Proposal Management Software Market Size, Share Report, Analysis, Trends, Growth 2032

Proposal Management Software Industry Prospective:

The global proposal management software market size was evaluated at $3,800 million in 2023 and is slated to hit $7,800 million by the end of 2032 with a CAGR of nearly 8.32% between 2024 and 2032.

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Proposal Management Software Market: Overview

Proposal management software helps organizations in effectively managing their request for proposals creation effectively. Furthermore, the product also assists the firms in effectively handling approval processes. Reportedly, the proposal management software helps the end-users in creating request for proposals with pre-approved workflows and templates.

Key Insights

• As per the analysis shared by our research analyst, the global proposal management software market is projected to expand annually at the annual growth rate of around 8.32% over the forecast timespan (2024-2032)
• In terms of revenue, the global proposal management software market size was evaluated at nearly $3,800 million in 2023 and is expected to reach $7,800 million by 2032.
• The global proposal management software market is anticipated to grow rapidly over the forecast timeline owing to the surging necessity of proposal customization.
• In terms of deployment, the cloud segment is slated to register the highest CAGR over the forecast period.
• Based on end-users, the government segment is predicted to lead the segmental space in the upcoming years.
• Based on enterprise size, the large firms segment is predicted to contribute majorly towards the global market share in the ensuing years.
• Region-wise, the Asia-Pacific proposal management software industry is projected to register the fastest CAGR during the projected timespan.

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Proposal Management Software Market: Growth Factors

Massive demand for AI-based technologies to provide impetus to the expansion of the market globally

Large-scale use of AI-based tools will boost the growth of the proposal management software market across the globe. In addition to this, the product helps the end-users in personalizing their submissions, thereby assisting in promoting the product of the firm to target audience globally. This, in turn, will boost the expansion of the market globally.

Surging necessity of proposal customization will impel the expansion of the market space in the foreseeable future. A humungous increase in the number of proposal requests to boost the global market demand. Integrating current tools with the product and customizations is predicted to steer the growth of the market globally.

Proposal Management Software Market: Restraints

A surge in the cyber terrorism can deter the growth of the industry across the globe

Risks of cyber-attacks and growing costs of integrating proposal management software with cloud systems can hinder the growth of the global proposal management software industry. Furthermore, lack of security & privacy can shrink the expansion of the industry across the globe.

Proposal Management Software Market: Opportunities

Rise in the adoption of new proposals can create new growth prospects for the global market  

Acceptance of innovative & proficient proposals is projected to offer new growth opportunities for the global proposal management software market. A surge in the use of smartphones and flourishing IoT & e-commerce sectors will contribute notably towards the growth of the market globally.

Proposal Management Software Market: Challenges

Rising prices of products can prove to be a huge challenge for the global industry expansion by 2032

High product costs and less availability of experts needed for operating the product along with restrictions on export or import of the product can challenge the growth of the global proposal management software industry. Furthermore, high operating costs can further pose a threat to the expansion of the industry across the globe.

Proposal Management Software Market: Segmentation

The global proposal management software market is divided into deployment, end-user, enterprise size, and region.

In deployment terms, the proposal management software market across the globe is segregated into cloud and on-premise segments. Furthermore, the cloud segment, which acquired nearly 57% of the global market revenue in 2023, is expected to register massive gains in the upcoming years. The expansion of the segment in the projected timeline can be as a result of large-scale acceptance of the cloud solutions in various small & mid-sized firms as well as large firms. An increase in the number of web users will further enhance the demand for cloud solutions in the coming years.

On the basis of the end-user, the global proposal management software industry is segmented into government, manufacturing, BFSI, IT & Telecom, e-commerce, retail, healthcare, and others segments. Additionally, the government segment, which garnered a key share of the global industry in 2023, is forecast to lead the segment in the coming years. The segmental growth over the timeline from 2024 to 2032 can be due to rise in the use of the product by government contractors involved in the bidding process for gaining a large number of contracts. Reportedly, proposal management software can help in simplification of a complete bid process.

Based on the enterprise type, the proposal management software market globally is bifurcated into small & medium-scale firms and large firm segments. Additionally, the large firms segment, which acquired a key share of the global market in 2023, is forecast to contribute remarkably towards the global market size in the coming years. The segmental elevation over 2024-2032 can be subject to immense use of the product in large enterprises.  

Proposal Management Software Market: Report Scope

Proposal Management Software Market: Regional Insights

North America is predicted to maintain the leading position in the global proposal management software market in the ensuing years

North America, which accounted for nearly 75% of the global proposal management software market earnings in 2023, is predicted to be a dominating region in the next couple of years. Apart from this, the regional market expansion over the forecast timeline can be credited to a rise in the adoption of the innovative technologies in countries such as Canada and the U.S. A surge in the allocation of funds by various governments for adopting new tools and upgraded systems will spearhead the expansion of the market in the region. Moreover, private firms such as Icertis Solutions, Inc., QorusDocs, Inc., and Salesforce, Inc., are also investing massively in the development of innovative products, thereby driving the regional market surge.

Asia-Pacific proposal management software industry is slated to register the fastest CAGR in the forecast timeline. The elevation of the industry in the Asia-Pacific zone can be credited to large-scale acceptance of mobile banking & online transactions in the countries such as India. Moreover, a large number of firms in the region are trying to invest in the IoT sector and this, in turn, is likely to enlarge the scope of the growth of the industry in the sub-continent.  

Key Developments

• In the first half of 2022, Xait purchased Jack in the Box, a France-based proposal management company, as a part of its global diversification strategy for expanding into various industry verticals.
• In the second half of 2023, Enphase, Inc., a key player in microinverter-based solar & battery solutions, introduced AI-based contract intelligence tools for firms serving various divisions of the U.S. Federal Government.

Proposal Management Software Market: Competitive Space

The global proposal management software market profiles key players such as:

• Deltek
• iQuoteXpress
• Microsoft Corporation
• Wesuite LLC
• Sofon
• Practice Ignition
• GetAccept
• Tilkee
• Nusii
• Icertis

The global proposal management software market is segmented as follows:

By Deployment

• On-Premise
• Cloud

By Enterprise Size

• Small & Medium-Scale Firms
• Large Firms

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa