The global Contract Management Software market was valued at US$ 2 Bn in 2021 and is expected to reach US$ 7.3 Bn by 2032 finds Future Market Insights (FMI) in a recent market survey. As per the findings, revenue through the healthcare and life sciences vertical grew at a CAGR of 13.9% during 2015 – 2021.
Most of healthcare and life sciences organizations generate loads of data relating commercialization of drugs, medical devices, and clinical trials. These usually depend on spreadsheets, emails, and fragmented files to manage the contract. Since healthcare and life sciences companies cannot afford to lose precious time on contracts and delay life-saving drug trials, therefore it becomes essential to adopt contract management software across the domain.
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The US to Dominate Contract Management Software Market throughout the Analysis Period
US generated the highest revenue in the contract management software market in 2021. With the key providers of contract management software based in the US such as Coupa, Docusign, Clertis, Apptus and Zyrus, the U.S. holds a market valuation of US$ 2.5 Bn in 2021. With the implementation of various regulations and compliance rules, contract management software has streamlined and brought out transparency in managing contracts. Moreover, the U.S. has well-developed verticals such as BFSI, healthcare, and lT sector which further drives the demand for contract management solutions. The contract management software market in the U.S. is expected to grow at a CAGR of 12.3% over the forecast period.
“By digitizing all the contracts, contracts management software enables transaction and business decisions to happen in seconds and minutes instead of hours. It has resulted in reducing the opportunity of human error and is utilized across almost every department from finance to the procurement of legal services”, comments an analyst at Future Market Insights.
Contract Management Software Market: Competition Insights
At present, key companies involved in the contract management software market are forming partnerships, joining alliances, and launching innovative contract management platforms. The key companies operating in the contract management software market include Aaveneir, Agiloft, Apptus, CLM Matrix, CobbleStone Software Conga, Concord, ContractWorks, ContractsWise, Coupa, Determine, DocuSign, IBM, Icertis GEP, HighQ, JAGGAER, SAP Ariba, Synertrade, Trackado and Zycus.
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Some of the recent developments by key providers of the contract management software market are as follows:
· In June 2022, Agiloft made enhancements to its connected experience platform making it the most powerful contract integration platform. The platform allows users to manage contracts for the data and flow the data where it is required to make decisions. The integration of its platform with Workato allows the users to onboard any data into new systems and provides a seamless flow of contract data throughout the organization.
· In June 2022, Icertis was chosen by Ooredoo Group as a contract intelligence provider. Ooredoo aims to utilize the contract Intelligence CLM platform to generate large sets of documents in a structured and connected way to ensure that all the data are properly memorialized across the enterprise.
· In May 2022, Icertis launched an AI studio to make accessible AI-powered contract intelligence to everyone. With the help of the AI studio, customers will be able to analyze large documents and multiple facets of business-related agreements to arrive at a quick decision.
· In March 2022, Agiloft partnered with HBR Consulting to provide contract management services to reduce the operational cost in legal-based consulting services and assist legal teams with technology solutions, provide guidance in operationalizing contracts, thereby increasing the revenue of the organization.
· In January 2022, SAP invested in Icertis to tighten the partnership in terms of technological improvements. The partnership aims to endorse Icertis Contract Intelligence for SAP’s Ariba and customer experience products on the SAP store.
Key Segments Covered in Contract Management Software Industry Survey
Contract Management Software by Component:
- Software
- Services
- Consulting
- Implementation
- Support and Maintenance
Contract Management Software by Technology:
- On-Premises
- Cloud
Contract Management Software by Organization Size:
- SMEs
- Large Enterprises
Contract Management Software by Business Function:
- Legal
- Sales
- Procurement
- Others (IT, HR, and Finance)
Contract Management Software by Vertical:
- Government
- Retail and Ecommerce
- Healthcare and Life Sciences
- Banking, Financial Services and Insurance
- Transportation and Logistics
- Telecom and IT
- Manufacturing
- Others
Contract Management Software Market by Region:
- North America Contract Management Software Market
- Latin America Contract Management Software Market
- Europe Contract Management Software Market
- South Asia Contract Management Software Market
- East Asia Contract Management Software Market
- Oceania Contract Management Software Market
- Middle East & Africa Contract Management Software Market
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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