The bid management software global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Bid Management Software Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The bid management software market has grown strongly in recent years. It will grow from $0.93 billion in 2023 to $1.03 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to the increasing adoption of digital tools, growth of e-procurement platforms, globalization of supply chains, and shift toward cloud-based solutions.
The bid management software market size is expected to see rapid growth in the next few years. It will grow to $1.50 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to emphasis on digital transformation, rising adoption of AI and automation, increased focus on data analytics, and growing need for collaboration tools. Major trends in the forecast period include increasing incorporation of AI and machine learning, emphasis on cybersecurity, expansion of mobile capabilities, and growth in industry-specific solutions.
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Scope Of Bid Management Software Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Bid Management Software Market Overview
Market Drivers –
The growing popularity of cloud-based technologies is expected to propel the growth of the bid management software market going forward. Cloud services refer to a broad category of computing resources and applications delivered over the internet on a subscription basis. Cloud services are rising due to their ability to facilitate remote work, enable digital transformation, and support the scalability and agility needs of modern businesses. Cloud-based technologies in bid management software enable real-time collaboration, data accessibility, and streamlined processes across multiple stakeholders from any location. For instance, in December 2023, according to Eurostat, a Luxembourg-based intergovernmental organization, 45.2% of enterprises within the European Union procured cloud computing services, primarily for hosting email systems, storing electronic files, and performing various tasks. Compared to 2021, purchases of cloud computing services among EU enterprises rose by 4% in 2023. Notably, large enterprises exhibited a significant adoption rate, with 77.6% reporting the purchase of such services in 2023, marking a 6% increase from 2021. Therefore, the growing popularity of cloud-based technologies is driving the growth of the bid management software market.
Market Trends –
Major companies operating in the bid management software market are increasing their focus on developing innovative solutions, such as competitive bidding software, to gain a competitive edge in the market. Competitive bidding software is a digital tool designed to streamline and manage the process of competitive bidding, where multiple vendors or contractors submit proposals or bids to win contracts for projects, goods, or services. For instance, in May 2024, Wolters Kluwer N.V., a Netherlands-based information services company, launched Legal Collaborator, a new competitive bidding software. This software aims to improve the engagement process between corporate legal departments and law firms by providing a standardized and transparent bidding process. It offers pre-defined templates that allow users to collect and compare critical details such as conflict waivers, strategies, staffing, and pricing structures. This approach minimizes subjectivity in law firm selection, which is often influenced by personal relationships.
The bid management software market covered in this report is segmented –
1) By Type: Cloud Based, Web Based
2) By Company Size: Small And Medium Enterprises (SMEs), Large Enterprises
3) By Application: Construction Company, General Contractors, Construction Managers, Other Applications
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Regional Insights –
North America was the largest region in the bid management software market in 2023. The regions covered in the bid management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the bid management software market are BidExpress, Procore, ConstructConnect, Buildertrend, iSqFt, EasyBid, BuildingConnected, Projectmates, BidClerk, EstimateOne, PlanHub, Bidnet Direct, ConstructBuy, Corecon, Pantera Tools, Bid Planroom, eBid Systems, ProcureWare, SmartBid, Textura, VORTAL, Pipeline Suite
Table of Contents
1. Executive Summary
2. Bid Management Software Market Report Structure
3. Bid Management Software Market Trends And Strategies
4. Bid Management Software Market – Macro Economic Scenario
5. Bid Management Software Market Size And Growth
…..
27. Bid Management Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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