Global Contract Management Software and Platform Industry
New Study On “Global Contract Management Software and Platform Industry 2019 Market Research Report” Added to Wise Guy Reports Database
Market Overview
The report published in Sheer Analytics and Insights on the global contract management software and platform market revealed the growth to be at a decent pace. The valuation of the contract management software and platform market was further stated to surpass its previous valuation.
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Contract management software is one kind of tool that manages contract lifecycle processes in an electronic manner. It manages the process from its creation phase to its execution and post-contract analysis phase. The software assists in legal review, collaboration and internal authoring, contract tracking, and external negotiation. The tool helps speed up the time of negotiation and reduces processing costs, it increases the visibility into the positions and the effectiveness of the active contracts, and allows flexibility in the supply chain.
Both private as well as the public sector organizations are reportedly facing increasing crunch in reducing costs and improving operational and financial performance level. New regulatory requirements and increase in the contract complexity and volume has led to the increasing recognition of its advantages and importance of effective contract management. However, the use of this software is also linked with pitfalls like security and privacy concerns and compatibility issues.
Market Segmentation
The global contract management software and platform market has been segmented in terms of type and applications.
By type, the market is split down into installed and web-based types.
By offering, the market includes Subscription, Maintenance, Services, Blockchain, License, and others. Due to the disruptive nature of the technology, the blockchain segment in the contract management software and platform market is expected to grow at a rapid pace.
By end-users, the market comprises Transportation & Logistics, Telecom & IT, Retail, Automobile, BFSI, Healthcare, and others.
Regional Analysis
The global contract management software and platform market is geographically distributed across the following key regions: Latin America, Asia Pacific, North America, Europe, and the Middle East and Africa. The North American contract management software and platform market holds a key positioning in the global rankings. The region is driven by factors like monitoring contracts, curbing down the time spent in signing, approving, searching, negotiating, and others. Add to this, increasing push for legal self-service to curb down operational costs and manage increasing contract volumes and data are projected to boost the regional market in the coming years of the forecast period.
Competitive Landscape
The global market for contract management software and platform comprises a host of key players. This includes names like CLM Matrix, IBM Corporation, Oracle Corporation, Icertis, Determine Inc., and others. The small and large players in the market are making consistent efforts to edge past their competition and cement their positioning.
Industry Buzz
Aug 2019, considered to be the global standard in contract and commerce lifecycle management, Agiloft, made the announcement that Boys Town chose its highly configurable CCLM management software in order to solve their complex CLM challenges.
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