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. Vendors functioning in the market are implementing several modern technologies in their contract management solutions which consists of artificial intelligence and analytics to provide the best-in-class experience to its end-user, which is driving the global contract management market 2020.
Vendors are partnering with several tech enterprises and also investing in research & development to offer comprehensive solutions to the end-users. The market is also experiencing growing competition and the threat of new players. The key competitors are operating on the basis of security offered, integration services with the solution, cost of deploying the solution and ease of use.
The adoption of contract management is particularly growing across the manufacturing, healthcare, education industry, and consumer goods segment. Companies operating across these segments are demanding a lucrative and comprehensive solution that efficiently manages a number of contracts.
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The Global Contract Management Market has been classified on the grounds of Organization Size, Deployment, Component, Vertical, and Region.
On the basis of organization size, the contract management market has been classified into large enterprises and small- & medium-sized enterprises. The large enterprises vertical seizes the greater share in the market especially in industries such as BFSI and healthcare.
On the basis of deployment, the market has been classified into cloud-based and on-premise segments. The cloud-based contract management solution seized the larger share in the year 2018 and is estimated to acquire a greater share by 2025. A large number of end-users are opting for cloud-based establishment as it is extensive and lucrative, which adds to the overall demand for cloud-based contract management solutions.
Based on the component, the contract management market has been classified into services and solutions. The service segment has been further classified into implementation & integration service and support & maintenance services. The solution segment acquired a greater share in 2018 and is estimated to maintain the position during the review period as well. The contract management service vertical is estimated to expand at a greater CAGR during the review period. Among the service vertical, implementation & integration services vertical is estimated to expand at a higher CAGR during the review period. Organizations in the forthcoming years are estimated to demand implementation with legacy systems like Enterprise Resource Planning (ERP), which in turn will grow the demand for integration services.
On the basis of vertical, Contract Management Market Size has been classified into BFSI, IT & telecommunication, healthcare, consumer goods, manufacturing, education, and others. The healthcare industry segments are estimated to expand at the maximum CAGR during the review period.
On the basis of the global contract management market has been divided into South America, North America, Europe, Asia-Pacific, and the Middle East & Africa.
North America dominates the market in the context of market share in the contract management market. Some of the factors that are responsible for the expansion of the market consist of rising investment by industry segments to establish modern technologies and growing need to manage varied contracts efficiently.
Europe has taken the second position in the market. Europe has been classified into Italy, Germany, Spain, the UK, France, and the rest of Europe. As per the Market Research Future Reports (MRFR), the UK is estimated to earn the maximum market share, followed by Germany and France. Established industry verticals where demand for contract management solutions is rising in the country include education, healthcare, manufacturing, and consumer goods.
The market in Asia-Pacific is estimated to expand at the maximum CAGR during the review period. In the research scope, Asia-Pacific has been classified into China, India, Japan, and the rest of Asia-Pacific. The considerable expansion in the country can be acknowledged to rise in a number of organizations and their need to efficiently manage a number of contacts from a centralized location.
Prominent players of the Global Contract Management Market are SpringCM, Icertis, IBM, SAP, Zycus Inc., Determine, Apttus Corporation, SecureDocs, Inc., ConcordSpringCM, Contract Logix LLC., Trackado, Ultria, GEP, ConvergePoint Inc.
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