Dallas, Texas, Oct. 21, 2022 (GLOBE NEWSWIRE) -- The ability to automate the contract process and customize the digital contract workflow will significantly boost the global digital contract management market. The accuracy in setting out contract reminders and defining escalation procedures will immensely benefit the growth of the global market. The availability of one significant digital storage repository for contract details will maximize extensive reporting and compliance. The availability of the latest contract status and templates will benefit businesses to stay up-to-date. Contract management ensures a highly secure data repository and allows only authorized access.
Digital contract management provides extensive contract details which support the accurate creation of audit trails and serves as a crucial factor for the growth of the global digital contract management market. Businesses utilize contract management to gather information required from various forms and to generate contracts. The simplified presentation of important contract terms and the ability to prevent the deletion of critical contract data will maximize demand for digital contract management in the global market. The global market will achieve an estimated market value of USD 4.6 Billion with an expected CAGR of 12.5% by 2029.
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Furthermore, the digital contract management market can be classified into procurement, sales and legal purpose based on the types of application. The ability to scan critical document information and the required data using optical character recognition will immensely increase demand for digital contract management. Digital contract management allows visualization and editing of required data at a single platform along with high-end protection against unauthorized users. The maximization of the completion rate for the contract lifecycle will boost the global digital management market growth. Digital contract management eliminates severe complexities and errors caused due to paper-based contract management.
Digital Contract Management Market Scope :
| Metrics | Details |
| Key Players | Accenture (Ireland), IBM (U.S.), VMware (U.S.), Jamcracker (U.S.), BitTitan (U.S.), NTT Data (U.S.), ActivePlatform (Belarus), Arrow Electronics (U.S.), Cloudmore (Sweden), CloudSME (Germany), Wipro (India), DXC Technology (U.S.), iPortalis (U.K.), Cognizant (U.S.), InContinuum (Netherlands), Infosys (India), Flexera (U.S.), OpenText (Canada), Fujitsu (Japan), CloudFX (Singapore), Proximitum (U.K.), Eshgro (Netherlands), NEC (Japan), AWS (U.S.), Shivaami (India), TCS (India), Pax8 (U.S.), Oracle (U.S.), Microsoft (U.S.), SAP SE, Exari Coupa Software, Information Services Group, Newgen Software, Corcentric LLC (Determine), Synertrade (Econocom Group), Infosys Limited, Apttus Corporation, Infor, Model N, Ivalua, Agiloft, CLM Matrix |
| By components | Service, Software |
| By Deployment | Cloud, On-Premise |
| By Industry | Healthcare, BFSI, Government, Retail, Transportation and logistics, IT and Telecom |
| Revenue forecast in 2029 | USD 4.6 billion |
The global market has achieved greater heights owing to recent developments and innovations. Icertis and SAP SE announced the expansion of their partnership in January 2022 to enrich contract management and ensure maximized efficiency for businesses. Icertis and Accenture announced their strategic partnership in 2021 to help with effective risk assessment and better visualization of contract data for their clients. The RAIC digital contract management platform was made live in September 2022 which aims to eliminate delays and risks in the contract management process.
Sirion Labs and KPMG announced their strategic alliance in June 2022 to provide rapid advancements in contract lifecycle management. Ironclad and Zip announced their strategic partnership in September 2022 to allow their customers to experience enhanced procurement via contract management platforms. Extensive advancements made by key market players along with several strategic partnerships will immensely contribute to the maximized demand for digital contract management in the global market.
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A significant proportion of the global market will be captured by North America in 2029. The regional market gets immensely get benefitted due to the presence of several top market players and their continuous drive towards strengthening market position. The initiative by major corporates to maintain utmost contract transparency will drive regional market growth. The heavy investments made to ensure smooth contract workflow will expand the demand for digital contract management.
Table of content for Digital Contract Management Market:
1. Introduction
2. Research Methodology
3. Market Outlook
4. Digital Contract Management Market by Components, 2019-2029 (USD Billion)
5. Digital Contract Management Services Market by Deployment, 2019-2029 (USD Billion)
6. Digital Contract Management Market by Industry, 2019-2029 (USD Billion)
7. Road Transportation Services Market by Region 2019-2029 (USD Billion)
North America
US
Canada
Europe
UK
Germany
France
Rest of Europe
Asia Pacific
China
Japan
India
Rest of Asia Pacific
South America
Brazil
Mexico
Rest of South America
Middle East & Africa
8. Competitive Landscape
9. Company Profiles
10. Appendix
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