RFP Software Market Report 2025 (Global Edition)

Global RFP Software Market Report 2025 Market Size Split by Deployment Model (Cloud, On-Premise), by Enterprise Size (Small and Medium Enterprises, Large Enterprises), by End-User (Manufacturing, Reta...

RFP Software Market Report Description

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RFP Software Market Insights Video

Competitive Landscape of the RFP Software Market

The RFP software market is characterized by intense competition, with numerous established players and new entrants offering various solutions. Companies are focusing on product innovation, cloud integration, and enhanced security features to differentiate themselves. The market sees increasing adoption of AI-driven tools, workflow automation, and real-time collaboration platforms, leading to ongoing advancements in product offerings and user experience.

In May 2024, Upland Software announced enhancements to the response and proposal process through Upland Qvidian's new generative AI model, Qvidian AI Assist. Building on existing machine-learning features, Qvidian AI Assist aims to improve user experience, streamline workflows, and boost productivity. Key features include enhanced AutoFill results, where the AI automatically analyzes proposal contexts to generate relevant content suggestions. Users can easily insert these AI-generated responses into their documents. (Source: https://investor.uplandsoftware.com/news/news-details/2024/Upland-Qvidian-AI-Assist-enhances-the-response-and-proposal-process-with-generative-AI/default.aspx) In December 2023, RFPIO announced the opening of a new office in Coimbatore, India, expanding its global presence. This move comes as the strategic response management market experiences significant growth, valued at $ 3.34 billion in 2022 and projected to reach $ 22.74 billion by 2028. (Source: https://www.responsive.io/news/responsive-expands-global-presence-opening-new-office-in-coimbatore-india/)

Top Companies Market Share in RFP Software Industry: (In no particular order of Rank)

• Loopio
• RFPIO
• Qvidian
• PandaDoc
• Proposal Management
• Scout RFP
• RFP360
• Proposify
• Synlio
• DeltaBid
• Paperless Proposal
• BidSync
• Zycus
• Octant AI
• RFP Monkey
• Confidential Data
• Access The Paid Version
• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of the RFP Software Market

Which Region Dominates the RFP Software Market in 2024?

According to Cognitive Market Research, North America currently dominates the RFP software market, and the region is expected to have significant growth during the projected period. This is driven by the region's high adoption of advanced procurement technologies, robust IT infrastructure, and the presence of leading industry players. Companies in the U.S. and Canada are increasingly investing in automation tools to enhance procurement efficiency, further boosting the region's market leadership.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). This is due to the rapid digitalization of business processes and increasing demand for automation in procurement across emerging markets like China and India. The region’s expanding business operations and growing focus on cloud-based solutions contribute to its accelerated growth trajectory.

The current report Scope analyzes RFP Software Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America RFP Software

According to Cognitive Market Research, the global RFP software market size was estimated at USD 2624.5 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 1049.80 million in 2024 and will grow at a compound annual growth rate (CAGR) of 14.4% from 2024 to 2031.

• According to Cognitive Market Research, The United States RFP software market is projected to witness growth at a CAGR of 14.2% during the forecast period, with a market size of USD 828.29 million in 2024. The growing emphasis on digital transformation in businesses, alongside increased competition, drives demand for efficient RFP software solutions across industries.
The Canada RFP software market is projected to witness growth at a CAGR of 15.2% during the forecast period, with a market size of USD 125.98 million in 2024. Rising investments in technology adoption among small and medium enterprises will spur the need for streamlined RFP processes and management tools. The Mexico RFP software market is projected to witness growth at a CAGR of 14.9% during the forecast period, with a market size of USD 95.53 million in 2024.

Europe RFP Software

According to Cognitive Market Research, the global RFP software market size was estimated at USD 2624.5 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 787.35 million in 2024 and will grow at a compound annual growth rate (CAGR) of 14.7% from 2024 to 2031.

• The United Kingdom RFP software market is projected to witness growth at a CAGR of 15.5% during the forecast period, with a market size of USD 132.27 million in 2024. The UK’s strong focus on procurement efficiency and compliance regulations is propelling organizations to adopt advanced RFP software for better management.
The France RFP software market is projected to witness growth at a CAGR of 13.9% during the forecast period, with a market size of USD 72.44 million in 2024. The Germany RFP software market is projected to witness growth at a CAGR of 14.9% during the forecast period, with a market size of USD 155.90 million in 2024. Germany's robust industrial sector is increasingly prioritizing digitalization, driving the adoption of RFP software to enhance procurement and project management efficiency. The Italy RFP software market is projected to witness growth at a CAGR of 14.1% during the forecast period, with a market size of USD 67.71 million in 2024. The Russia RFP software market is projected to witness growth at a CAGR of 13.7% during the forecast period, with a market size of USD 122.04 million in 2024. The Spain RFP software market is projected to witness growth at a CAGR of 13.8% during the forecast period, with a market size of USD 64.56 million in 2024. The Luxembourg RFP software market is projected to witness growth at a CAGR of 14.8% during the forecast period, with a market size of USD 24.41 million in 2024. The Portugal RFP software market is projected to witness growth at a CAGR of 14.5% during the forecast period, with a market size of USD 16.53 million in 2024. The Greece RFP software market is projected to witness growth at a CAGR of 15.0% during the forecast period, with a market size of USD 9.45 million in 2024. The Rest of Europe RFP software market is projected to witness growth at a CAGR of 13.4% during the forecast period, with a market size of USD 122.04 million in 2024.

Asia Pacific RFP Software

According to Cognitive Market Research, the global RFP software market size was estimated at USD 2624.5 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 603.64 million in 2024 and will grow at a compound annual growth rate (CAGR) of 18.2% from 2024 to 2031.

• According to Cognitive Market Research, China RFP software market is projected to witness growth at a CAGR of 17.7% during the forecast period, with a market size of USD 271.64 million in 2024. With rapid technological advancements and government initiatives encouraging digital solutions, Chinese enterprises are increasingly investing in RFP software for competitive advantage.
The Japan RFP software market is projected to witness growth at a CAGR of 16.7% during the forecast period, with a market size of USD 83.30 million in 2024. The India RFP software market is projected to witness growth at a CAGR of 20.0% during the forecast period, with a market size of USD 72.44 million in 2024. The booming startup ecosystem in India is fostering a need for organized procurement processes, boosting the demand for innovative RFP software solutions. The South Korea RFP software market is projected to witness growth at a CAGR of 17.3% during the forecast period, with a market size of USD 60.36 million in 2024. The Australia RFP software market is projected to witness growth at a CAGR of 17.9% during the forecast period, with a market size of USD 31.39 million in 2024. The South East Asia RFP software market is projected to witness growth at a CAGR of 19.2% during the forecast period, with a market size of USD 41.65 million in 2024. The Rest of Asia Pacific RFP software market is projected to witness growth at a CAGR of 18.0% during the forecast period, with a market size of USD 42.86 million in 2024.

South America RFP Software

According to Cognitive Market Research, the global RFP software market size was estimated at USD 2624.5 Million, out of which the Latin America held the market share of around 5% of the global revenue with a market size of USD 131.23 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.6% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil RFP software market is projected to witness growth at a CAGR of 16.2% during the forecast period, with a market size of USD 56.16 million in 2024. In Brazil, rising competition and the push for transparency in government contracts are driving organizations to adopt efficient RFP software for compliance.
The Argentina RFP software market is projected to witness growth at a CAGR of 16.5% during the forecast period, with a market size of USD 22.05 million in 2024. The growth of e-commerce and digital services in Argentina is creating a demand for efficient procurement solutions, enhancing the need for RFP software. The Colombia RFP software market is projected to witness growth at a CAGR of 15.4% during the forecast period, with a market size of USD 11.68 million in 2024. The Peru RFP software market is projected to witness growth at a CAGR of 15.8% during the forecast period, with a market size of USD 10.76 million in 2024. The Chile RFP software market is projected to witness growth at a CAGR of 15.9% during the forecast period, with a market size of USD 9.45 million in 2024. The Rest of Latin America RFP software market is projected to witness growth at a CAGR of 14.7% during the forecast period, with a market size of USD 21.13 million in 2024.

Middle East RFP Software

According to Cognitive Market Research, the global RFP software market size was estimated at USD 2624.5 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 52.49 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.9% from 2024 to 2031..

• The GCC Countries RFP software market is projected to witness growth at a CAGR of 16.7% during the forecast period, with a market size of USD 22.47 million in 2024. Increasing government initiatives to enhance public sector efficiency and transparency are propelling GCC countries to adopt advanced RFP software solutions.
The Egypt RFP software market is projected to witness growth at a CAGR of 16.2% during the forecast period, with a market size of USD 5.51 million in 2024. The South Africa RFP software market is projected to witness growth at a CAGR of 16.9% during the forecast period, with a market size of USD 8.29 million in 2024. In South Africa, efforts to modernize procurement practices and enhance competitiveness in the market are driving organizations to invest in RFP software. The Turkey RFP software market is projected to witness growth at a CAGR of 15.4% during the forecast period, with a market size of USD 4.51 million in 2024. The Nigeria RFP software market is projected to witness growth at a CAGR of 15.0% during the forecast period, with a market size of USD 5.51 million in 2024. The Rest of MEA RFP software market is projected to witness growth at a CAGR of 14.9% during the forecast period, with a market size of USD 6.19 million in 2024.

RFP Software Market Analysis

RFP Software Market Deployment Model Segment Analysis

According to Cognitive Market Research, on premise are likely to dominate the RFP software market over the forecast period due to its enhanced control over data security, customization capabilities, and compliance with strict industry regulations, particularly appealing to large organizations with sensitive procurement processes.

The cloud is the fastest-growing segment in the RFP software market due to the growing preference for flexible, subscription-based models and the ease of integration with existing IT infrastructures. The shift towards remote operations and the need for data accessibility are further fueling the rapid adoption of cloud-based RFP software solutions.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of RFP Software Industry. Request a Free Sample PDF!

RFP Software Market Enterprise Size Segment Analysis

According to Cognitive Market Research, the large enterprises segment holds the largest share of the market due to their greater need for complex procurement processes, which require advanced features in RFP software. They are more likely to invest in automation and customized RFP tools that streamline vendor management, compliance tracking, and proposal evaluation, given their higher budgets and extensive vendor networks.

In the RFP software market, the small and medium enterprises has been expanding at a rapid pace as they are increasingly adopting RFP software to improve efficiency and compete with larger businesses. The availability of affordable, cloud-based solutions makes it easier for SMEs to automate their procurement processes and scale operations without significant investment in infrastructure.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

RFP Software End-User Segment Analysis

RFP Software Market End-User Segment Analysis

According to Cognitive Market Research, the IT and telecom segment holds the largest share of the market because of its frequent need to source complex services and products, which require detailed RFP processes. This industry values automation, efficiency, and the ability to collaborate globally with vendors, making RFP software a critical tool in procurement.

In the RFP software market, the manufacturing has been expanding at a rapid pace due to the increasing adoption of automation in procurement processes. As manufacturers seek to improve efficiency, reduce costs, and streamline operations, they are turning to RFP software to better manage vendor relationships and sourcing for raw materials, components, and services.

• Manufacturing
• Retail
• Automotive
• IT and Telecom
• Government
• Others

Author's Detail

Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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