Dublin, June 15, 2023 (GLOBE NEWSWIRE) -- The "Grant Management Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Deployment Type, Organization Size, and End User" report has been added to ResearchAndMarkets.com's offering.
The grant management software 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.
Grant management has always been a crucial procedure for most companies. Grant seekers' software functions may include grant discovery, compliance with regulations and submission of proposals, administrative reporting, budget planning, peer collaboration, and project tracking.
Grantmakers' software functions can include receipt, monitoring fund disbursement, collaboration with grant recipients, and prioritization of grant applications. In both cases, the software helps researchers, grant managers, principal investigators, and other individuals ease administrative burdens associated with grants. Most of the grant management solutions are available as a hosted service. Customers pay suppliers for online access to the software under this model. One of the advantages of hosted software is that clients often need little or no internal IT support.
Nonprofit organizations (NPO) are among the forerunners in adopting grant management software. With the implementation of grant tracking software, nonprofit organizations gain an advantage over the competition when applying for grants. Owing to rising demand for grant tracking solutions among nonprofit organizations, several players in the grant management software market are offering their products to the NPOs at a competitive price, which is increasing the interest in procurement among the NPOs. This factor is driving the grant management software market growth.
In addition, the NPOs in developed countries are increasingly adopting automated and digitalized tools to streamline their various processes, including grant applications. Such factors are propelling the demand for grant management software in the nonprofit organizations.
Educational institutes, including colleges and universities, have been offering scholarships, fellowships, and other programs over the years. The number of candidates opting for scholarship and fellowship programs is increasing every year, which is compelling educational institutes to switch from manual paperwork to digital software-based solutions. The grants for scholarships and fellowships require minute details for scrutiny, data tracking capabilities, and enhanced security in terms of data sharing.
The availability of various grant management solutions in the marketplace allows educational institutes to opt for such solutions, enabling the end users to simplify their respective application and grant processes. The global education sector is experiencing a rise in the number of colleges and universities awarding scholarships and fellowship programs, which is supporting the growth of the market. The growth in educational institutions in terms of the number of colleges, universities, and students is anticipated to rise in the coming years, which is anticipated to catalyze the grant management software market growth during the forecast period.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 197 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value in 2023 | 1588.37 Million |
| Forecasted Market Value by 2028 | 3366.2 Million |
| Compound Annual Growth Rate | 13.8% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Increasing Number of Grants
- Increasing Adoption of Cloud-Based Solutions
Restraints
- High-Security Concerns and High Complexity and Cost of Integration
Opportunities
- Growing Awareness and Demand in Developing Countries
Trends
- Emergence of AI in Grant Management Software
Companies Mentioned
- Streamlink Software Inc
- Cybergrants LLC
- Workday Inc
- Fluxx Labs Inc
- Oracle Corp
- Salesforce Inc
- Sage Group plc
- Submittable Holdings Inc
- Momentive Global Inc
- Wizehive, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/b5ab1y
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