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)
Publication Month: Sep 2020 |
Report Code: TIPRE00007315
| No. of Pages: 202
| Category: Technology, Media and Telecommunications
| Status: Published
The grant management software market expected to grow from US$ 1316.9 million in 2020 to US$ 2907.4 million by 2027; it is estimated to grow at a CAGR of 12.0% from 2020 to 2027.
Implementation of AI with grant management software is attributing to the growth of the market. The artificial intelligence (AI) has a vital role in any foundation or non-profit organization. The ability of AI to provide quick mathematical calculations to augment the vital abilities of human intelligence is anticipated to generate the greatest growth opportunity for the grant management software market in the near future. AI has proven to be efficient in high volume data management, and to outlines forecast and risk more effortlessly and even with a less skilled workforce. Several grant management software providers have already integrated their existing solutions with AI techniques for improvising their analytical abilities. In the forthcoming years, as the end-users’ expectation regarding analytics and forecasting capabilities increases, the collaboration of existing grant management software with advanced analytical technologies is expected to drive the growth of the grant management software market
Impact of COVID-19 Pandemic on Grant Management Software Market
The COVID-19 outbreak resulted in business shutdown across the globe leading to economic slowdown in 2020 and in 2021 also. However, the COVID-19 crisis positively impacted the growth of some sectors, such as software and technology. The demand for digital solutions, especially has grown at a high rate in the past few months. A significant 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 grow in the coming years to manage all documents and reduce paperwork.
Lucrative Regions in Grant Management Software Market
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Market Insights–Grant Management Software Market
Growing Awareness and Demand in Developing Countries
Developing countries are experiencing a rise in the number of SMEs, which are inclined toward adopting software-based automated solutions. The demand for grant management software is on the rise due to the fact that SMEs are increasingly emphasizing on automated solutions to enhance business operations. Grant management software analytics also enables us to understand the budget forecast and grant budget reports. There is an increase in awareness related to grant management software benefits among the companies in developing regions. These factors are offering lucrative business opportunities for grant management software market players.
Rising awareness about the benefits of using grant management software among the companies in the developing countries is creating a lucrative opportunity. This factor boosts the growth of the grant management software market. APAC is one of the fastest-growing areas across the globe in terms of NGOs and associations.
Countries such as India, South Korea, Singapore, and Malaysia lead the grant management software market's growth path. Growing number of companies offering grant management software, increasing demand for a cloud-based solution, and rising number of service providers are expected to catalyze the growth of the grant management software market during the forecast period.
Component-Based Insights
Based on component, the grant management software market is segmented into solution and services. The solution segment held the largest market share in 2019.
Strategic Insights
Report Coverage - Grant Management Software Market
Report Coverage
Details
Market Size Value in
US$ 1316.9 Million in 2020
Market Size Value by
US$ 2907.4 Million by 2027
Growth rate
CAGR of 12.0% from 2019-2027
Forecast Period
2019-2027
Base Year
2019
No. of Pages
202
No. of Tables
115
No. of Charts & Figures
90
Historical data available
Yes
Segments covered
Component , Deployment Type , Organization Size , and End-User
Regional scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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Players operating in the grant management software market are mainly focused on the development of advanced and efficient products.
In 2020, SurveyMonkey Apply web-based platform helping organizations and government agencies to collect and review data-intensive applications for grants, awards, scholarships, and other programs during the COVID-19 pandemic.
In 2019, AmpliFund entered into a partnership with both states of Illinois and the Commonwealth of Puerto Rico to automate their infrastructure by implementing grant management systems in two states. This partnership helps to increase grant funding, drive compliance, and reduce the risk of all grant funding.
The grant management software market has been segmented as follows:
Grant Management Software Market – by Component
Solution
Services
Grant Management Software Market – by Deployment Type
Cloud
On-Premise
Grant Management Software Market – by Organization Size
SMEs
Large Enterprises
Grant Management Software Market – by End-User
Educational Institutes
Government
Banks
Non-Profit Organizations
Others
Grant Management Software Market – by Geography
North America
US
Canada
Mexico
Europe
France
Germany
Italy
Russia
U.K
Rest of Europe
Asia Pacific (APAC)
Japan
China
Australia
India
South Korea
Rest of APAC
Middle East and Africa (MEA)
Saudi Arabia
UAE
South Africa
Rest of MEA
South America (SAM)
Brazil
Argentina
Rest of SAM
Grant Management Software Market – Company Profiles
During the forecast period, the cloud segment led the grant management software market.In the cloud-based deployment model, softwareis hosted on a third-party infrastructure and services are provided to end-users via a network.Some of the major benefits that company have in choosing cloud-based solutions are the low CAPEX that company require in establishing new infrastructure and limited cost for new software licensing and new services. The cloud-based deployment of solutions helps companies to adopt pay-as-you-grow model and proving them benefits such as high scalability, elasticity and efficient metering of the services.
Increasing number of NGOs, associations, research projects in universities, and other CSR activities in developing countries, such as Mexico, China, India, Australia, and other South East Asian countries, is one of the key factors driving the global grant management software market. Several companies in developing countries offer customized software for both grantors and grant recipients. Also, several untapped and highly unorganized markets in South East Asian countries provide significant opportunities for grant seekers to grow. Furthermore, increasing use of new technologies is recognized as one of the significant market driver for grant management software.
North America led the grant management software market in 2019, and the growth is majorly driven by the increasing number of grant projects and follows standardized regulations, compared to other regions. In addition, enormous amount of data is generated by organizations and companies operating in in North America. This is due to rising adoption of new technologies, which leads to increasing adoption of grant management solutions. Moreover, the presence of leading market players in North America, such as WizeHive, Submittable, Oracle, Workday, Salesforce, eCivis, Benevity, SmarterSelect, Foundant Technologies, Blackbaud, SurveyMonkey, Fluxx, HTC Global Services, ZoomGrants, CyberGrants, and Altum, is anticipated to propel the market growth during the forecast period
The List of Companies - Grant Management Software Market
AmpliFund
CyberGrants, LLC
Fluxx Labs Inc.
Oracle Corporation
The Sage Group plc
Salesforce.com, Inc.
Submittable Holdings, Inc.
SurveyMonkey
WizeHive, Inc.
Workday, Inc.
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