What Has Been The Evolution of the Bid Management Software Market in Recent Years?
The bid management software market has seen considerable growth due to a variety of factors.
• The market size for bid management software has seen expeditious growth in the past few years. The market, which was valued at $1.03 billion in 2024, is projected to reach $1.13 billion in 2025, presenting a compound annual growth rate (CAGR) of 10.1%.
The surge in growth during the historical period can be credited to factors such as enhanced adoption of digital tools, expansion of e-procurement platforms, the global scale of supply chains, and a shift towards solutions based in the cloud.
What Is the Forecasted Market Size and Growth Rate for The Bid Management Software Market Size In The Coming Years?
The bid management software market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of bid management software is anticipated to witness robust expansion in the subsequent years, culminating to $1.65 billion by 2029 with a compound annual growth rate (CAGR) of 9.9%.
This promising growth trajectory during the forecast duration can be linked to the stress on digital transition, surging usage of AI and automation, heightened attention towards data analytics, and an escalating requirement for collaboration tools. Key trends for the forecast duration comprise an augmented integration of AI and machine learning, focus on cybersecurity, the broadening of mobile capabilities, and the evolution in industry-specific solutions.
What Factors Are Driving Growth In The Bid Management Software Market?
The increasing interest in cloud-based technologies is predicted to spur the expansion of the bid management software market in the future. Cloud services, a wide range of online computing resources and applications provided on a subscription-basis, are gaining traction due to their capacity to enable remote work, facilitate digital transformation, and meet the scalability and agility demands of modern companies. Cloud-based bid management software provides real-time collaboration, data availability, and streamlined processes across numerous stakeholders, no matter their location. For example, Eurostat, a Luxembourg intergovernmental organization, reported in December 2023 that 45.2% of businesses in the European Union obtained cloud computing services, mostly for hosting email systems, electronic file storage, and executing a range of tasks. Compared to 2021, the acquisitions of cloud computing services amongst EU companies went up by 4% in 2023. Remarkably, large companies showed a high level of adoption rate, with 77.6% indicating the procurement of these services in 2023, experiencing a 6% rise from 2021. Consequently, the rising preference for cloud-based solutions is fueling the growth of the bid management software market.
What Are The Main Segments Of The Global Bid Management Software Market?
The bid management softwaremarket 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
Subsegments:
1) By Cloud-Based Bid Management Software: Public Cloud, Private Cloud, Hybrid Cloud
2) By Web-Based Bid Management Software: SaaS (Software as a Service), Browser-Based Platforms, Custom Web Solutions
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What Emerging Trends Are Influencing The Growth Of The Bid Management Software Market?
Big players in the bid management software market are focusing on the creation of innovative tools like competitive bidding software, in an attempt to outpace competitors. This type of software is a digital medium used to simplify and handle competitive bidding processes where numerous vendors or contractors vie to secure contracts for projects, goods or services via proposal submissions. For example, Netherlands-based information services firm, Wolters Kluwer N.V., unveiled Legal Collaborator in May 2024, a fresh competitive bidding software. The purpose of this software is to enhance the interaction process between corporate legal departments and law firms by facilitating a standardised and transparent bidding routine. With its pre-set templates, this software allows for the collation and comparison of important parameters like conflict waivers, strategies, staffing, and pricing structures. This method reduces personal relationship-based bias often encountered during law firm selection.
Who Are the Key Players In The Bid Management Software Market?
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
What Is The Most Dominant Region In The Bid Management Software Market?
North America was the largest region in the bid management software market in 2024. The regions covered in the bid management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
