The global contract management market is expected to reach USD 6.5 billion by 2025, registering a CAGR of 12.3% during the forecast period 2019–2025. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the coming years.
Growing need to maintain compliance with dynamic regulatory directives and high returns on investment after deploying the solution is driving the overall contract management market. Contract management software helps in managing the entire contract lifecycle. The software offers a centralized location for storing all the contracts from where end users can retrieve the required contract at any point and from which saves time. Contract management software can be deployed on-premise or on cloud depending on the requirement of the enterprise. However, nowadays, cloud-based contract management solutions are gaining popularity largely due to several benefits that it offers including scalability, easy accessibility, affordability, and flexibility. In fact, a number of vendors have introduced mobile-based contract management solutions that are compatible with various operating systems including Android and iOS, therefore offering further flexibility to the end users.
Vendors operating in the market are integrating various advance technology in their contract management solutions including analytics and artificial intelligence to provide the best-in-class experience to its end-user. Vendors are partnering with various tech companies and also investing in research & development to offer comprehensive solutions to the end users. The market is also witnessing increasing rivalry and threat of new vendors. The major players are competing on the basis of integration services, security offered with the solution, ease of use, and cost of deploying the solution.
The adoption of contract management is specifically increasing across healthcare, manufacturing, consumer goods and education industry vertical. Companies operating across these verticals are demanding cost-effective and comprehensive solution that effectively manages a number of contracts.
The global contract management market has been segmented on the basis of component, deployment, organization size, vertical and region
Based on the component, the contract management market has been segmented into solution and services. The service segment has been further categorized into support & maintenance services and implementation & integration services. The solution component held larger share in the year 2018 and it is expected to remain so in the forecast period. In order to efficiently manage a large number of contracts, enterprises across industry verticals are significantly deploying contract management software. Additionally, since a large number of vendors are now offering cloud-based contract management software, its demand has significantly increased in the past three to four years thereby increasing the overall share of solution sub-segment in the market.
Based on deployment, the market has been segmented into on-premise and cloud-based solution. The cloud-based contract management solution held the larger share in the year 2018 and is expected to hold the larger share by the end of 2025. Cloud-based contract management solutions are affordable, scalable, and flexible, making them popular among small- and mid-sized enterprises.
Based on organization size, the contract management market has been divided into small- & medium-sized enterprises and large enterprises. Large enterprises specifically in industry verticals like healthcare and manufacturing are significantly deploying the contract management software to manage their contract lifecycle.
Based on vertical, the contract management market has been segmented into healthcare, manufacturing, IT & telecommunication, consumer goods, education, BFSI, others. Healthcare vertical is expected to grow at the highest CAGR during the forecast period (2019–2025).
The prominent players operating in Contract Management Market Report are Icertis, IBM, SAP, Zycus Inc., SecureDocs, Inc., Apttus Corporation, Concord, SpringCM, Contract Logix LLC., Trackado, GEP, Determine, Ultria, ConvergePoint Inc.
The regional analysis for the global contract management has been conducted for North America, Europe, Asia-Pacific (APAC), and the Middle East & Africa, and South America.
North America accounted for the largest market share in 2018; it is expected to register strong growth during the forecast period. The key driving factors for the growth of the contract management market in the region include the growing need for contract management software solutions across BFSI, manufacturing, healthcare and consumer goods.
The market in Asia-Pacific is expected to grow at the highest CAGR during the forecast period. In the research scope, Asia-Pacific has been categorized into China, Japan, India, and the rest of Asia-Pacific. Significant growth in the country can be attributed to growth in a number of enterprises and their need to effectively manage a number of contacts from a centralized location.
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