According to the new research report titled “Grant Management Software Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 2,907.4 million by 2027, registering a CAGR of 12.0% during 2020–2027.
Impact of COVID-19 Pandemic in North America Grant Management Software Market
The US is a prominent market for grant management software that is used in banks, government organizations, and educational institutes. The huge increase in the number of confirmed COVID-19 cases and reported deaths in the country has affected software providers to some extent due to the decrease in demand for their products. The shutdowns of businesses as well as educational institutes across the US, Canada, and Mexico are impacting the adoption of the grant management software in North America. North America is home to a large number of technology companies, and the impact of the COVID-19 outbreak is anticipated to be moderate in 2020 and likely in persist till the first quarter of 2021.
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Increasing number of NGOs, associations, research projects in universities, and other CSR activities in developing countries, such as Mexico, China, India, Australia, and other South East Asian countries, is one of the key factors driving the global grant management software market. Several companies in developing countries offer customized software for both grantors and grant recipients. Also, several untapped and highly unorganized markets in South East Asian countries provide significant opportunities for grant seekers to grow. Furthermore, increasing use of new technologies is recognized as one of the significant market driver for grant management software. For example, by automating and digitizing the entire grants process, there is an excellent opportunity to measure and reduce grantors and grant recipients’ risk. Implementing advanced technologies, such as machine learning (ML) technology and other analytics, enables data-driven decisions to help return on grant investments.
Top Listed Companies in Grant Management Software Market
The grant management software market players focus on new product innovations and developments to achieve sustainable growth as well as to distinguish themselves from competitors in the highly competitive marketplace.
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