Increasing Number of Grants Boosts Grant Management Software Market Growth
According to our latest study on “Grant Management Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment Type, Organization Size, and End User,” the market is projected to grow from US$ 1,588.37 million in 2022 to US$ 3,366.20 million by 2028; it is estimated to record a CAGR of 13.8% from 2023 to 2028.
Several companies in developing countries offer customized software for grantors and grant recipients to ease down the process of granting. Implementing machine learning (ML), analytics, and other advanced technologies enables data-driven decisions to help return on grant investments. Over years, the grant management market reported new developments with an increasing number of grant funding. Several associations are offering grant funding. In April 2023, the Department of Transportation Federal Highway Administration (FHWA) made grant funding available for a new pilot program to make roads safer, prevent wildlife-vehicle collisions, and improve habitat connectivity. In October 2022, IBM granted US$ 5 million to bolster cybersecurity preparedness in schools. Grant recipients were selected in Ireland, the UAE, California, Indiana, Michigan, New York, New Hampshire, and Virginia. Similarly, the US Department of Homeland Security (DHS) announced a cybersecurity grant program for state, local, and territorial (SLT) governments across the US in October 2022, under which ~ US$1 billion in funding for the program was allocated to DHS. Thus, the increasing number of grant funding across countries such as China, Germany, the US, the UK, India, Australia, Mexico, and others is driving the global grant management software market growth.
Grant Management Software Market – by Region, 2022 and 2028
Grant Management Software Market Forecast to 2028 - Global Analysis By Component (Software and Services), Deployment Type (Cloud and On-Premise), Organization Size (SMEs and Large Enterprises), and End User (Educational Institutes, Government, BFSI, Non-Profit Organization, and Healthcare)
Grant Management Software Market Size Report – Trends & Forecasts 2028
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The grant management software market is segmented on the basis of component, deployment type, organization size, and end user. Based on component, the market is bifurcated into software and services. By deployment type, the grant management software market is bifurcated into on-premises and cloud. In terms of organization size, the market is bifurcated into large enterprises and small & medium enterprises. Based on end user, the market is segmented into educational institutes, governments, BFSI, non-profit organizations, and others. By region, the grant management software market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Impact of COVID-19 Pandemic on Grant Management Software Market Growth
The COVID-19 outbreak dramatically impacted the global economy during its peak in 2020, and the crisis hampered business activities in IT and business industries. The outbreak positively influenced the grant management software market due to rise in remote work and increase in federal funding for pandemic relief. Majority of state and local agencies that disperse grants are finding grant management software an important tool to track the flow of grant amount, provide reports on grant performance data, and eliminate the manual and paper-based processes. During the unprecedented times of the pandemic, foundations and nonprofit organizations leveraged grant management software to review applications, communicate with funding recipients, make grant awards, keep payment tracks, and ensure that recipients comply with the requirements of each award. According to a survey by Submittable, 45% of organizations agreed they had added additional grants related to COVID-19 crisis-related activities in 2020. In addition, more than half of the organizations surveyed (56%) reported that their funding and budget changed in 2020 due to the COVID-19 pandemic. Moreover, 63% of organizations reported that they quickly shifted to remote solutions for grantmaking by adopting grant management software, allowing organizations and grantees to skip paper checks. According to the Annual Grants Management Survey sponsored by The George Washington University’s Trachtenberg School of Public Policy & Public Administration, the National Grants Management Association (NGMA), and REI Systems, administrative spending has grown from 10% to 17% of the value of grants disbursed for federal agency respondents in 2022. The figure rose from 11% to 13% of the value of grants managed in 2022 for the state respondents, while NGOs saw an increase from 9% to 14% in 2022. Thus, the COVID-19 pandemic has positively influenced the grant management software market growth.
AmpliFund; CyberGrants, LLC; Fluxx Labs Inc.; Oracle Corporation; The Sage Group plc; Salesforce.com, Inc.; Submittable Holdings, Inc.; SurveyMonkey; WizeHive, Inc.; and Workday, Inc are among the key players operating in the grant management software market.
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