Among services, deployment & integration segment to grow at a higher rate than the support & maintenance, and consulting & advisory services segment during the forecast period
Deployment & Integration services include infrastructure assessment and planning services, interface design and development, and upgrade assistance, and real-time IT support. These services help configure, test, and deploy proposal management software and are essential for the efficient installation of proposal management software within an organization’s existing infrastructure.
Vendors offer services that evaluate the complete project life cycle and cover all phases of software implementation, right from planning and deployment to support. They also include software integration with legacy systems that enable rapid deployment. Once the software is configured, thorough user acceptance testing is conducted to ensure the system works to improve business efficiency and employee productivity. Vendors typically follow a phased implementation approach as per the organizations desired time frame for implementation, starting from installation and configuration to testing, training, and going live.
Key and emerging market players include Icertis (US), Microsoft (US), Deltek (US), WeSuite (US), GetAccept (US), Nusii (Spain), iQuoteXpress (US), Sofon (Netherlands), Tilkee (France), Practice Ignition (Australia), Bidsketch (US), RFPIO (US), Proposify (Canada), PandaDoc (US), Bidrik (Sweden), Better Proposals (England), Aarav Software (India), Zbizlink (US), Nibaal (India), and Privia (US). These players have adopted various strategies to grow in the proposal management software market.
Deltek offers a wide range of products for enterprises, such as enterprise information solutions, business development solutions, online proofing solutions, and project and portfolio management solutions. The company caters to various industry verticals, such as construction, legal, non-profit organizations, energy, oil, and gas, and healthcare. The company serves 22,000 organizations with its solutions and millions of users in 80 countries across the world. Moreover, the company primarily focuses on organic and inorganic strategies to strengthen its position in the market. The company has partnered with key players in the market to expand its position across the globe and strengthen its proposal management software product portfolio in the market. In August 2019, Deltek acquired ComputerEase; with the acquisition, Deltek will strengthen its offering for the construction industry.
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WeSuit specializes in sales solutions, mobile sales prospecting, sales estimating, proposals, commission management, detailed reporting, contract creation, and team management. The company offers Sales Management software that helps its clients to improve operational methodologies and increase sales. The company focuses on building positive and productive relationships with clients, which are the assets for the revenue generations. Moreover, the company primarily focuses on organic and inorganic strategies to strengthen its position in the market. The company has partnered with key players in the market to and strengthen its proposal management software product portfolio in the market.
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