Report : Contract Management Software Market to 2027 - Global Analysis and Forecast by Component (Software, Service); Deployment Type (Cloud-Based, On-Premise); Business Function (Legal, Sales, Procurement, Others); Vertical (Healthcare and Life Sciences, Transportation and Logistics, Government, Manufacturing, Telecom and IT, BFSI, Others)
According to the new research report published by The Insight Partners, titled “Contract Management Software Market - Global Analysis and Forecast to 2027”, the global contract management software market is expected to reach US$ 5.2 Bn in 2027, registering a CAGR of 16.7% during the forecast period 2019-2027.
The global contract management software market is majorly driven by the ease of using the software over the complexities faced during the use of the traditional paper-based approach. Moreover, the increasing adoption of cloud technology across the industries is further driving the market. The integration of advanced technologies with contract management software such as blockchain, artificial intelligence, advanced analytics, conversational systems, RPA, and others are significantly driving market growth. However, the rapidly changing nature of businesses and regulations require a consistent change in technology and services. Also, the integration of advanced technologies is expected to provide substantial growth opportunities to the key players in this market.
The paradigm shift towards digitalization has reaped significant benefits for enterprises, and it has resulted in new revenue generation opportunities. With the continuous advancements in storage and computing technology, the computing power has increased multi-fold during the last decade. This has created new opportunities for computing and managing huge sets of documents and files, and when coupled with new emerging technologies such as artificial intelligence, useful business and customer insights can be gained. With the help of artificial intelligence, the digital content managed by contract management software can be further used to analyze and extract useful business and various contract-related insights. Hence, the increasing digitalization across industries is expected to boost the demand for robust and reliable contract management software and thus drive the growth of contract management software market during the forecast period.
The contract management software market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, MEA, and SAM. The North America region holds the highest market share, whereas APAC is projected to be the fastest-growing region as well in the coming years.
Being a technologically advanced region, North America highly invests in new technologies and innovations for its companies to be ahead in the competition. Digital transformation of the business processes of the company helps the company in automating many of the sub-processes that saves time and helps the company in focusing on other important decisions of the company. This helps in the further development of the company in the market and increasing its market share. The US has a well-developed IT sector, and many IT companies, including Google, IBM, and Microsoft, have headquarters in the country. According to the data available at Bureau of Economic Analysis (BEA), the IT sector contributes significantly to the GDP of the country, and the professional, scientific, and technical services accounted for ~7.5% of the total GDP in 2018. The demand for contact management software is high across the IT & telecom segment. Also, the region has various large enterprises operational in different sectors. The large enterprises deal with a complex legal contracts, hence they adopt contact management software for simplifying this task.
Based on business function, the global contract management software is segmented into legal, sales, procurement, and others. The legal segment led the contract management software market in 2018. With the help of contract management software, legal departments get assured that the contracts generated contain the complete and correct version of the latest clause, rules, terms, and conditions. It is ensured that all the necessary information relating to businesses is captured and is correct, as well as in representable format. The entire history of the company’s contract can be accessed from any system and can be easily tracked. It includes details such as current value, previous value, person who changed the contract clauses, and the date of change.
Some of the key players analyzed in the global contract management software market study are Agiloft Inc., Apttus Corporation, CLM Matrix (Wolters Kluwer ELM Solutions, Inc.), CobbleStone Software, ContractsWise, IBM Corporation, Icertis, JAGGAER, SAP SE, and Zycus Inc.
Contract Management Software Market - Geographic Breakdown, 2018
The report segments the global contract management software market as follows:
Global Contract Management Software Market - By Business Function
Global Contract Management Software Market - By Vertical
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