Global contract management software market was valued at around USD 1.36 Billion in 2018, and is expected to reach approximately USD 3.30 Billion in 2025, at a CAGR slightly above 13.5% between 2018 and 2025.
Contract management software is a series of programs for managing and storing legal agreements like leases and licensing agreements and contracts with other parties. The vital role of software is to simplify managerial tasks and decrease overhead by providing unified view of each contract. It has become an essential tool keep a track of many activities with cost implications, and can also be helpful for monitoring risk, automating administration, running reports, triggering alerts and ensuring compliance.
The contract management software market will witness growth in the anticipated timeframe, owing to the extensive use of this software in the enterprise form managing new contract request, contract creation and negotiation and the ability to capture data related to document and contract authoring. The demand for the software is fueled due to the rising demand for efficient contract management to manage the increasing contract volume across the globe.
Furthermore, the demand for the contract management software is anticipated to propel in the anticipated period owing to the rising use of software by the small and medium enterprises. Increasing productions with optimum use of raw material and reduced cost are the crucial factors for the enterprise, owing to the limited budget to keep a track of their contract. Therefore, these small and medium enterprises require cost effective solution that can help them optimize their contract. Some of the software packages also provide alert notifications that can affect a contract, like renewal or cutoff date for the contract or the contract end life date. Other low end contract management software provides guidelines and templates which enables user to store and create software their own contract. However, lack of skilled workforce and increased threat of cyber-attacks, might hinder contract management software market growth in the long run.
The contract management software market is segmented into organization size, business function and vertical. The vertical is segmented into Telecom & IT & ecommerce, Government, BFSI, Healthcare & Life Sciences & Life Sciences, Telecom & IT, Manufacturing, Transportation & Logistics and Others. Healthcare & Life Sciences & life sciences is predicted to hold a noteworthy share in the market during the anticipated timeframe. Large organizations have to manage a huge volume of contracts, in compliance with performance and regulations standards. The increasing use of contract management solutions software in hospitals to saving time, mitigating risk and also to streamline their workflow is anticipated to foster market growth in the predicted time frame.
The contract management software in North America is projected to witness growth in the long run. The region is also the prominent revenue contributor to contract management software market, owing to the presence of key market player such as Docusign, Coupa, Apttus, Icertis and Zycus among others is likely to promote market demand in the timeframe.
Renowned contract management software market players are Agiloft, Aaveneir, CLM Matrix, Apptus, Conga, CobbleStone Software, ContractWorks, Concord and Coupa among others.
The report segments contract management software market as follows:
Global Contract Management Software Market: Organization Size Segment Analysis
- SMEs
- Large Enterprises
Global Contract Management Software Market: Business Function Segment Analysis
- Sales
- Legal
- Procurement
- Others
Global Contract Management Software Market: Vertical Segment Analysis
- Telecom & IT & Ecommerce
- Government
- BFSI
- Healthcare & Life Sciences & Life Sciences
- Telecom & IT
- Manufacturing
- Transportation & Logistics
- Others
Global Contract Management Software Market: Regional Segment Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Middle East and Africa
