It is estimated for the global grant management software market to reach USD 1.7 billion by 2024 from that of USD 1.3 billion in 2019 registering a CAGR of 10.3% during the forecast period of 2019 to 2024. Growing need among enterprises to improve the grant process and acceleration of grant application review are the factors that are driving the growth of the market during the forecast period.
The solution segment to hold the largest market size during the forecast period.
A centralized platform is empowered by the grant management software to efficiently manage their grant processes. The demand for grant management software in the global market is expected to be driven by the growing focus of organizations to automate and enhance their grant processes. To effectively engage with potential grantmakers and grant seekers, efficient tools are been provided by grant management software for grant management professionals. The software helps to manage charitable channels and data effectively and thus organizations across end-users are adopting the grant management solution.
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The cloud deployment to grow at a higher CAGR during the forecast period.
Scalability, flexibility in capacity, enhanced collaboration, and cost-efficiency are the various advantages the cloud deployment offers and thus organizations nowadays are looking forward to having their solution deployed on the cloud. Implementation of cloud-based grant management software facilitates SMEs and large enterprises to focus on their core competencies, rather than IT processes. Organizations can avoid costs related to software, storage, and technical staff with the help of the cloud-based grant management solution and services. The cloud-based grant management software offers a centralized way to integrate the system and its components with web and mobile applications and helps organizations to fast track grant-making processes.
Large Enterprises to have the largest market size during the forecast period.
Among SMEs as well as large enterprises, the need to address grants is driving the adoption of grant management software and services. This process is usually complicated and time-consuming, which demands an enhanced grant management software to overcome these challenges. Due to the affordability and acceptance for emerging technologies, among different organization size, the large enterprise’s segment is expected to account for a higher market share in the grant management software market. Moreover, large enterprises generate a massive amount of data daily, and it is a time-consuming process to be narrowed down to relevant information during a legal case, if done manually, thereby leading to the growing adoption of the grant management software in this segment.
North America to dominate the global market during the forecast period.
As compared to the other regions, North America is more concerned about grants projects and follows standardized regulations and thus is an early adopter of grant management solutions. Because of the rapid adoption of new technologies, there is a huge amount of data generated in the North American organizations which are in turn leading to the growing adoption of grant management solutions to maintain and manage such data for on-demand availability. The presence of major players in the region also supports the demand and awareness regarding the benefits achieved by the adoption of a grant management solution.
The following are the major objectives of the study:
- To define, describe, and forecast the global grant management software market on the basis of product, application, and region.
- To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, and opportunities).
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
- To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for leading market players.
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
- To strategically profile the key market players and comprehensively analyze their market shares and core competencies.
- To track and analyze competitive developments such as acquisitions, expansions, new product launches, agreements, and collaborations in the global grant management software market.
Critical Questions which the report answers:
- What are the major vendor/manufacturers in the market? What is their growth potential during next decade?
- What are the key revenue generating pockets for global grant management software market and their future potential during next decade?
- How competitive landscape is evolving in global grant management software market?