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Proposal Management Software Market Size, Share, Trends, Growth Rate And Forecast To 2033
Proposal Management Software Market Size
According to The Business Research Company's, The proposal management software market size has grown rapidly in recent years. It will grow from $2.32 billion in 2023 to $2.59 billion in 2024 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to increased competition, growing need for efficiency, demand for customization, emergence of remote work, expansion of global markets.
The proposal management software market size is expected to see rapid growth in the next few years. It will grow to $4.09 billion in 2028 at a compound annual growth rate (CAGR) of 12%. The growth in the forecast period can be attributed to increased demand for remote collaboration, growing adoption of cloud-based solutions, rising emphasis on process efficiency, expanding use of artificial intelligence (AI) technologies, surge in digital transformation efforts. Major trends in the forecast period include increased integration with CRM systems, rising adoption of AI and machine learning, emphasis on mobile-friendly solutions, growing demand for cloud-based platforms, focus on enhanced security features.
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Market Drivers and Trends:
The rising demand for automated processes is expected to propel the proposal management software market going forward. Automated processes refer to tasks or workflows executed with minimal human intervention, typically using software or technology to perform repetitive actions automatically. The rising demand for process automation is driven by factors such as improving efficiency, reducing errors, and streamlining operations to stay competitive in an increasingly digital and fast-paced business environment. Proposal management software facilitates workflow automation by defining predefined workflows and approval processes. For instance, in January 2022, according to the Department of Digital, Cultural, Media, and Sports, a UK-based government department, businesses are more likely to use AI as they expand; 68% of large organizations, 34% of medium-sized companies, and 15% of small companies have used at least one AI technology. Small businesses comprise the bulk of UK enterprises; the current national adoption rate stands at 15.1% and is projected to increase to 22.7% by 2025, with an estimated 267,000 additional businesses integrating AI into their operations. Therefore, the rise in demand for automated processes is driving the growth of the proposal management software market.
Companies operating in the proposal management software market are focused on developing advanced technological products, such as automated proposal products, to streamline collaboration, enhance accessibility, and improve scalability for businesses of all sizes. Automated proposal products are designed to assist users in generating high-quality proposals more efficiently by automating tasks such as content generation, formatting, and customization based on user input and predefined templates. For instance, in September 2023, Bright, an Ireland-based accounting software company, launched BrightPropose. This automated proposal product offers features such as branded templates, removing pricing ambiguity, and customization options to ensure consistency and accuracy in client-facing documents. It is a product that reduces the time spent on building accurate and personalized proposals. This innovative solution addresses the challenges accounting professionals face in efficiently generating precise and customized proposals.
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Major Key Players of the Market:
Microsoft Corporation, Salesforce Inc., Deltek Inc., Conga Inc., Upland Software Inc., Icertis, PandaDoc Inc., Responsive, Loopio Inc., GetAccept Inc., Practice Ignition, QorusDocs Ltd., Qwilr Pty Ltd., Proposify Inc., Xait, Sofon Guided Solutions, iQuoteXpress Inc., Better Proposals, Expedience Software, Bidsketch, Nusii Proposal S.L., Privia
Proposal Management Software Market 2024 Key Insights:
• The proposal management software market size is expected to see rapid growth in the next few years. It will grow to $4.09 billion in 2028 at a compound annual growth rate (CAGR) of 12%.
• Rising Demand For Automated Processes Propels The Proposal Management Software Market Growth
• Innovative Cloud-Based Proposal Management Solution for Accounting Professionals
• North America was the largest region in the proposal management software market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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