The global grant management software market is estimated to witness a robust growth rate of more than 10% during the forecast period 2022-2028. Grant management software is a program or application that supports fund-seeking organizations such as non-profits and universities in administering and automating the grant process.
Growing demand for grant management software among businesses to simplify the application process, and expanding usage of software for collecting complex online data are some of the key factors expected to fuel the demand for grant management software across the globe. Moreover, grant management software is being adopted at a quick pace by various federal and non-federal organizations to deal with their grants.
Besides this, the programming additionally assists organizations to gather web-based information and offers both grant-tracking and online functions within the same package. Major market trends such as the integration of AI-enabled tools with grant management solutions and the rising demand for automating grant processes are further anticipated to drive the demand for grant management software year-over-year.
Increasing Preference for Cloud Deployment Mode
Organizations are shifting and preferring to have their solutions deployed on the cloud due to the various advantages of cloud deployment such as scalability, flexibility in capacity, enhanced collaboration, and cost-efficiency. Implementation of cloud-based grant management software enables small and large enterprises to focus on their core competencies apart from IT processes.
Organizations can cut their cost on software, storage, and technical staff by using cloud-based grant administration tools and services. Organizations can streamline grant-making procedures with the aid of cloud-based grant management software, which provides a centralized method of integrating the system and its components with web and mobile applications.
North America Is Expected to Lead the Global Market on Account of Rapid Adoption of Growing Technologies
North America is anticipated to dominate the global grant management software market due to the increasing focus on grant projects and rapidly adopting growing technologies. North America is the early adopter of grant management software and is more concerned about grant projects and follows consistent regulations as compared to other regions.
In Asia Pacific, the grant management software market is expected to witness strong growth during the forecast period. An increasing number of government and non-government organizations, associations, research projects in universities, and Corporate Social Responsibility (CSR) activities in developing countries, such as Mexico, China, India, and Australia among others, is one of the key factors driving the regional grant management software market. Additionally, the implementation of advanced technologies such as machine learning and advanced analytics enables data-driven decisions to help return on grant investments.
Technological advancement and increasing industrialization in Europe are some of the major reasons behind the significant growth of the regional grant management software market. In Latin America and the Middle East & Africa, the grant management software market is anticipated to witness a moderate growth rate during the coming years.
Market Structure and Competitive Landscape
The global grant management software market is fragmented in nature with the presence of many players in the market. Some of the prominent players operating in the global grant management software market include Wizehive, Salesforce.org LLC, Submittable, Oracle, Workday Inc., AT&T, Alphabet Inc., Amazon.com Inc., Apple Inc., Baidu Inc., Comverse Technology Inc., Google LLC, InMobi, Kongzhong Corp., and Vodafone Group Plc among others.
Some big players are focusing on reviewing grant applications and launching better grant lifecycle management software to stand out in the crowd and gain significant revenues in the coming years. Furthermore, these players adopt various strategies including mergers and acquisitions, partnerships and collaborations which directly results in propelling the growth of the global grant management software market.
- In April 2022, the joint effort, led by Innosoft Corporation and including technology from Red Hat and Amazon Web Services (AWS), with industry expertise from IBM, will replace the current G5 system with an open and flexible cloud-based system in line with the department’s mission to promote student achievement and preparation for global competitiveness by fostering educational excellence and ensuring equal access.
- Its G5 grants management system supports the lifecycle of the department’s critical grant-making business process, servicing end-to-end grants management activities and processing payments for Federal Student Aid programs, such as Pell Grants and campus-based aid.
Key Market Segmentation: Grant Management Software Market
RationalStat has segmented the global grant management software market on the basis of components, function, deployment mode, organization size, end user, and region.
- By Component
- Implementation and Integration
- Training and Education
- Support and Maintenance
- By Function
- Performance and Outcomes Measurement
- Document Management
- Application Tracking
- Others (Grant Discovery, etc.)
- By Deployment Mode
- By Organization Size
- Large Enterprises
- By End User
- Healthcare and Human Services
- Educational Institutions
- International and National Organizations
- Others (Philanthropic Organizations, etc.)
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Nordic Countries
- Rest of Western Europe
- Eastern Europe
- Czech Republic
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Thailand, Philippines, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- RationalStat utilizes surveys, questionnaires, focus groups, and one-to-one interviews with CXOs, industry partners, trade bodies, association members, ex-employees, and industry professionals to collect insights and quantitative/qualitative data specific to client needs. RationalStat quickly gets to the ‘why’ behind the ‘what’ demonstrated by secondary data.
- RationalStat takes a unique approach to arrive at market conclusions and actionable insights for clients.
- We have the technology and strong in-house resource pool with extensive experience in the global and regional markets, across a wide variety of categories and stakeholders.
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- Annual reports, company filings, investor presentations, product catalogs, and company documents
- Industry and market-related documents available in the public domain
- Paid databases including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for Grant management software providers, government organizations, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The global grant management software market is expected to grow at a CAGR of over 10% during the forecast period 2023-2028.
North America is dominating the global grant management software market in 2021.
The global grant management software market is estimated at around US$ 12.8 billion in 2022.
Integration of AI-Enabled Tools with grant management solutions is one of the major trends assessed across the global grant management software market.
Major companies operating in the global grant management software market include Wizehive, Salesforce.org LLC, Submittable, Oracle, Workday Inc., AT&T, Alphabet Inc., Amazon.com Inc., Apple Inc, etc.