The Insight Partners
According to the new research report published by The Insight Partners, titled “Contract Management Software Market – Global Analysis and Forecast to 2027”, the global contract management software market is expected to reach US$ 5,236.1 million by 2027; it is estimated to grow at a CAGR of 16.7% from 2019 to 2027.
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Key Companies: Agiloft Inc., Apttus Corporation, CLM Matrix (Wolters Kluwer ELM Solutions, Inc.), CobbleStone Software, ContractsWise, IBM Corporation, Icertis, JAGGAER, SAP SE, and Zycus Inc.
The global contract management software market is majorly driven by the ease of using the software over the complexities faced during the use of the traditional paper-based approach. Moreover, the increasing adoption of cloud technology across the industries is further driving the market. The integration of advanced technologies with contract management software such as blockchain, artificial intelligence, advanced analytics, conversational systems, RPA, and others are significantly driving market growth. However, the rapidly changing nature of businesses and regulations require a consistent change in technology and services. Also, the integration of advanced technologies is expected to provide substantial growth opportunities to the key players in this market.
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.
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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 report segments the global contract management software market as follows:
Global Contract Management Software Market – By Component
Software
Service
Global Contract Management Software Market – By Deployment Type
Cloud-Based
On-Premise
Global Contract Management Software Market – By Business Function
Legal
Sales
Procurement
Others
Global Contract Management Software Market – By Vertical
Healthcare and Life Sciences
Transportation and Logistics
Government
Manufacturing
Telecom and IT
BFSI
Others
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Contact Person: Sameer Joshi
E-mail: [email protected]
Phone: +1-646-491-9876
About Us:
The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing and Construction, Media and Technology, Chemicals, and Materials.
This release was published on openPR.
