What is RFP Software Market?
Request for Proposal (RFP) software, sometimes referred to as Request for Quotation (RFQ) software, helps organizations create and manage RFP documents and the processes used to submit business proposals. Companies hereby use RFP software for streamlining the creation of RFP documents, track submissions, and analyzing the efficiency of their RFP activities. This type of software is used by buyers or procurement professionals to invite bidders to participate in tenders. Users also use RFP software to compare RFPs and determine the best proposal. In addition to these, the vendors, as well as sales and marketing teams, use this software so as to submit RFP responses, track the results of their submissions, collaborate with other stakeholders, and maintain a content library. RFP software typically includes offer management functions and integrates with other products such as purchasing software, strategic procurement software, and quotation software.
The market study is being classified by Type (On-Premises and Cloud-Based), by Application (Small & Medium Enterprises and Large Enterprises) and major geographies with country level break-up.
DeltaBid Inc. (United States), Loopio (Canada), Upland Software (United States), Paperless Proposal (United States), Nusii Proposal S.L. (Spain), Qwilr (Australia), Huddle (United Kingdom), PandaDoc (United States), Proposify (Canada), Callidus (United States), RFP365 (United States), Qvidian RFP and Proposal (United States), infoRouter (United States) and WinCenter (India) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Meridian for RFP Analysis (United States), XaitPorter (Norway) and Traverse (United States).
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global RFP Software market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global RFP Software market by Type, Application and Region.
On the basis of geography, the market of RFP Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Growing Focus towards Improving the Sales Efficiencies
- Growing Popularity of Automation across Various Sectors
- The Rising Demand for RFP Software in the Global Market
Market Trend
- The Growing Popularity of Cloud-Based Technologies
- Rising Adoption of Artificial Intelligence and Machine Learning Capabilities in RFP Software Suites
Restraints
- Increasing Privacy Concerns
Opportunities
- The Growing Focus of the Companies towards Effective Management of Workflows
- Transforming Traditional Marketing Activities Into Automated & Effective Marketing Approaches
Challenges
Key Target Audience
Providers of RFP Software, End-Users, Potential Investors, Market Research Firms, Regulatory Bodies and Others