|Market Size in 2018||Market Forecast in 2025||CAGR (in %)||Base Year|
|USD 1.36 Billion||USD 3.30 Billion||13.5%||2018|
Contract Management Software Market
The Global Contract Management Software Market Size 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 requests, 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 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 solutions that can help them optimize their contract. Some of the software packages also provide alert notifications that can affect a contract, like the renewal or cutoff date for the contract or the contract's end life date. Other low-end contract management software provides guidelines and templates which enables the user to store and create software for their own contract. However, a lack of skilled workforce and increased threat of cyber-attacks might hinder contract management software market growth in the long run.
|Report Attributes||Report Details|
|Report Name||Contract Management Software Market Research Report|
|Market Size in 2018||USD 1.36 Billion|
|Market Forecast in 2025||USD 3.30 Billion|
|Growth Rate||CAGR of 13.5%|
|Number of Pages||200|
|Key Companies Covered||Agiloft, Aaveneir, CLM Matrix, Apptus, Conga, CobbleStone Software, ContractWorks, Concord, and Coupa, and others.|
|Segments Covered||By Organization, By Business, By Vertical, And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2016 to 2018|
|Forecast Year||2019 - 2025|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
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 save time, mitigating risk and also to streamline their workflow is anticipated to foster the 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 a prominent revenue contributor to the contract management software market, owing to the presence of key market players such as Docusign, Coupa, Apttus, Icertis, and Zycus among others is likely to promote market demand in the timeframe.
Some of the leading players in the global market include
By Organization Size Segment Analysis
By Business Function Segment Analysis
By Vertical Segment Analysis
By Regional Segment Analysis