By 2023, the size of the worldwide contract management software market is predicted to have surpassed US$ 2,488.7 million in worth. By the end of 2033, it is probably going to surpass a worth of US$ 8,263.3 million. According to estimates, the market for contract management software would grow at a 12.9% CAGR between 2023 and 2033. Along with well-known companies, many small and medium-sized firms are using cloud-based solutions worldwide. Due to this, the contract management software business has grown, and throughout the projected period, market growth is anticipated to be boosted.
The introduction of AI-based contract management software solutions has offered endless potential to market players. Managing innumerable data has become easy, and millions of contract details may be maintained and tracked effectively. With the growing popularity of AI-based tools, AI-based contract management software is expected to lower the expenses of contract production. It also enables legal professionals to concentrate more on higher-value tasks rather than wasting time on tedious legal reviews. These factors combined are anticipated to create growth prospects for market players in the contract management software market in the projected period.
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With the expansion of the medical sector and the healthcare industry, the contract management software sector is expected to grow more prominently. This is owing to the popularity of contract management software as a tool to aid the pharmaceutical industry in effectively managing payments and maintaining their accounts more efficiently. The attempts at reducing operational costs to enhance workflow by digitizing and bringing about digital transformation is expected to provide a massive growth opportunity for the players in the contract management software market in the forecast period.
The rising trends of working from home and remote working have highlighted the significance of collaborative tools for digital transformation. Contract management software provides remote teams a platform to ally contract creation, negotiation, and approvals without their location being a barrier. This contributes to the increasing adoption of contract management solutions across the world.
Key Takeaways
- Based on research by analysts at FMI, the global contract management software industry in the Asia Pacific region is likely to come out as the most lucrative market in the forecast period, with several startups and emerging players coming forward. India is expected to expand at a CAGR of 14.5% in the forecast period, and China with a CAGR of 12.3%.
- The market players in North America are already dominating the global contract management software market because of their increasing adoption of cloud-based solutions. The United States market for contract management software held a global share of 16.5% in 2022.
- Owing to the increased availability of technology and its advancements in the field of contract management software, the United Kingdom is anticipated to take a rise with a healthy CAGR of 10.4% by 2033.
Competitive Landscape
The key strategy being used by dominant players in the contract management software industry is investments in research and development to innovate new cloud-based solutions and hold a competitive edge against competitors. To increase their digital footprint, market players are expanding their consumer base to online platforms and adopting strategies such as mergers and acquisitions.
Recent Developments
- Aavenir, a leader in AI-enabled source-to-pay solutions, in the first half of 2023 introduced new capabilities to its flagship products, ContractFlow and RFPflow, that empower Aavenir’s consumers to source and contract in a smarter way.
- Agiloft, a Contract Lifecycle Management (CLM) leader, announced its strategic partnership and technological integration with Mitratech, a leader in legal, compliance and HR software. This partnership offers legal guidance with a complete view of commercial and legal activities, empowering business leaders.
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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
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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