The global contract management market is growing rapidly. The market growth attributes to the increasing numbers of enterprise deals, such as contracts related to sales, intellectual property, and leases.
Besides, increasing adoption in rising numbers of enterprises for efficient enterprise contract management drives the market growth. Moreover, key industries where contract management software plays a significant role in reducing overall cost and time, such as healthcare, education, manufacturing, and consumer goods, escalate market growth.
According to Market Research Future (MRFR), the global contract management market is expected to create a valuation of USD 6.5 Billion by 2025. In its contract lifecycle management market analysis, MRFR also asserts that the market would register 12.3% CAGR throughout the assessment period (2019-2025). Usually, contract management software is deployed to streamline property management contract processes.
Rising deployments of new capabilities in the telecom sector to make changes quickly and easily and quickly enhance the customer experience and provide a fully digital, omnichannel experience positively influences the market growth. Additionally, the growing demand for corporate governance and increasing regulatory requirements & compliance substantiate the market demand.
Furthermore, increasing organizational needs for improved operational efficiency, alongside the growing adoption of cloud-based services, accelerate market growth. The rising integration of technologies such as machine learning and artificial intelligence boosts market growth, provides high-quality reports, and enhances accuracy.
On the other hand, complexities associated with the development of contract management solutions are major factors projected to impede the market growth. Also, the high costs of enterprise contract management pose challenges to market growth. Nevertheless, the augmenting demand for hosted services from small and medium business units would support market growth throughout the review period.
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The report is segmented into five dynamics;
By Component : Solution and Services (support & maintenance services, implementation & integration services, others).
By Deployment : On-Premise and On-Cloud.
By Organization Size: Small & Medium Enterprises and Large Enterprises.
By Vertical : Healthcare, Manufacturing, IT & Telecommunication, Consumer Goods, Education, BFSI, and others.
By Regions : Americas, Europe, APAC, and Rest-of-the-World (RoW).
Global Contract Management Market – Regional Analysis
North America dominates the global contract management market. The largest market share attributes to increasing investments by industry verticals to deploy new technologies and the increasing need to effectively manage varied contracts. Besides, the rising need for effective legacy systems like Enterprise Resource Planning (ERP) would, in turn, increase the demand for integration services.
Moreover, the presence of numerous companies and well-established technology development centers in the region drive the growth of the market. The US and Canada hold major shares in the contract management market in the region. The North American contract management market is expected to retain its dominance throughout the forecast period.
The Asia Pacific region stands second in the global contract management market. Large technological advancements and increased adoption of cloud-based technologies act as major growth drivers. The market growth is driven by the rising need for effective risk management & regulatory compliance, the strong presence of notable industry players, and investments from SMEs in the region.
Additionally, the rapid industrialization and the growing number of businesses in the region substantiate market growth. Rapidly developing countries like India and China catalyze the contract management industry growth in the region. The APAC contract management market is projected to create a substantial revenue pocket throughout the estimated period.
Europe also holds a sizable share in the global contract management market. Factors such as the presence of prominent industry verticals and increasing numbers of corporate offices in the region boost market growth. Furthermore, rapidly growing industries, such as healthcare, manufacturing, education, and consumer goods, create a substantial demand for contract management solutions.
Moreover, the rising adoption of cloud-based solutions and technological upgrades influence the contract management market growth. The European contract management market is estimated to grow at an impressive CAGR during the assessment period.
Global Contract Management Market – Competitive Analysis
Highly competitive, the contract management market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, mature players incorporate strategic initiatives such as collaboration, mergers & acquisitions, expansion, and product/technology launch.
Industry players focus on developing their product portfolios, engaging the latest technologies in product development. For which these companies invest substantially in R&D to develop adept technologies and products. The market competition is likely to intensify due to new product launches and entrants in the market.
Players leading the global contract management market include IBM, Icertis, SAP, SecureDocs, Inc., Zycus Inc., Apttus Corporation, SpringCM, Concord, Contract Logix LLC., Determine, Trackado, GEP, Ultria, and ConvergePoint Inc., among others.
November 10, 2020 ----Amdocs (the US), a leading provider of software and services to communications and media companies, announced that A1 Bulgaria (Austria), is a GSM mobile phone operator, has chosen Amdocs to implement its contract management process and digitize its document lifecycle, enabling A1 Bulgaria to enrich its customer experience by enabling business operations to become fully digital and engage with customers remotely across any device.
A1 Bulgaria is part of the A1 Telekom Austria Group and a leading provider of digital services and telecommunication solutions in Bulgaria. The partnership would enable A1 Bulgaria to modernize and digitize its contract management and document lifecycle.
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Contract Management Market Research Report: By Component (Solution, Services), By Deployment (On-Premise, Cloud), By Organization Size (Small & Medium Enterprise, Large Enterprise), By Vertical (Healthcare, Manufacturing, IT & Telecommunication, Consumer Goods, Education, BFSI, Others) By Region (North America, Europe, Asia-Pacific, South America, Middle East & Africa) - Forecast till 2025
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