Market Analysis
The contract management market size is predicted to touch about USD 6.5 million at a 12.3% CAGR during the forecast period (2020- 2027), states the latest Market Research Future’s (MRFR) contract management market forecast report. The contract management market research study also incorporates a competitive analysis of the key market players and their company profiles, key observations related to product and business offerings, recent developments, SWOT analysis, Expert Review and key market strategies.
Report Overview:
- Market overview highlights
- Analysis based upon COVID 19
- Explanation upon the Market Dynamics
- Value chain analysis
- Market segmentation overview
- The regional analysis
- Competitive landscape analysis
- Recent Developments
Contract Management Market Drivers/Contract Management Market Trends
Integration of AI in Contract Management Software to Boost Market Growth
The integration of AI in contract management software will boost the market growth over the forecast period. AI technologies namely machine learning & deep learning are advancing at a faster pace. Artificial intelligence is being integrated extensively across different areas like digital assistants and cloud computing applications for automating the processes. With the increasing use cases of artificial intelligence and the evolving market landscape, the advances in contract management software have become a necessity.
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Opportunities
Increasing Trend of Digitization to Boost Market Growth
Increasing trend of digitization among enterprises to improve operational workflow and reduce costs will offer massive growth opportunity for market players in both developing and developed regions.
Restraints
Lack of Skilled Professionals to act as Market Restraint
The lack of skilled professionals coupled with high cost of software for small and mid-sized enterprises may act as market restraint over the forecast period.
Challenges
Threat to Cyber-attacks to act as Market Challenge
The high threat of cyber-attacks and hacking may act as market challenges over the forecast period.
COVID-19 Analysis
The COVID-19 outbreak had an adverse effect on the market for the decline in demand. Lockdowns across the countries and social distancing trends had a negative effect on the market growth. Further, the scarcity of labors, disruptions in supply chains, and the difficulty of sourcing raw materials for restrictions in transportation all took a toll on the growth of the market.
Market Segmentation
By Component:
- Services
- Software
- Support and maintenance
- Consulting
- Implementation
By Deployment Type:
- On-premise contract management
- Cloud contract management
By Organization Size:
- Large scale enterprises
- Small-medium size enterprises
By Business Function:
- Sales
- Procurement
- Legal
- Finance
- IT
- HR
By Vertical:
- Government
- Manufacturing
- Telecomm and IT
- Banking, insurance and financial service
- Manufacturing
- Healthcare
By Region:
- Europe
- Asia pacific
- North America
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Regional Analysis
North America to Remain Frontrunner in Contract Management Market
North America will remain frontrunner in the market over the forecast period. Increasing investment by industry verticals for deploying new technologies, increasing need for managing varied contracts effectively, the presence of several key players, increasing investments in R&D, the presence of well-developed sectors like BFSI, IT, and healthcare, adoption of modern technology, high standard of living in the US, and the presence of well-developed infrastructure are adding to the global contract management market growth in the region. Besides, stringent government regulations in the US, developing manufacturing industry in the US, increased productivity, falling gas prices, presence of new technologies, growing labor costs, presence of both manufacturing and service industries, and better protection available to companies regarding their intellectual property are also adding to the global contract management market share.
Key Players
Eminent players profiled in the global contract management market report include Icertis, IBM, SAP, Zycus Inc., SecureDocs, Inc., Apttus Corporation, Concord, SpringCM, Contract Logix LLC., Trackado, GEP, Determine, Ultria, ConvergePoint Inc.
Key players have incorporated several strategies to stay at the forefront such as partnerships, new product launches, mergers and acquisitions, and others. For instance, ArrowStream has launched new contract management solution which is a part of their supply chain data platform. This will help in simplifying and accelerating the task of price data management and contract for foodservice suppliers and restaurant chain operators.
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Reasons for Buying This Report:
- It Provides A Forward-Looking Perspective on Different Factors Driving or Restraining Market Growth.
- It Provides Five-Year Forecast Assessed based on How the Market Is Predicted to Grow.
- It Helps in Understanding the Key Product Segments and Their Future.
- It Provides Pinpoint Analysis of Changing Competition Dynamics and Keeps You Ahead of Competitors.
- It Helps in Making Informed Business Decisions by Having Complete Insights of Market and By Making an In-Depth Analysis of Market Segments.
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