Vancouver, Jan. 04, 2024 (GLOBE NEWSWIRE) -- The global contract management software market size was USD 2.40 Billion in 2022 and is expected to register a rapid revenue CAGR of 14.4% during the forecast period. Increasing need for flexible contract administration and changes in legal requirements, integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies in contract management software, and rising demand for centralized platform for organizing, tracking, and managing diverse contractual agreements are key factors driving market revenue growth.
The adoption of contract management software brings various advantages, including increased productivity, accuracy, and cost-effectiveness for businesses. These solutions streamline contract processes across divisions like sales, legal, and procurement, replacing manual systems with automated processes. Notable market players like DocuCollab and DocuSign CLM are at the forefront, providing enterprise-wide solutions that reduce expenses, increase revenue, and mitigate business risks.
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Moreover, the adoption of contract management standards, such as those from the National Contract Management Association (NCMA), is gaining momentum. For example, on September 19, 2023, SMX, a leading technological solutions provider, announced its adoption of the NCMA contract management standard, showcasing a commitment to industry best practices and professional development.
The demand for Contract Lifecycle Management (CLM) has surged in recent years as organizations seek efficient tools to handle and manage all steps of the contract procedure. The software is crucial for effectively managing risks, ensuring legal procedures, and facilitating the documentation of contracts and agreements. The market has seen increased investments in next-generation technologies such as Machine Learning (ML) and smart contracts.
Challenges:
Despite the optimistic outlook, concerns about technical and data privacy issues pose challenges to market growth. Instances of digital fraud have risen, with over 249,000 cases reported annually as of October 2023. Data privacy and security are increasingly critical as digital contracts become more prevalent, exposing businesses to identity theft, financial losses, legal troubles, and data breaches.
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Market Segmentation:
Components Insights:
On the basis of component, the global contract management software market is segmented into software and services. The software segment accounted for largest revenue share in the global contract management software market in 2022. This is due to rising adoption of this software in the healthcare industry to help patients with efficient compliance, streamlining contract lifecycle processes and maintaining complex contract documents in the repository.
Delivery Mode Insights:
On the basis of delivery mode, the contract management software market is segmented into on-premises and cloud. The cloud segment is expected to register moderately fast revenue growth rate in the global contract management software market due to rising use of cloud-base systems in contract management and trend of AI in the healthcare industry.
Regional Insights:
The North America accounted for largest market share in the global contract management software market in 2022. This is owing to rising number of key strategic initiatives and funding in the field of contract management software and increasing investments and rapid adoption of contract management software applications.
The Europe is expected to register fastest market growth rate in the global contract management software during the forecast period. This is attributed to increasing government regulations, emergence of major start-up companies developing contract management software applications, and major key strategic initiatives as well as rising Research & Development (R&D) activities. For instance, on 23 August 2021, CobbleStone Software, a market leader in contract lifecycle management software, announced the opening of a European regional data center. With this release, the company's award-winning source-to-contract management software suite, CobbleStone Contract Insight, is now even better.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 2.40 Billion |
| CAGR (2023–2032) | 14.4% |
| Revenue Forecast To 2032 | USD 9.23 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Component, technology, organization size, business function, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Russia, Rest of Europe, China, India, Japan, South Korea, ASEAN Countries, Oceania, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | SAP Ariba, IBM Inc., Coupa, Docusign, Icertis, Apttus, Zycus, GEP, Agiloft, and Conga |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global contract management software market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective contract management software solutions in the market. Some major players included in the global contract management software market report are:
- SAP Ariba
- IBM Inc.
- Coupa
- Docusign
- Icertis
- Apttus
- Zycus
- GEP
- Agiloft
- Conga
Strategic Development
- On 17 October 2023, Sirion announced a partnership with IBM Watsonx to reimagine CLM for businesses. IBM will also use Sirion CLM as the first user of this integrated solution to help expedite its own Source-to-Pay (S2P) and Order-to-Cash (O2C) procedures. All employees within an organization may now access contracts and get the ability to extract insights from enterprise data, contracts, and other data sources thanks to Sirion's Generative AI, which is integrated with IBM Watsonx.
- On 19 January 2021, Agiloft, the global standard in contract and commerce lifecycle management, announced the availability of its AI-powered contract management software on the Salesforce AppExchange, allowing for improved data synchronization between Agiloft and Salesforce to streamline and accelerate contract-related commercial processes. Customers can simply build new contracts and access business information with a completely flexible connection, which reduces data silos and inefficiencies that result in lost revenue and missed opportunities.
Browse the complete Global Contract Management Software Market Research Report – Industry Analysis, Size, Share, Growth, Trends @ https://www.emergenresearch.com/industry-report/contract-management-software-market
Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global contract management software market on the basis of component, technology, organization size, business function and region:
- Component Outlook (Revenue, USD Billion; 2019-2032)
- Software
- Services
- Consulting
- Implementation
- Support and Maintenance
- Delivery Mode Outlook (Revenue, USD Billion; 2019-2032)
- On-premises
- Cloud
- Organization Size Outlook (Revenue, USD Billion; 2019-2032)
- Small and Medium Enterprises (SMEs)
- Large Enterprises
- Business Function Outlook (Revenue, USD Billion; 2019-2032)
- Legal
- Sales
- Procurement
- Others (Finance, Information Technology (IT), and Human Resource (HR)
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- ASEAN Countries
- Oceania
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa
- GCC Countries
- Israel
- Turkey
- South Africa
- Rest of Middle East & Africa
- North America
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