MarketsandMarkets projects the Contract Management Software Market to grow from USD 1.5 billion in 2019 to USD 2.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.5% during the forecast period. Major factors expected to drive the growth of the contract management software market include rising demand for an agile contract management software, increasing changes in compliances, and increased complexity owing to diversity in sales and licensing models.
Based on component, software segment to record a higher growth rate than the services segment during the forecast period
By component, the software segment is expected to grow at a higher rate than the services segment during the forecast period. Contract management software provides secure auto-generation of contracts, legal agreements, proposals, quotes, and documents. Contract management software typically fits into a portfolio of tools used to handle overall vendor or contractor relationships and easily integrates with other complementary software such as CRM software, quote management software, accounting software, and e-signature software. This ensures that the investment made on this software is maintained while adding sophisticated contract management capabilities fully synchronized with all the critical business processes. Leading contract management software vendors are providing a return on investment (ROI) calculator to help enterprises quantify their ROI. Each organization has to provide some data such as legal employee costs, sales operation costs, number of contracts, total contract value, and so on, and get an ROI estimate.
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Among services, support, and maintenance segment to grow at a higher rate than the implementation and consulting services segment during the forecast period
Among services, the support and maintenance segment is expected to witness a higher growth rate than the deployment and integration and consulting and advisory services segment during the forecast period. The support and maintenance services are offered after the installation of an Contract management software solution in an organization. These services include assistance provided during installation and maintenance activities for data and software/solutions maintenance. The services can be offered from remote places, via web conferencing, telephones, and ticketing systems or onsite assistance. An end-user may require the help of an Contract management software vendor for further customization or improvement in the order, for which the vendor provides services for a predetermined duration.
The major contract management software vendors include Aaveneir (US), Agiloft (US), Apptus (US), CLM Matrix (US), CobbleStone Software (US), Conga (US), Concord (US), ContractWorks (US), ContractsWise (UK), Coupa (US), Determine (US), DocuSign (US), IBM (US), Icertis (US), GEP (US), HighQ (UK), JAGGAER (US), SAP Ariba (US), Synertrade (France), Trackado (Sweden), and Zycus (US). These players have adopted various strategies to grow in the contract management software market. Partnerships and new product launches have been the most dominating strategy adopted by major players from 2017 to 2019, which helped them to innovate on their offerings and broaden their customer base.
Coupa (US) has a strong geographical footprint and has adopted an inorganic growth strategy to maximize its foothold in the contract management software market. In May 2019, Coupa completed the acquisition of one of the leading contract management players, Exari. This acquisition enhanced Coupa’s contract management solution capabilities. Some of the improved capabilities of Coupa’s contract management offerings are functionality for contract creation, collaboration, and discovery.
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Icertis (US) makes use of innovative blockchain and AI technology in its contract management platform, which differentiates this company’s platform from its competitors. It has also adopted organic growth strategies in the contract management software market. In June 2019, collaborated with Microsoft to enhance its the blockchain-based contractual offerings. The Icertis Blockchain Framework offers a blockchain-powered solution to track contractual requirements and commitments. This partnership would help Icertis to expand blockchain applications to contract management by implementing the Microsoft Azure Blockchain Workbench for the ICM platform. Additionally, in May 2018, Icertis announced 2 new applications powered by Artificial Intelligence (AI), namely, ICM DigitizeAI and ICM DiscoverAI for the ICM platform. ICM DigitizeAI can import legacy contracts and maps, attributes and clauses contained in a particular contract, whereas ICM DiscoverAI can analyze the data collected and can match clauses and attributes found in every clause to common clause libraries.
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