Proposal Software Statistics 2024

In an era where technology continually reshapes the business landscape, proposal software stands out as a pivotal tool for organizations striving to stay competitive. Understanding the latest statistics on proposal software in 2024 provides crucial insights into how businesses can streamline their operations, enhance efficiency, and secure more deals. These statistics not only highlight the evolving trends and innovations in proposal software but also underscore its growing importance in today’s fast-paced, digitally-driven world.

Key stakeholders, including business executives, sales teams, and IT professionals, will find this data particularly valuable. For executives and sales teams, the statistics reveal trends that can guide strategies for improving proposal success rates and client communication. For IT professionals, understanding the market dynamics can help in selecting and integrating the right software solutions that align with their company’s needs. Furthermore, these insights have a significant impact on the industry by shaping the development and deployment of new and improved proposal software tools.

Armed with this data, decision-makers can craft more informed strategies, make better investment choices, and anticipate future shifts in the proposal software market. As the industry rapidly evolves, staying abreast of these statistics ensures that businesses remain agile and adaptable, ready to leverage the full potential of proposal software to drive growth and success.

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Top Proposal Software Statistics 2024

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Market Statistics And Growth

• The Business Process Management Market is projected to expand at a CAGR of 10.5% during the forecast period to reach USD 14.4 billion by 2025, up from USD 8.8 billion in 2020 [?].
• The market size for Business Process Management was valued at USD 15.4 billion in 2023 [5].
• It is estimated to grow to USD 26.17 billion by 2029, growing at a CAGR of 11.83% during the forecast period (2024-2029) [3].
• Business Process Management Market size is projected to grow from USD 19.4 Billion in 2024 to USD 63.4 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.9% during the forecast period (2024 – 2032) [5].
• The global business process management market size reached US$ 14.7 Billion in 2023 [13].
• The market is expected to reach US$ 33.8 Billion by 2032, exhibiting a growth rate (CAGR) of 9.4% during 2024-2032 [13].

Key Developments And Partnerships

• In January 2020, Appian entered into a technology partnership with Celonis, the market leader in AI-enhanced process mining and process excellence software [1].
• In January 2020, Nintex signed an agreement with Auswide Bank to accelerate its business transformation journey [1].
• In January 2020, Appian acquired Novayre Solutions SL, developer of the Jidoka RPA platform [1].
• In August 2019, Newgen Software opened a new office in Australia [1].
• In August 2019, Nintex released a new digital forms designer for creating sophisticated electronic forms that help collect information anytime and anywhere [1].
• In July 2022, TIBCO ModelOps was released, allowing enterprises to deploy AI models faster, from anywhere to everywhere, reliably, and at scale [3].
• In July 2022, Comindware Inc. announced a significant milestone in its commitment to accelerated digital transformation and a long-term digital foundation in the United States [3].
• In March 2022, Pegasystems launched its low-code capabilities, Pega Infinity, a platform targeting improved low-code options, which is version 8.7 of its Pega Infinity software package [3].
• November 2022: IBM released new software to assist organizations in breaking down data and analytics silos, allowing them to make data-driven choices faster and navigate unanticipated challenges [3].
• September 2022: AGS Health, a revenue cycle management (RCM) solutions provider and strategic growth partner in healthcare systems in the United States, launched the AGS AI platform [3].
• April 2022: Salesforce launched a no-code tool to help automate Government Program Delivery, allowing public servants to build, test quickly, and automate complex policy-based rules [3].

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Market Segmentation And Trends

• The market is segmented by component, business function, deployment type, organization size, and industry [1].
• The large enterprises segment is expected to hold a significant market size by 2025 [1].
• Small and Medium-Sized Enterprises (SMEs) are expected to grow at a higher CAGR during the forecast period [1].
• The cloud deployment segment is projected to dominate the market [3].
• The Asia Pacific region is estimated to grow at the highest CAGR over the forecast period (2024-2029) [3].
• The North America region holds the largest market share in the Business Process Management Market [3].
• The IT and Telecommunication segment holds the major market share and is predicted to grow at a CAGR of 21.8% from 2024 to 2033 [22].

Challenges And Opportunities

• Challenges include the growing cultural barrier to adopting advanced solutions over traditional systems [1].
• Opportunities arise from the rising demand for robust solutions to maximize the visibility and control over processes [1].

Use Cases And Applications

• Use Case 1: Automating Employee Survey Process by Deploying Business Process Management Solution [1].
• Use Case 2: Automating Core Business Operations and Service Function by Implementing Business Process Management Solution [1].
• Use Case 3: Transforming Supply Chain to Streamline Purchase Order by Implementing Business Process Management Solution [1].

Key Players And Competitive Landscape

• Appian, Pegasystems Inc., Nintex, IBM Corporation, Oracle, Software AG, Tibco Software Inc., Fujitsu, Ultimus Inc., BP Logix Inc., Signavio GmbH, ASG Technologies Group Inc., Kissflow Inc., Nintex UK Ltd, and CMW Lab [3].
• Responsives 2023 Strategic Response Management Maturity Report found that leading companies use proposal management tools to yield a 16 percent higher win rate and generate 34 percent more revenue [10].
• Responsives 2023 Strategic Response Management Maturity Report says response leaders manage over 25 responses per month, while lagging companies complete just five to nine responses per month [10].
• Proposal management tools can reduce the time it takes to craft a winning response from 40 hours to just a few [10].

Software Adoption And Roi

• Companies that use proposal software can improve revenue by up to 12% each year [14].
• Teams that use proposal software average a 45% proposal win rate, while those that do not utilize software for their RFP processes have an average win rate of 41% [7].
• Teams using RFP software have a higher average proposal win rate (45%) compared to those not using software (41%) [7].
• 69% of organizations utilize an RFP tool or software, highlighting its widespread adoption and those teams submit an average of 46% more responses every year [7].
• Benefits of using such software include 14% lower stress levels in proposal teams, time savings, productivity enhancement, and improved content management [7].
• 66% of enterprise companies use RFP software mainly for these reasons [7].

Digital Transformation And Future Outlook

• Digital transformation is a priority for 88% of senior business leaders worldwide and 90% of businesses worldwide use some form of digital technology [11].
• The business process-as-a-service (BPaaS) market size reached US$ 66.4 Billion in 2023 and is expected to exhibit a CAGR of 8% during 2024-2032 [12].
• The adoption of low-code and no-code platforms, and process mining is driving the accelerated evolution of BPM [2].
• By 2024, 75% of firms will rely on low or no-code technologies [6].
• Around 40% of business leaders consider replacing their current BPM tool with more intelligent software in the next two years [6].

Industry Impact And Specific Cases

• The COVID-19 pandemic has impacted a more significant digital shift, marking more extensive changes in business process management across the board, from workflow updates to new financial management methods [15].
• In November 2022, Infosys BPM announced the launch of the center for AI and automation in Poland in partnership with IBM [17].
• In August 2021, ProcessMaker partnered with Gnosis, a consulting and analytics firm based in Cyprus, to take Process Maker’s leading digital process automation platform to the Greece, Cyprus, and South European markets [16].

Proposal Software And Esignatures

• Including places for both clients and internal stakeholders to esign increased close rates by a massive 465% [4].
• Not only do images add to the overall good design of proposals, but having images in sales docs can increase deal close rates by up to 26% [4].
• Proposify’s e-signatures can increase close rates by 3x and help deals close 30% faster [8].
• Electronic signatures are 80% faster and significantly cheaper than printing, mailing, and filing paper forms [18].

Future Market Predictions

• The global digital advertising and marketing market is estimated to grow from $350 billion in 2020 to $786.2 billion by 2026, with a compound annual growth rate of 9% [9].
• Search Advertising is the biggest segment, with a volume of $202.40 billion [23].
• Digital ad spend worldwide reached $485 billion in 2023 and is projected to grow to $526 billion by the end of 2024 [20].
• Mobile advertising will account for 77% of all digital ad spend in 2024 [20].

Engagement Statistics And Trends

• According to Wedding Wire, over 70 percent of proposers made their final ring choice less than two months before the proposal [19].
• The average engagement period lasts for about 15 months [19].
• Engagement ring spend averages around $6,000 in 2022, consistent with pre-pandemic spend of $5,900 in 2019 [21].

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