Contract Management Software Market is Emerging with $5.2 Billion of Industry Revenue by 2027 – CobbleStone Software, ContractsWise, IBM Corporation, Icertis, JAGGAER, SAP SE

March 08 11:53 2021
Contract Management Software Market is Emerging with $5.2 Billion of Industry Revenue by 2027 - CobbleStone Software, ContractsWise, IBM Corporation, Icertis, JAGGAER, SAP SE

The Insight Partners
Contract Management Software market is estimated to account US$ 1.3 Bn in 2018 and is expected to grow at a CAGR of 16.7% during the forecast period 2019 – 2027, to account to US$ 5.2 Bn by 2027.

A contract management software is an electronic form for a filing cabinet. The implementation of contract management software enables organizations to decrease contract cycle time, diminish risk, increased visibility, increased compliance, increased security, and reduced admin cost, among others. The increasing trend of the adoption of automated solutions across various enterprises to streamline the business process is boosting the implementation of the contract management software. The organizations are focusing more on automating their business processes to attain increased efficiencies at reduced costs.

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Strategic Insights

Some of the market initiatives were observed to be most adopted strategy in the global contract management software market. Few of the recent market initiatives are listed below:

2019:Agiloft and Xeeva announced that they forged a strategic partnership to provide a fully    integrated source-to-contract experience for enterprise customers.

2019:Periscope Holdings’ procurement software would integrate with a suite of Agiloft software for contract management. The agreement between the two companies also allows Periscope to sell Agiloft’s CLM product by itself.

2018:CobbleStone Software announced its newest Contract Insight Enterprise system update, Version 17.3.0. with advanced, smart features like mass eSigning, enhanced email security, in-system chat, and VISDOM AI and Machine Learning.

The paradigm shift towards digitalization has reaped significant benefits for enterprises, and it has resulted in new revenue generation opportunities. With the continuous advancements in storage and computing technology, the computing power has increased multi-fold during the last decade. This has created new opportunities for computing and managing huge sets of documents and files, and when coupled with new emerging technologies such as artificial intelligence, useful business and customer insights can be gained. With the help of artificial intelligence, the digital content managed by contract management software can be further used to analyze and extract useful business and various contract-related insights. Hence, the increasing digitalization across industries is expected to boost the demand for robust and reliable contract management software and thus drive the growth of contract management software market during the forecast period.

Being a technologically advanced region, North America highly invests in new technologies and innovations for its companies to be ahead in the competition. Digital transformation of the business processes of the company helps the company in automating many of the sub-processes that saves time and helps the company in focusing on other important decisions of the company. This helps in the further development of the company in the market and increasing its market share. The US has a well-developed IT sector, and many IT companies, including Google, IBM, and Microsoft, have headquarters in the country. According to the data available at Bureau of Economic Analysis (BEA), the IT sector contributes significantly to the GDP of the country, and the professional, scientific, and technical services accounted for ~7.5% of the total GDP in 2018. The demand for contact management software is high across the IT & telecom segment. Also, the region has various large enterprises operational in different sectors. The large enterprises deal with a complex legal contracts, hence they adopt contact management software for simplifying this task.

The contract management software market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, MEA, and SAM. The North America region holds the highest market share, whereas APAC is projected to be the fastest-growing region as well in the coming years.

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