As mentioned in the reports of Market Research Future, the global contract management market 2020 will be surging at a 12.3% CAGR during the forecast period 2018–2025. In this period, the market will also be valuating at a higher pace with the growth rate.
Market’s Key Driver & Challenges
The story for Contract Management Market past years from now might be about its shift into something exceptional as the trading is a big thing for it. The growth of the market is attributing to the rising demand for the software that enables and supports contract lifecycle management and plan management inevitably. These factors have been influential to the market’s growth since past years, which is still going on keeping the market on the right track of development.
At present, the enterprises deal with several contracts related to sales, intellectual property, and leases. Therefore, in order to manage these contracts efficiently, they usually organize contract management software. Even the key industries the contract management software plays a pivotal role in reducing the entire cost and time. The various industries dealing in the same are education, healthcare, manufacturing, and consumer goods, and more. Apart from this, a large number of enterprises find it challenging to locate their contracts resulting in loss of contracts or get misplaced, which can impact the overall business operation. Contract management solutions in all help organizations in overcoming such challenges by offering a centralized location for storing contracts and permit ease of access and retrieval. All these factors are making the global market of contract management more robust than previous years with gaining tremendous valuation in the forecast period.
Some of the critical features of contract management software tools such as the provision of efficient sets of contracts, the presence of advanced search options for retrieving any contract, as well as tracking and notification signals over contract expiry date and updates. These factors are also creating a high demand for contract management, which is influencing the market to a great extent.
The study also mentions that in a survey presented in 2017 by Bloomberg Finance L.P. in partnership with Baker Tilly in “Key Contracting Trends and Best Practices in Federal Contract Management” said that 92% of those surveyed agreed that effective contract management that it is decisive for the achievement of a business. The complex and dynamic governing environment has made it essential for businesses to manage their contacts efficiently and certify that the contracts are within the framework of the regulation. Owing to this, a large number of enterprises are inclining towards contract management systems, thus driving the overall market. In case of point, the companies like Penn University, Endo Pharmaceuticals, Mobivia Groupe RCI Banque SA, have successfully deployed contract management software to update their contract lifecycle.
The Global Contract Management Market has further been segmented on the basis of component, deployment, organization size, and vertical.
In terms of component: Solution and services are the segments. Wherein, the service segment is also categorized among support & maintenance services and implementation & integration service. Whereas, the solution segment occupied the larger share in 2018 and is now anticipated to remain better in the forecast period as well.
In terms of deployment: On-premise and cloud-based are the segments. The cloud-based contract management solution occupied the larger share in the year 2018 and is now likely to employ a more significant share by 2025. The reason behind it is that a large number of end-users are opting for cloud-based deployment as it is cost-effective in nature.
In terms of organization size: Small- & medium-sized enterprises and large enterprises are the segments. Wherein, the large enterprise segment occupies the grander share in the market predominantly in healthcare and BFSI industries.
In terms of vertical: Healthcare, IT & telecommunication, consumer goods, manufacturing, education, BFSI are the segments. Wherein, the healthcare industry verticals are likely to inflate at the highest CAGR during the assessment period.
Geographically, Contract Management Software Market is also being studied across the main regions of Europe, North America, Asia-Pacific, the Middle East & Africa, and South America.
Among these regions, North America leads the market in terms of market share in the contract management market. The influential factors responsible for the growth of the market include snowballing investment by industry verticals to deploy new technologies and rising need to manage varied contracts effectually.
Europe has further occupied the second position in the market. As Europe has been segmented into the UK, Germany, France, Spain, Italy, and the rest of Europe, these are considered to be the active countries leading the market’s growth. According to the MRFR analysis, the UK might gain the highest market share, followed by Germany and France. Prominent industry vertical in these regions where demand for contract management solutions is increasing is healthcare, manufacturing, education, and consumer goods.
The key players of the global contract management market are listed as IBM, Icertis, Zycus Inc., SecureDocs, Inc., SAP, Concord, SpringCM, Apttus Corporation, Trackado, GEP, Contract Logix LLC., Ultria, Determine, ConvergePoint Inc.
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