According to Future Market Insights (FMI), the global Contract Management Software market Outlook was valued at $ 2 billion in 2021 and is expected to reach $ 7.3 billion by 2032. According to the findings, revenue in the healthcare and life sciences vertical increased at a CAGR of 13.9% between 2015 and 2021.
Most healthcare and life sciences organisations generate massive amounts of data related to drug commercialization, medical device commercialization, and clinical trials. To manage the contract, these typically rely on spreadsheets, emails, and fragmented files. Because healthcare and life sciences companies cannot afford to waste time on contracts and postpone life-saving drug trials, it is critical to implement contract management software across the domain.
Throughout the Analysis Period, the United States will dominate the Contract Management Software Market.
In 2021, the United States generated the most revenue in the contract management software market. With key contract management software providers based in the US, such as Coupa, Docusign, Clertis, Apptus, and Zyrus, the US holds a market valuation of US$ 2.5 billion in 2021.
Contract management software has streamlined and increased transparency in contract management with the implementation of various regulations and compliance rules. Furthermore, the United States has well-developed verticals such as BFSI, healthcare, and the lT sector, which drives demand for contract management solutions. Over the forecast period, the contract management software market in the United States is expected to grow at a CAGR of 12.3%.
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“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.
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.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Attribution Software Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in the Attribution Software Market in terms of Component (Solutions and Services); by Attribution Type (Single-Source Attribution, Multi-Source Attribution, and Probabilistic or Algorithmic Attribution); by Deployment On-Premises and Cloud); by Enterprise Size (Small and Medium-Sized Enterprises and Large Enterprises); by Industry Vertical (Retail, FMCG and Consumer Packaged Goods, Computing Products and Consumer Electronics, Telecom and IT, Banking Financial Services, and Insurance, Media and Entertainment, Healthcare and others), across five regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
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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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