MarketsandMarkets expects the global Grant Management Software Market is expected to grow from USD 1.1 billion in 2019 to USD 1.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period (2019–2024). The growing need to automate the grant process to enhance the Corporate Social Responsibilities (CSR) impact of the organization is driving the growth of the grant management software market.
Among end-users, government to hold the largest market size in the global grant management software market during the forecast period
The government segment avails grants as the source of funding and occasionally comes up with special requirements that receivers must adhere to.
On the other hand, government entities, such as federal organizations, also provide grants to various causes, and therefore, it imperative to analyze different grant requests and prioritize them. With the advent of mobile technology, customers’ preferences and behavior are changing. Today, online grant applications have grabbed a large share of customer transactions. Government organizations are emphasizing on adopting the grant management solution to boost the performance of grant teams for better engagement with the customers.
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The services segment to grow at the highest CAGR during the forecast period
Grant management services have a full scope of usage, ranging from assistance to customers for deployment of solution, integration, and implementation, to cater to the business-specific needs of organizations. Grant management services help organizations bridge legacy systems to modern applications and take care of training and implementation work so that customers can focus on their core business. This has created opportunities for vendors to provide services to enterprises across different end-users and help them deal with complexities while configuring the grant management solution.
The major grant management software vendors include WizeHive (US), Submittable (US), Oracle (US), Workday (US), Salesforce (US), eCivis (US), Benevity (Canada), SmarterSelect (US), Foundant Technologies (US), Blackbaud (US), Sage (England), SurveyMonkey(Canada), Fluxx (US), Award Force (Australia), Evalto (Spain), Fluent Technology (UK), HTC Global Services (US), ZoomGrants (US), CyberGrants (US) and Altum (US). These players have adopted various growth strategies, such as new product launches, partnerships, agreements, and acquisitions, to further expand their presence in the global grant management software market. These strategies have helped them innovate their offerings and broaden their customer base.
WizeHive (US) is one of the leading players in the global grant management software market across the globe. The grant management solution offered by WizeHive simplifies and streamlines grant processes. The solution empowers customers by providing an application interface that is easy to use. WizeHive caters its solutions and services to a range of industry verticals, such as private and family foundations, community foundations and fundraising organizations, corporate foundations and giving, associations, education institutions, government, united ways, nonprofits, and public charities, and corporates. WizeHive has built a secure brand value in the global grant management ecosystem, catering to its clientele across different regions. As a part of its growth strategy, in April 2018, WizeHive partnered with eCivis, part of GTY, a leading public sector Software-as-a-Service (SaaS) company. The partnership is intended to centralize and streamline the application intake, evaluation, and grant award process across the entire state of Arizona.
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Blackbaud (US) is another prominent player offering grant management solutions and services. The company provides custom on-premises and cloud-based software to the global philanthropic community. Blackbaud invests substantially in R&D and focuses on enhancing its existing products and services by enabling ease of use to fulfill the needs of the grantmaker and grantseeker. The company’s growth strategy is built on its one Blackbaud ecosystem, a connected, one-stop destination for customers to make their social goods easier and efficient. Moreover, in the past three years, Blackbaud has conclusively shown its remarkable step in inorganic growth by acquiring YourCause in 2019, Reeher in 2018, and JustGiving in 2017. As of 2018, Blackbaud has a huge client base of over 25,000 customers globally.
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