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Contract Management Software Market (Component - Software, and Service; Deployment Type - On-premises, and Cloud; Business Function - Sales, Procurement, Legal, Finance, and Others; End User - BFSI, Healthcare and Life Sciences, Government, Transportation and Logistics, IT, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

  • Published : July, 2021

  • Rep Id : ICT00253

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report published by Infinium Global Research on contract management software market provides in-depth analysis of segments and sub-segments in the global as well as regional contract management software market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional contract management software market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global contract management software market. According to the report, the global contract management software market is projected to reach a value of over USD 3 Billion in 2027 from USD 1.7 Billion in 2021 with a CAGR of 9.2% over the forecast period of 2021-2027.

 

Market Insight

Contract management is gaining importance as time is progressing. Huge emphasis is put on effective contract management by the companies and individuals. With the rising use of technology the contract management software has started gaining prominence. Efficient contract management software can be instrumental in maximizing the revenues of the company and reducing the risk associated with contracts. Contract management software has a competitive advantage over traditional contract management. It makes managing contracts more convenient and is more transparent in its work. Industry verticals such as healthcare and life sciences have been actively using contract management software. Increased use of this type of software has also been observed by governments around the world.

 

The market for contract management software is driven by many factors. The increasing digitalization of contracts is majorly driving the market. The digitalization of contracts proves beneficial for safely storing the contracts and easily recalling them for review and their compliance. Important insights can be obtained by analyzing past contracts. Furthermore, growing cases of breach of contracts is further fuelling the demand for contract management software. The instances of breach of contract are growing around the world. Many companies are fighting lawsuits as other contract parties failed to comply with the contract. Therefore, major businesses around the world are adopting contract management software to avoid such scenarios and other risks associated with contracts. Increasing acquisitions and mergers around the world is also driving the market. Contract management software simplify the complex processes of acquisitions and mergers. This contract management software is vulnerable to data security threats. Thus, this factor is restraining the market. Emerging technologies such as artificial intelligence and big data analytics are further expected to provide new opportunities.

 

North America is expected to dominate the market over the forecast period. Asia-Pacific is expected to grow at the fastest rate. North America is one of the advanced economic regions in the world. The region is home to many big enterprises and businesses in the world. Thus, the number of contracts signed is significantly high in this region. Megadeals among businesses are signed on day to day basis. Therefore, the demand for contract management software is high in the region. With the high rate of adoption, the number of contract management software providers in North America region is also high. Asia-Pacific region is experiencing strong economic growth. Enterprises around the world are planning on tapping into the emerging markets of the region. Small and medium-scale businesses are widely adopting contract management software in the region. Additionally, mega deals are expected to be signed in the region.

 

Segment Covered

The report on global contract management software market covers segments such as component, deployment type, business function, and end user. On the basis of component, the sub-markets include software, and service. On the basis of deployment type, the sub-markets include on-premises, and cloud. On the basis of business function, the sub-markets include sales, procurement, legal, finance, and others. On the basis of end user, the sub-markets include BFSI, healthcare and life sciences, government, transportation and logistics, it, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as IBM Corporation, Icertis Inc., Apttus Corporation, Zycus Inc, Agiloft Inc., ContractsWise Limited, SAP SE, SecureDocs, Inc., JAGGAER, LLC, and Trackado AB.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of contract management software market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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