The Insight Partners says that “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.
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. 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; Latin America; MEA
Country scope – US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage – Revenue forecast, company ranking, competitive landscape, growth factors, and trends
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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.
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.
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.
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- 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.
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