The grant management software market is on a promising growth path, expected to reach a staggering US$ 6,742.4 million by 2033. This remarkable growth is projected with a strong 10.3% annual increase.
SMEs are becoming prevalent in developing nations and are likely to utilize software-based automated solutions. As SMEs place huge emphasis on automated solutions to improve business operations, there is an increase in the demand for grant management software.
Businesses comprehend budget prediction and grant budget reports due to grant management software analytics. Companies in underdeveloped countries are becoming aware of the advantages of grant management solutions and adopting advanced technologies.
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The primary driver of the grant management software industry is the rising adoption of new technologies like AI and ML (Machine Learning). A good opportunity to assess and lessen risks for grantors and grant recipients is presented by the automation and digitization of the entire grant process.
As it is more focused on grant projects and follows standardized regulations than other regions, North America was an early adopter of grant management solutions. An enormous volume of data is being produced by North American businesses as a result of the quick uptake of new technologies. Hence, these solutions are being used more frequently to retain and manage this data for on-demand accessibility.
Recent Developments:
- Workday improved the functionality of its grants management software in September 2019 to provide users with a better experience. Some new skills were added to it, which include:
- Enhanced reporting through the new Principle Investigator (PI) portal
- Real-time data reporting
- Greater visibility into sub-awards
- Processing of cost transfers
- Personnel Accounting Adjustments (PAAs)
- In April 2022, the department replaced the current G5 system with an open and flexible cloud-based system as part of a collaborative effort. It is directed by the Innosoft Company and makes use of technologies from Amazon Web Services (AWS), Red Hat, and IBM’s domain knowledge.
- This is done by the department’s purpose to develop educational quality and guarantee equal access, to improve student accomplishment and preparation for global competitiveness.
- The department’s critical grant-making business process is supported throughout its life cycle by the G5 grants management system. It also processes payments for federal student aid programs like Pell Grants and campus-based aid.
Leading Key Players:
- Wizehive
- Salesforce.org LLC
- Submittable
- Oracle
- Workday Inc.
- AT&T
- Alphabet Inc.
- Amazon.com Inc.
- Apple Inc.
- Baidu Inc.
- Comverse Technology Inc.
- Google LLC
- InMobi
- Kongzhong Corp.
- Vodafone Group Plc
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Grant Management Software Market Segmentation:
By Component:
- Solution
- Service
By Function:
- Performance and Outcomes Measurement
- Application Tracking
- Collaboration
- Document Management
- Reporting
- Others
By Deployment Mode:
- Cloud
- On-premise
By Organization Size:
- SMEs
- Large Enterprises
By End User:
- Government
- International and National Organizations
- Healthcare and Human Services
- Corporations
- Educational Institutions
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa (MEA)
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