Quote Management Software Market Size (2024 – 2030)

The global quote management software market was valued at USD 1.94 billion and is projected to reach a market size of USD 5.79 billion by the end of 2030. Over the forecast period of 2024–2030, the market is projected to grow at a CAGR of 16.9%.

A sales automation solution that assists businesses in creating, sending, and tracking quotations is quote management software. Automating processes like tracking pricing changes and combining sales data helps streamline the sales process and assist sales teams in being more productive and organized. In the past, a lot of companies heavily relied on manual processes. However, few organizations use software with limited features and functionalities. Presently, the market has seen a considerable boost due to an increasing digital transformation and cloud adoption. In the future, with an extensive focus on R&D activities and upgrades of the software, a notable expansion is anticipated.

Key Market Insights:

Businesses are using digital solutions to improve competitiveness and optimize sales operations, which is driving an increase in digital transformation projects and the use of quotation management software.

Vendors must address these difficulties through efficient solutions and support services. High costs, data privacy concerns, integration complexity, lack of knowledge, and resistance to change provide barriers to market expansion.

Within quotation management software, there are prospects for enhanced analytics, pricing optimization, and customized client experiences due to emerging technologies like artificial intelligence (AI), machine learning, and natural language processing.

Among all product categories, CPQ software is the largest and fastest-growing, catering to the increasing complexity of pricing schemes and sales processes. Large-scale corporations and small- to medium-sized firms (SMEs) provide significant development opportunities at the same time, yet they differ in terms of needs and opportunities for market expansion.

Quote Management Software Market Drivers:

An increasing emphasis on efficiency in sales is contributing to success.

Marketing strategies are extremely important for every company. The profits of any business are determined by this method. Organizations are constantly looking for ways to improve their sales effectiveness. Using quote management software boosts sales efficiency by streamlining the creation, tracking, and administration of quotations. Quotation management software helps sales teams close transactions more successfully by automating tedious operations, giving correct price information, and enabling faster reaction times to client requests. This creates tremendous demand for this software.

The rise in digital transformation initiatives has been enabling development.

Digitalization has become the new norm. Businesses have recognized the importance of having an online presence. Quote management software digitizes manual, paper-based operations, which is a key component of this change. The demand is predicted to rise as businesses use digital solutions to boost their competitiveness. Furthermore, as companies look for smooth and effective sales processes, the integration of quotation management software with other digital tools like CRM systems and e-commerce platforms promotes its use.

Quote Management Software Market Restraints and Challenges:

Associated costs, data privacy, lack of expertise, integration difficulties, and resistance to change are the main issues that the market is currently facing.

Implementing the software solution requires a lot of expenses. Software license and maintenance charges add up. This can be a major barrier for small and medium-sized companies, demotivating them to incorporate this software. Secondly, sensitive customer information and sales documents are stored in this software. A lot of businesses might have trust concerns about the security of their data. Companies might be subjected to cyberattacks, fraud, data breaches, and other such problems. Organizations need to adhere to data protection laws and policies to avoid this. Thirdly, inadequate training can be a hindrance. Developers might not be able to develop user-friendly interfaces due to this. Additionally, other obstacles in features and functioning might be endured. Proper training and skill development programs should be given by the company to update the staff. Moreover, integration of this software with e-commerce, ERP, and other CRM systems can be difficult as well as time-consuming. Incompatibility, data migration, increased costs, and delays are some of the usual problems that are faced. Manufacturers need to implement the right support services to tackle this restraint. Furthermore, certain employees might be hesitant about using this software. This is because of the disruption in workflows, uncertainty about the benefits, and hesitancy in learning about the new system. Besides, a few of them might fear that the software would take over the manpower because of its accuracy. Successful adoption requires overcoming opposition to change by efficient training, support, and communication.

Quote Management Software Market Opportunities:

Emerging technologies like artificial intelligence, machine learning, and natural language processing provide the market with an ample number of possibilities. These technologies help with integrating analytics, pricing optimization, and chatbots to improve accuracy. Additionally, they help in tracking performance and predicting future outcomes. Secondly, customization as per the needs of the industry and client is beneficial. This helps in creating loyal satisfaction. Thirdly, emerging economies provide many opportunities. Countries like Asia, Latin America, and the Middle East have seen immense economic progress. As such, investments in projects have increased. Companies can highlight the advantages of using this software and increase revenue generation. Furthermore, user experience can be enhanced by introducing advanced and friendly features. Mobile integration is beneficial as there is a greater number of smartphone users.

QUOTE MANAGEMENT SOFTWARE MARKET REPORT COVERAGE:

Quote Management Software Market Segmentation: By Product Type

• CPQ Software

• Pricing Software

• Proposal Software

• Visual Configuration Software

CPQ software is the largest and fastest-growing product type. CPQ stands for configure, price, and quote. The demand for this segment is because of the increasing complexity of pricing structure, product offerings, and sales processes. This software helps enhance efficiency and automation capabilities. Additionally, this is vital to streamlining operations. Vendors of CPQ software are pushing adoption in several industries by providing scalable solutions that meet the demands of companies of all kinds, from small and medium-sized enterprises (SMEs) to huge corporations. It includes product configuration, pricing optimization, quoting, and quoting automation, covering every step of the quote management process.

Quote Management Software Market Segmentation: By Organization Size

• Large-Scale Organization

• Small and medium-scale organizations

Large-scale organizations are the largest growing group. They have the investments and resources required for this technology. These companies utilize this software to make their brands more visible. They utilize this software to enhance the customer experience and improve sales efficiency. These organizations also provide funding for research and development projects aimed at enhancing the current features. Small and medium-sized enterprises are growing at the fastest rate. These companies are receiving money, grants, and other initiatives from the government. SMEs are increasingly recognizing the importance of cloud adoption and digitalization. This software helps these organizations grow their ventures. Due to its integrated reporting and analytics tools, businesses can monitor the success of their sales. The need to implement efficient sales strategies to stand out and grow is driving the category.

Quote Management Software Market Segmentation: Regional Analysis

• North America

• Asia-Pacific

• Europe

• South America

• Middle East and Africa

North America is the largest growing market. The United States and Canada are at the forefront. This area has a robust economy, which makes it easier to fund projects. Companies are frequently involved in collaborations and launches. Many well-established companies like Microsoft, Oracle, and Salesforce are present in this region. They have a global presence that leads to greater revenue generation. Besides this, the region has a greater adoption of digital solutions among businesses due to awareness, which raises demand. Asia-Pacific is the fastest-growing market. Countries like China, India, Japan, and South Korea are at the top. Urbanization has led to a better standard of living. Economic growth has facilitated better investments. Additionally, governmental schemes, training, and grants have contributed to better growth. Digitalization of businesses is another major factor that is accelerating the growth rate. E-commerce websites are being integrated with this software. Furthermore, the presence of skilled experts in many Asian countries has led to the development of software with advanced features.

COVID-19 Impact Analysis on the Global Quote Management Software Market:

The outbreak of the virus had a positive impact on the market. Lockdowns, social isolation, and movement restrictions became the new normal. Traditional sales were disrupted because of all these laws. This caused a shift towards remote work. The majority of the population started to work from home. This led to a rapid digital transformation that made companies adopt the necessary tools to have a virtual presence. Cloud-based solutions gained significant prominence as they offered flexibility, scalability, and versatility. Online collaborations were enabled by this software. In the first year of the pandemic, e-commerce sales climbed by $244.2 billion, or 43%, according to the ARTS release. Quote management software was integrated with e-commerce websites to support online quoting and ordering processes. Furthermore, this software provided features like pricing optimization, analytics, and quotation tracking that were necessary to streamline operations during economic uncertainty. Post-pandemic, the market has continued to grow owing to the demand for digital sales solutions.

Latest Trends/ Developments:

The use of flexible license choices and subscription-based pricing structures to meet the demands of all types of organizations is a recent trend. Vendors of quote management software provide price choices depending on use, user count, or features included in subscription-based pricing plans. This eliminates the need for a sizable initial expenditure and enables firms to expand their usage of quotation management software to meet their demands and budgets.

Key Players:

1. Salesforce

2. Oracle

3. SAP

4. HubSpot

5. Microsoft

6. Zoho CRM

7. PandaDoc

8. DealHub.io

9. Configure One

10. Experlogix

• In October 2023, the software company Applied Systems introduced Tarmika Insured, an integrated business insurance program. Through the program, businesses and agencies may include the ability to quote commercial lines both online and at the point of sale. Additionally, it makes premiums available to customers instantly, which can increase output and speed to market.

• In October 2023, a Vancouver-based quote-to-cash platform, Quoter Software Inc., unveiled Contracts, a solution for managed service providers (MSPs) to manage contracts. Quoter's cloud-based quoting technology facilitates quicker payment, error-free time, and time savings for MSPs, VARs, and ISVs. The purpose of contracts is to assist MSPs in streamlining agreement procedures, recovering lost income, and optimizing the value of their companies.

• In March 2022, to increase the productivity of its authorized representatives (ARs) and broking personnel, Ausure, one of the biggest networks for insurance and financial advice, included automated quoting software in the most recent iteration of its digital program. Ausure's robotic process automation (RPA), developed in collaboration with Ensurtek, saves brokers and ARs up to eighteen minutes for each property quoted by using software robots that mimic human behavior to perform business tasks.