According
to a research report "Contract Management Software Market Major
factors expected to drive the growth of the market include increasing demand
for agile contract management, changes in compliance, and increased complexity
owing to diversity in sales and licensing models. Contract Management Software
Market analyze each submarket for individual growth trends, prospects, and
contributions to the total market - Global Forecast to 2024" published by MarketsandMarkets. The Contract
management software market to grow from USD 1.5 billion in 2019 to USD 2.9
billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.5% during the
forecast period.
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Based on component, software segment to
record a higher growth rate than the services segment during the forecast
period
By component, the software
segment is expected to grow at a higher rate than the services segment during
the forecast period. Contract management software provides secure
auto-generation of contracts, legal agreements, proposals, quotes, and
documents. Contract management software typically fits into a portfolio of
tools used to handle overall vendor or contractor relationships and easily
integrates with other complementary software such as CRM software, quote
management software, accounting software, and e-signature software. This
ensures that the investment made on this software is maintained while adding
sophisticated contract management capabilities fully synchronized with all the
critical business processes. Leading contract management software vendors are
providing a return on investment (ROI) calculator to help enterprises quantify
their ROI. Each organization has to provide some data such as legal employee
costs, sales operation costs, number of contracts, total contract value, and so
on, and get an ROI estimate.
Among services, support, and maintenance
segment to grow at a higher rate than the implementation and consulting
services segment during the forecast period
Among services, the support and
maintenance segment is expected to witness a higher growth rate than the
deployment and integration and consulting and advisory services segment during
the forecast period. The support and maintenance services are offered after the
installation of an Contract management software solution in an organization.
These services include assistance provided during installation and maintenance
activities for data and software/solutions maintenance. The services can be
offered from remote places, via web conferencing, telephones, and ticketing
systems or onsite assistance. An end-user may require the help of an Contract
management software vendor for further customization or improvement in the
order, for which the vendor provides services for a predetermined duration.
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North
America to account for the largest market size during the forecast period
North America
is expected to hold the largest market size during the forecast period. The US
has emerged as the largest market for contract management software owing to the
large-scale implementation of contract management software solutions by
organizations and enterprises in the country. The high pace of development of
infrastructure in the US, along with the Artificial Intelligence (AI), and
cloud computing has attributed to the fast growth of the contract management
software market in the US.
Key
and emerging market players include Aaveneir (US), Agiloft (US), Apptus (US),
CLM Matrix (US), CobbleStone Software (US), Conga (US), Concord (US),
ContractWorks (US), ContractsWise (UK), Coupa (US), Determine (US), DocuSign
(US), IBM (US), Icertis (US), GEP (US), HighQ (UK), JAGGAER (US), SAP Ariba
(US), Synertrade (France), Trackado (Sweden), and Zycus (US). These players
have adopted various strategies to grow in the contract management software
market.
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