(IT-NEWSWIRE.COM, January 13, 2021 ) According to a new market research report "Grant Management Software Market by Component, Function (Document Management, Performance and Outcomes Measurement, and Application Tracking), Platform, Deployment Type, Organization Size, End User, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Grant Management Software Market expected to grow from $1.1 billion in 2019 to $1.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 10.5% during the forecast period.
The growing demand to scale grants effort with the help of advanced technology, increasing need to engage with the customers and deliver an enriched experience continuously are some of the major factors driving the growth of the grant management software market.
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Among end-users, government to hold the largest market size in the global grant management software market during the forecast period
The government segment avails grants as the source of funding and occasionally comes up with special requirements that receivers must adhere to.
On the other hand, government entities, such as federal organizations, also provide grants to various causes, and therefore, it imperative to analyze different grant requests and prioritize them. With the advent of mobile technology, customers’ preferences and behavior are changing. Today, online grant applications have grabbed a large share of customer transactions. Government organizations are emphasizing on adopting the grant management solution to boost the performance of grant teams for better engagement with the customers.
The services segment to grow at the highest CAGR during the forecast period
Grant management services have a full scope of usage, ranging from assistance to customers for deployment of solution, integration, and implementation, to cater to the business-specific needs of organizations. Grant management services help organizations bridge legacy systems to modern applications and take care of training and implementation work so that customers can focus on their core business. This has created opportunities for vendors to provide services to enterprises across different end-users and help them deal with complexities while configuring the grant management solution.
North America to have the largest market size during the forecast period
North America is estimated to account for the highest share of the market in 2019. The region comprises developed countries, such as the US and Canada, and is considered the most advanced area in terms of adopting digital technologies. The North American region exhibits an extensive presence of key industry players offering grant management solutions and services, and its financial position enables it to invest majorly in leading tools and technologies for effective business operations.
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Major vendors offering grant management solution and services across the globe includes WizeHive (US), Submittable (US), Oracle (US), Workday (US), Salesforce (US), eCivis (US), Benevity (Canada), SmarterSelect (US), Foundant Technologies (US), Blackbaud (US), Sage (England), SurveyMonkey(Canada), Fluxx (US), Award Force (Australia), Evalto (Spain), Fluent Technology (UK), HTC Global Services (US), ZoomGrants (US), CyberGrants (US) and Altum (US).
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Mr. Aashish Mehra