Grant Management Software Market Trends Overview, Growth Factors And Competitive Players Till 2028

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.

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Several companies in developing countries offer customized software for grantors and grant recipients to ease down the process of granting. Implementing machine learning (ML), analytics, and other advanced technologies enables data-driven decisions to help return on grant investments. Over years, the grant management market reported new developments with an increasing number of grant funding. Several associations are offering grant funding. In April 2023, the Department of Transportation Federal Highway Administration (FHWA) made grant funding available for a new pilot program to make roads safer, prevent wildlife-vehicle collisions, and improve habitat connectivity.

The Key Players in The Global Market Are:

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
In October 2022, IBM granted US$ 5 million to bolster cybersecurity preparedness in schools. Grant recipients were selected in Ireland, the UAE, California, Indiana, Michigan, New York, New Hampshire, and Virginia. Similarly, the US Department of Homeland Security (DHS) announced a cybersecurity grant program for state, local, and territorial (SLT) governments across the US in October 2022, under which ~ US$1 billion in funding for the program was allocated to DHS. Thus, the increasing number of grant funding across countries such as China, Germany, the US, the UK, India, Australia, Mexico, and others is driving the global grant management software market growth.

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.

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Impact of COVID-19 Pandemic on Grant Management Software Market Growth

The COVID-19 outbreak dramatically impacted the global economy during its peak in 2020, and the crisis hampered business activities in IT and business industries. The outbreak positively influenced the grant management software market due to rise in remote work and increase in federal funding for pandemic relief. Majority of state and local agencies that disperse grants are finding grant management software an important tool to track the flow of grant amount, provide reports on grant performance data, and eliminate the manual and paper-based processes. During the unprecedented times of the pandemic, foundations and nonprofit organizations leveraged grant management software to review applications, communicate with funding recipients, make grant awards, keep payment tracks, and ensure that recipients comply with the requirements of each award.

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