According to our latest study on "Grant Management Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Deployment Type, Organization Size, and End User,” the market is projected to grow from US$ 1,588.37 million in 2022 to US$ 3,366.20 million by 2028; it is estimated to record a CAGR of 13.8% from 2023 to 2028.
Increasing Adoption of Cloud-Based Solutions Fuels Grant Management Software Market Growth
The cloud solution is delivered in an all-in-one package comprising complete control and predictability of expenses, including uptime, hosting, software licensing, support, maintenance, software patches, and bug fixes. Based on customization, the cloud-based solutions can be deployed in a few days or might take a few weeks. The clients can access the cloud-based software using existing devices such as tablets or smartphones. The cloud-based solution eliminates the need to develop secure remote connections, such as virtual private networks regulating the speed. Thus, the solution's low-cost deployment and maintenance significantly drive the grand management software market in developed and developing countries. Seabrooks provides an easy-to-use cloud-based community impact grant management system. PyanGo offers software for educational institutions and nonprofits, fully integrated with the Oracle NetSuite cloud platform. Cloud-based solutions offer several advantages over traditional on-premise deployments. Cloud-based grant management software can easily accommodate growing and changing needs of an organization without requiring an expensive hardware upgrade and infrastructure and IT support. Cloud-based solutions are more cost-efficient than on-premise solutions as they do not require large upfront investments. As increasing adoption of cloud-based solutions has many advantages and cloud based model is increasingly adopted, thereby propels the grant management software market growth.
The COVID-19 outbreak pandemic positively influenced the global grant management software market due to rise in remote work and increase in federal funding for pandemic relief. North America has the highest acceptance and development rate of emerging technologies such as smartphones, cloud computing, and Healthcare. Lockdowns imposed due to the pandemic spurred fundamental changes in the lifestyle and work life of people. The significant shift in day-to-day activities such as the growing adoption of remote work, rising number of virtual collaborations, and increasing adoption of software to eliminate manual processes propelled the adoption of grant management software among the countries of North America. In addition, the infrastructure shift toward digitization bolstered the grant management software market growth. According to HRSA Data Warehouse, Texas received a total funding of US$ 5,897,008 through 72 grants in 2020, whereas Illinois received a total funding of US$ 3,666,494 through 45 grants in 2020 under Coronavirus Supplemental Funding for Health Centers (H8C) program. Such an increased number of grants enhanced the adoption of grant management software in North America during the pandemic.
Key Findings of Study:
The grant management software market is segmented on the basis of component, deployment type, organization size, and end user. Based on component, the market is bifurcated into software and services. By deployment type, the grant management software market is bifurcated into on-premises and cloud. In terms of organization size, the market is bifurcated into large enterprises and small & medium enterprises. Based on end user, the market is segmented into educational institutes, governments, BFSI, non-profit organizations, and others. By region, the grant management software market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Based on component, the grant management software market is bifurcated into software and services. In 2022, the software segment dominated the grant management software market share. The global grant management software market players are experiencing an increase in demand for their software pertaining to the rise and expansion of companies across industries. The grant management software solutions enable the end users to manage their respective grant processes efficiently. The majority of grant seekers and grantmakers are increasingly emphasizing streamlining the grant processing procedures, stimulating the demand for grant managing solutions. In addition, the players in the grant management software market are continuously focusing on offering user-friendly software to facilitate each end user for easy utilization. The continuous upgradation of the solutions is also boosting the market.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com