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Contract Management Software Market |Global Opportunities, Size, Share, Emerging Trends, Technological Innovation and Forecasts

(MENAFN – America News Hour) Global Contract Management Software Market is valued approximately USD 1.3 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 13.5% over the forecast period 2019-2026. Contract Management Software is a web browser based on secure software that is used to efficiently manage the contract development and handling processes. It is an electronic version of filing cabinets. It comprises of eight vital steps: repository, contract drafting, negotiation, compliance and administration, compliance optimization, retrieval, approval and renewal, amendments and disposition. Further, increasing demand for agile contract management, changes in compliance, and increased complexity owing to diversity in sales and licensing models has led the adoption of Contract Management Software across the forecast period. Also, these software helps lawyers in reducing the time taken to review and identify loopholes in the systems by retrieving similar contracts from the library for references which is expected to fuel the demand for Contract Management Software.

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In the statistics by Eurostat, the total value of the ICT sector including manufacturing and services of ICT in Europe, was estimated to be more than EUR 475 billion in the year 2017. Out of these, the ICT services sector accounted for the largest share. Moreover, the ICT services sector is predicted to be ten times larger than that of ICT manufacturing. On the other hand, the ICT services consist of computer programming, consultancy and related activities, along with telecommunication activities, out of which the former held about 49.1% share while the latter held around 30.3% share in the year 2017. These factors are estimated to impact positively towards the growth of the market in the next few years. According to the statistics by GSMA Intelligence, total cellular connections worldwide as of May 2020 was recorded to 10,18 billion.

As per the Eurostat, the total value of the ICT sector in Europe, including the ICT manufacturing and ICT services, was estimated to be more than EUR 475 billion in 2017. In this sector, the ICT services account for the major share as it is predicted to be ten times larger than the share held by ICT manufacturing. ICT services consist of computer programming, consultancy and related activities which held about 49.1% share while the telecommunications activities held around 30.3% share in the segment in 2017. These factors are estimated to impact the market growth in a positive manner in the next few years.

The regional analysis of global Contract Management Software market  is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the presence of major market players in the region such as Coupa, Docusign, Zycus etc. Further, the region is witnessing heavy investments in the research and development in the contract management software by these major players which further fuels the growth of the market in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as increasing number of SMEs and user-friendliness of the software would create lucrative growth prospects for the Contract Management Software market across Asia-Pacific region.

Major market player included in this report are:
Aavenir (US)
Agiloft (US)
Apttus (US)
CLM Matrix (US)
CobbleStone Software (US)
Conga (US)
Contract Works (US)
Contracts Wise (UK)
Coupa (US)
DocuSign (US)
IBM (US)
HighQ (UK)
Synertrade (France)
Trackado (Sweden)
Zycus (US)

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Component:
Software
Services
Consulting
Implementation
Support and Maintenance

By Deployment Type:
On-premises
Cloud

By Organization Size:
SMEs
Large Enterprises
By Business Function:
Legal
Sales
Procurement
Others (IT, HR, and Finance)

By Vertical:
Government
Retail and eCommerce
Healthcare and Life Sciences
Banking, Financial Services and Insurance (BFSI)
Transportation and Logistics
Telecom and IT
Manufacturing
Others (Energy and Utilities, Media and Entertainment, and Education)

By Region:
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026

Target Audience of the Global Contract Management Software Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investor

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Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Key Trends
1.3. Global & Segmental Market Estimates & Forecasts, 2016-2026 (USD Billion)
1.3.1. Contract Management Software Market, by Component, 2016-2026 (USD Billion)
1.3.2. Contract Management Software Market, by Deployment Type, 2016-2026 (USD Billion)
1.3.3. Contract Management Software Market, by Organization Size, 2016-2026 (USD Billion)
1.3.4. Contract Management Software Market, by Business Function, 2016-2026 (USD Billion)
1.3.5. Contract Management Software Market, by Vertical, 2016-2026 (USD Billion)
1.3.6. Contract Management Software Market, by Region, 2016-2026 (USD Billion)
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Contract Management Software Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Contract Management Software Market Dynamics
3.1. See Saw Analysis
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Contract Management Software Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Buyers
4.1.2. Bargaining Power of Suppliers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter’s 5 Force Model
4.2. PEST Analysis
4.2.1. Political Scenario
4.2.2. Economic Scenario
4.2.3. Social Scenario
4.2.4. Technological Scenario
4.3. Key Buying Criteria (On Demand)
4.4. Regulatory Framework (On Demand)
4.5. Investment Vs Adoption Scenario (On Demand)
4.6. Analyst Recommendation & Conclusion
Chapter 5. Global Contract Management Software Market, by Component
5.1. Market Snapshot
5.2. Market Performance – Potential Model
5.3. Contract Management Software Market, Sub Segment Analysis
5.3.1. Services
5.3.1.1. Market estimates & forecasts, 2016-2026 (USD Billion)
5.3.1.2. Regional breakdown estimates & forecasts, 2016-2026 (USD Billion)
5.3.2.1 Consulting

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Eli

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