Global Grant Management Software Market - 2023-2030

Global Grant Management Software Market - 2023-2030

Global Grant Management Software Market reached US$ 1.5 billion in 2022 and is expected to reach US$ 3.3 billion by 2030, growing with a CAGR of 10.3% during the forecast period 2023-2030.

Organizations from both private and public sectors are dealing with complex funding arrangements that involve multiple resources, regulations and compliance requirements. Grant management software helps to automate and manages these complexities. It reduces manual-based work and transforms industries into automation, this automation improves efficiency and also reduces errors.

Grant management software offers various collaboration and communication around various stakeholders that includes granting of applications, reviewers and administration, these approach helps organization to analyze performance and track outcomes daily. It also provides tools for tracking and reporting on how funds are used and ensures how they are allocated. IGX solutions use automated software and have 98% client satisfaction over grant management software.

Asia-Pacific is among the growing regions in the global grant management software market covering around 1/4th of the global market. The region is experiencing a rise in funding opportunities from both local and international sources, including governments, foundations and organizations. As the region becomes highly interconnected, there is a growing need for efficient grant management software for handling diverse funding channels.

Dynamics

Grant Management Software Increases Government Entities

The real-time access to data and analytics and grant management software enables government entities to make informed decisions more quickly and this is crucial in selecting the most deserving recipients, allocating funds strategically and ensuring the decisions. The grant management software often includes compliance tracking that helps the government to track regulatory requirements.

For instance, on 9 May 2023, Euna Solutions, previously known as GTY Technology. The company had undergone a rebranding effort to reinforce its position as a leader in driving digital transformation within the public sector. Euna Solutions offers a comprehensive suite of software solutions designed to enhance critical administrative functions and financial operations for government entities in the United States and Canada.

Financial Industry Adopts Grant Management Software

Grant management software provides a centralized platform that enhances transparency and accountability in the grant process. Financial institutions can track the allocation of funds, monitor progress and ensure that grants are being utilized for their intended purposes and this automation reduces manual administrative tasks, allowing financial institutions to manage a higher volume of grants with fewer resources.

For instance, on 16 August 2023, Qraft Technologies, a prominent invest-tech company specializing in artificial intelligence investing solutions, entered into a strategic partnership with Hex Trust, a leading institutional-grade digital asset custodian licensed across global financial hubs and this partnership involves the development of digital asset products based on Qraft's AI-driven asset allocation models for Hex Trust's clients.

Collaboration between Companies

Collaboration between companies often brings together different perspectives, technologies and expertise, this can lead to the development of innovative solutions that address new challenges, improve existing processes and offer enhanced features. Innovation is crucial for staying competitive and attracting new customers in the rapidly evolving grant management software landscape.

For instance, on 16 August 2023, Euna Solutions announced a technology partnership with Pavilion, a leading provider of procurement software solutions. Through this collaboration, Euna Solutions and Pavilion work together to integrate their respective technologies and capabilities. Euna Solutions specializes in cloud-based solutions for the public sector, while Pavilion offers advanced procurement software.

Complex and Time-Consuming Process

Implementing grant management software is a complex process, requiring customization, data migration and integration with existing systems. The complexity leads to increase delays and requires significant IT resources and expertise. The initial cost of implementing grant management software, including licensing fees, customization, training and infrastructure setup, can be substantial. Small organizations with limited budgets may find it challenging to afford the upfront investment.

Integrating grant management software with other software systems that an organization uses, such as financial systems or CRM software, can be complex and time-consuming. Ensuring seamless data flow and compatibility across systems is a major key challenge. Transferring existing grant-related data from legacy systems to the new software can be challenging. Data inconsistencies, errors and the need for data cleansing can lead to delays and potential loss of historical data.

Segment Analysis

The global grant management software market is segmented based on component, service, deployment model, enterprise size, end-user and region.

Cloud-Based Grant Management Software Boosts the Market

Cloud-based segment is expected to hold the major share of more than 35.2% of the global grant management software market in 2022. Cloud-based grant management software allows stakeholders to access and collaborate on grant-related data and documents from anywhere with an internet connection and this level of accessibility and discrepancy promotes seamless communication and coordination among team members, partners and grant applicants, even when they are geographically dispersed.

For instance, on 25 July 2023, Fluxx, a leading provider of cloud-based grants management software, introduced a new business intelligence analytics platform called Grantelligence and this platform is for the field of grant making and aims to empower stakeholders with insights, collaboration capabilities and the ability to make data-driven decisions in the grant making process. Grantintelligence reflects its focus on providing intelligent insights for grant makers.

Geographical Penetration

The Rising Adoption of Grant Management Software in North America

North America is among the largest regions in the global grant management software market covering around 1/3rd of the market and the region is a hub for research, innovation and academic institutions. Grant management software is crucial for managing research grants, collaborations and projects across universities and research centers. Many corporation units provide socially responsible activities in which grant management software assist in managing and monitoring.

For instance, on 19 June 2023, Submittable is a software company that offers solutions for launching, managing and measuring social impact programs. The company has had a successful start to the year with multiple awards and recognitions for its social impact and employee engagement software. Submittable's software has also been recognized in the field of grant management. It was named to the Capterra Shortlist for Grant Management Software, indicating high ratings and customer satisfaction.

Competitive Landscape

The major global players include WizeHive, Submittable oracle, Workday, Salesforce, eCivis, HTC Global Services, SmarterSelect, CyberGrants and ZoomGrants.

COVID-19 Impact Analysis

The pandemic forced many organizations to transition to remote work. Grant Management Software offers cloud-based solutions that became essential for enabling remote collaboration among teams working on grant applications, evaluations and management. Many nonprofit organizations and government agencies experienced increased demand for funding due to the economic hardships caused by the pandemic.

The pandemic accelerated the digital transformation across sectors, including grant management. Organizations that relied on manual or paper-based processes had to adopt digital solutions like grant management software to streamline there operations and leads to ensure continuity. The unpredictability of the pandemic required organizations to quickly adapt their grant programs to address emerging needs.

Grant management software offers platforms that offered flexibility in configuring workflows, criteria and reporting became essential for responding to changing circumstances. Grant management software with real-time reporting capabilities helped organizations monitor and report on the utilization of funds and track progress and during COVID everything is online so grant management software helped many organizations.

AI Impact

AI algorithms assist in evaluating grant applications by analyzing data and making recommendations based on predefined criteria, this speeds up the decision-making process and reduces manual review efforts. AI process large volumes of data to identify patterns, trends and insights, this helps grant managers make informed decisions, allocate resources more effectively and identify high-impact projects and also helps to take decision based on the data.

For instance, on 1 August 2023, Concourse Labs introduced its Generative AI solution, built on the Google Vertex AI platform, aiming to redefine cloud governance and enhance cloud adoption processes. The platform automates the creation of secure configurations for cloud applications, thereby reducing human errors and ensuring constant security. It also offers continuous monitoring to identify and rectify misconfigurations.

NLP-powered chatbots allow for automated and instant communication between applicants and grant administrators and these chatbots handle a wide range of queries, reducing the need for manual intervention and speeding up the application process. NLP-driven chatbots provide immediate responses to applicant inquiries, ensuring that applicants receive timely and accurate information.

Russia- Ukraine War Impact

Geopolitical conflicts lead to increase economic instability in the affected regions and this impacts funding sources for grants, potentially leading to changes in funding availability, allocation or priorities. Grant management software users might need to adapt to shifting funding landscapes. During times of conflict government priorities often shift toward defense and security spending, this could result in a reallocation of funds away from certain social and developmental programs.

Geopolitical instability leads to delays in administrative processes, including the disbursement of funds. Grant management software users might experience delays in receiving funds or processing grant applications. Organizations, which provide funding for grants, also be affected by geopolitical tensions and they could reassess their strategies and funding focus, impacting the types of grants available and the organizations eligible to apply.

By Component
* Software
* Solution
* Services

By Service
* Implementation and Integration
* Training and Education
* Support and Maintenance

By Deployment Model
* Cloud
* On-Premises

By Enterprise Size
* Large Enterprises
* Small and Medium Enterprises

By End-User
* Government
* Healthcare and Human Services
* Educational Institutions
* Corporation
* Others

By Region
* North America
U.S.
Canada
Mexico
* Europe
Germany
UK
France
Italy
Russia
Rest of Europe
* South America
Brazil
Argentina
Rest of South America
* Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
* Middle East and Africa

Key Developments
* On 11 August 2023, Beyond Key, a global IT consulting and software services company introduced a technology suite tailored specifically for non-profit organizations. Leveraging its extensive experience in the IT industry, Beyond Key has developed solutions that address the unique technology needs and concerns of non-profits. The suite encompasses various software solutions such as donor management, volunteer management, licensing, fundraising, contact management and grant management solutions.
* On 12 October 2021, a Canadian company Valsoft enters specializing in acquiring and developing vertical market software businesses has successfully acquired Fluent Technology, a prominent leader in grant management software. Fluent Technology is based in Belfast, Northern Ireland and this acquisition represents Valsoft's entry into the expanding grant management sector.
* On 1 November 2023, the developer of SmartSimple Cloud, an adaptable automation and collaboration platform for grant management and other essential operational processes, officially introduced the SmartSimple Cloud Certification Program. The SmartSimple Cloud Certification Program aims to establish a group of certified professionals capable of meeting the increasing needs of the global client base.

Why Purchase the Report?
* To visualize the global grant management software market segmentation based on component, service, deployment model, enterprise size, end-user and region, as well as understand key commercial assets and players.
* Identify commercial opportunities by analyzing trends and co-development.
* Excel data sheet with numerous data points of grant management software market-level with all segments.
* PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
* Product mapping available as Excel consisting of key products of all the major players.

The global grant management software market report would provide approximately 77 tables, 77 figures and 203 pages.

Target Audience 2023
* Manufacturers/ Buyers
* Industry Investors/Investment Bankers
* Research Professionals
* Emerging Companies