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Contract Management Software Market to 2027

Contract Management Software Market - Premium Market Insights

Contract Management Software Market – Premium Market Insights

The global contract management software market is estimated to account to 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.

The global contract management software market is experiencing high growth during the forecast period. The sales of contract management software are largely influenced by several economic and non-economic factors prevailing across the globe. The logistics & transportation, retail, and manufacturing sectors are expected to impact the growth of the contract management software market considerably. Contract management software manages the contract of various partners, vendors, customers, and employees. It manages the contract lifecycle, which covers any process that contributes, creates, and utilize contract data. The various benefits of contract management are diminished risk, decreased contract cycle time, reduce admin cost, greater contract flexibility, increased compliance, increased security, and others and are significantly fuelling the contract management software market growth.

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The key players profiled in the Contract Management Software Market analysis are –

Agiloft Inc.
Apttus Corporation
CLM Matrix (Wolters Kluwer ELM Solutions, Inc.)
CobbleStone Software
5. ContractsWise
IBM Corporation
Icertis
JAGGAER
SAP SE
Zycus Inc.

The contract management software is segmented into healthcare and life sciences, transportation and logistics, government, manufacturing, telecom & IT, BFSI, and others. The International Association for Contract & Commercial Management (IACCM) states that the contract management improvement solution can reduce costs up to 89% and better risk management up to 69%. The manufacturing segment led the contract management software market in 2018.

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With the constantly growing population of Asian countries coupled with increasing urbanization, the service sector is also blooming. Most of the emerging economies in APAC region faces a challenge with adoption of contract management software by SMEs. Majority of the SMEs are price-sensitive and prefer using traditional paper work rather than paying for it. This is the major factor hindering the growth of the market in the APAC region. SMEs play a significant role in APAC and are the backbone of economies in the region. According to the Asian Development Bank Institute, SMEs makeup to 96% of businesses and provide two of every three private-sector jobs in the area. With the increasing awareness regarding the benefits of contract management software, the SMEs have started emphasizing on optimizing the operations and maximizing the profitability. These companies are adopting contract management software to mitigate risks. These factors are expected to drive the contract management software market.

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