The Quote Management Software Market revenue was recorded at US$ 1.4 Billion in 2021 and is anticipated to grow at a CAGR of 16.9% from 2022 to 2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 7.6 Billion.
Quote management software enables users to generate quotes for the products and services they offer in a quick and easy manner. The solution is easy to use and allows them to create as many quotes and invoices as they require. The created copies are saved and can be accessed online at any time. The Quote & Invoice Manager allows the companies to quickly generate Quotes & Invoices and link them to the appropriate accounts, contacts, or leads.
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Catalyst CRM, for example, provides SMB traders and manufacturers with free cloud-based quoting software and IT quoting software. Cloud-based sales quoting software can perform tasks or provide services from any location with internet access. Businesses nowadays are demanding web-based software that does their sales-related work automatically, lowering their work pressure.
Furthermore, while on the road, it is difficult for a salesperson to communicate their work progress to their company, and they must fill out paperwork to feed in. Cloud-based software can be used to perform all of a company’s functions.
Key Takeaways from the Market Study
According to the latest report on the Quote Management Software Market, global projections suggest a significant growth trajectory, anticipating a market size surge to US$ 1.6 Billion by 2022. Within this market landscape, the CPQ Software segment stands out with an expected Compound Annual Growth Rate (CAGR) of 16.6% during the forecast period. Moreover, the United States emerges as the leading market, poised to maintain its dominance with a substantial absolute dollar growth opportunity of US$ 2.1 Billion from 2022 to 2032. Notably, the US market is forecasted to exhibit the highest CAGR of 16.6% throughout the 2022-2032 timeframe, indicating robust expansion prospects within this sector.
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Competitive Landscape:
The leading pricing and quote management software vendors are Callidus Software, ConnectWise Inc., FPX, LLC, Apttus Corporation, IBM Corporation, Oracle Corp, Model N, Inc., Salesforce, Vendavo, Inc., Aspire Technologies, Inc., Cincom Systems, Inc., PROS, Inc., and SAP AG. To gain a competitive advantage in the industry, these market players are investing in product launches, partnerships, mergers and acquisitions, and expansions.
The quote management software market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the Quote Management Software Market are focused on R&D to produce innovative technological solutions.
In January 2022, Vendavo, a provider of AI-enabled SaaS price optimization and CPQ solutions, reported record expansion and client software retention during a difficult year. Accel-KKR and current owner Francisco Partners will both make significant strategic investments in Vendavo in 2021. This investment will be used by Vendavo to accelerate product development in order to meet client demands for new B2B commercial solutions in 2022, fund future go-to-market strategies, and accelerate partnership and merger and acquisition opportunities.
In May 2021, Cincom Systems, Inc. announced the launch of CPQSync Self-Serve, a B2B commerce experience designed for companies that sell complex, highly configurable products, and services. Customers can use CPQSync to configure products, obtain pricing, and view quotes in real-time. Cincom’s CPQSync SaaS solution simplifies the purchase and sale of complex products and services. The solution is powered by the Microsoft Power Platform and is fully integrated with Microsoft Dynamics 365 for Sales, Finance, and Supply Chain.
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