Report : Grant Management Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component (Solution and Services), Deployment Type (Cloud and On-Premise), Organization Size (SMEs and Large Enterprises), and End-User (Educational Institutes, Government, Banks, Non-Profit Organizations, and Others)
Increasing Adoption of Cloud-Based Solutions to Support Growth of Grant Management Software Market in Coming Years
According to our latest market study on “Grant Management Software Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Solution and Services), Deployment Type (Cloud and On-Premise), Organization Size (SMEs and Large Enterprises), and End-User (Educational Institutes, Government, Banks, Non-Profit Organizations, and Others),” the market was valued at US$ 1316.9 million in 2020 and is expected to reach US$ 2,907.4 million by 2027; it is estimated to grow at a CAGR of 12.0% during 2020–2027. The report highlights key factors driving the market growth, and prominent players and their developments in the market.
In the wake of continuous technological developments, there is a high demand for cloud technology worldwide. The cost of cloud-based solutions is a part of operational expenditure of enterprises, industries, and nonprofit organizations. The cloud solutions are delivered in an all-in-one package with full control and predictability of expenses, including uptime, hosting, software licensing, support, maintenance, software patches, and bug fixes. The cloud-based grant management software can be deployed within minimal time. Based on the extent of customization, these solutions are deployed either in a few days or a few weeks. The clients can use existing devices such as tablets or phones to access the cloud-based software. The software eliminate the need to develop secure remote connections such as virtual private networks regulating the speed. Thus, the low-cost deployment and maintenance of cloud-based variants are significantly driving the grand management software market in developed, as well as developing countries. Seabrooks provides an easy-to-use cloud-based community impact management system. PyanGo offers software for educational institutions and nonprofits, which is fully integrated with the Oracle NetSuite cloud platform.
Increasing demand for grant management and donor management software is one of the main factors fueling the grant management software market. Further, these software help streamline the process of application and efficiently create descriptions of several funding programs. Grant management software allows organizations to monitor the performance and pace of procedures such as reporting, improving accounting performance, monitoring and audits properly.
COVID–19 Impact on Grant Management Software Market
The US is a prominent market for grant management software that is used in banks, government organizations, and educational institutes. The huge increase in the number of confirmed COVID-19 cases and reported deaths in the country has affected software providers to some extent due to the decrease in demand for their products. The shutdowns of businesses as well as educational institutes across the US, Canada, and Mexico are impacting the adoption of the grant management software in North America. The member states of Europe, such as Italy, Spain, and Germany, have implemented drastic measures, travel restrictions, and school and college shutdown to limit the spread of COVID-19 among citizens. However, the crisis has positively impacted a few sectors, such as software and technology; especially, the demand for digital solutions has grown at a high rate in the past few months. A considerable number of government agencies and banks have taken significant initiatives to provide grants to the affected end users. As a result, the adoption rate of grant management solutions is expected to continue to grow in the coming years.
The report segments the global grant management software market as follows:Grant Management Software Market – by Component