The global contract management software market is estimated to account to US$ 1. 3 Bn in 2018 and is expected to grow at a CAGR of 16. 7% during the forecast period 2019 – 2027, to account to US$ 5. 2 Bn by 2027.
New York, Feb. 14, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Contract Management Software Market to 2027 - Global Analysis and Forecast by Component ; Deployment Type ; Business Function ; Vertical" - https://www.reportlinker.com/p05862093/?utm_source=GNW
The global contract management software market is experiencing high growth during the forecast period.The sales of contract management software are largely influenced by several economic and non-economic factors prevailing across the globe.
The logistics & transportation, retail, and manufacturing sectors are expected to impact the growth of the contract management software market considerably.Contract management software manages the contract of various partners, vendors, customers, and employees.
It manages the contract lifecycle, which covers any process that contributes, creates, and utilize contract data. The various benefits of contract management are diminished risk, decreased contract cycle time, reduce admin cost, greater contract flexibility, increased compliance, increased security, and others and are significantly fuelling the contract management software market growth.
The contract management software market ecosystem constitutes the following major stakeholders, namely: solution providers such as software providers and service providers, as well as end-users or industry verticals.A large number of software and service providers for contract management software are present in the contract management software market.
The individual solutions and services offered by these providers are then integrated as per the specific requirements of the end-users.Also, these providers offer compatibility amongst the different applications of the end-users for centrally handling the entire process.
The end-users of the contract management software market include industries such as retail, manufacturing, BFSI, IT & Telecom, and healthcare among others.
Timely data processing is one of the critical factors of the contract management process.To keep a record of contract details, the organizations require efficient contract management software.
The integration of AI technology with contract management software permits them to handle the repetitive methods by automating the processes, along with addressing the issue faced by organizations during contract management.The availability of massive amount of data originating from different data sources is one of the key factors driving the growth of AI technology across the globe.
Thus, the adoption of such advanced technologies is driven by the successful uses cases of AI which resulted into increased operational efficiency, better sales revenue, and improved customer experiences. The trend is expected to have a noteworthy impact on the contract management software market by driving its demand into various technology sectors.
The contract management software is segmented into healthcare and life sciences, transportation and logistics, government, manufacturing, telecom & IT, BFSI, and others.The International Association for Contract & Commercial Management (IACCM) states that the contract management improvement solution can reduce costs up to 89% and better risk management up to 69%.
The manufacturing segment led the contract management software market in 2018.Various leading manufacturing companies are using contract-centric sourcing to reduce supplier risk, costs, and accelerate time-to-market growth.
Ultimately, contract management software come into picture to help resolve the challenges faced by manufacturers during the process of sourcing, sales, and corporate contracts. If the aforementioned challenges remain unaddressed, it will lead to higher procurement costs and make customers dissatisfied with the organization.
With the constantly growing population of Asian countries coupled with increasing urbanization, the service sector is also blooming.Most of the emerging economies in APAC region faces a challenge with adoption of contract management software by SMEs.
Majority of the SMEs are price-sensitive and prefer using traditional paper work rather than paying for it.This is the major factor hindering the growth of the market in the APAC region.
SMEs play a significant role in APAC and are the backbone of economies in the region.According to the Asian Development Bank Institute, SMEs makeup to 96% of businesses and provide two of every three private-sector jobs in the area.
With the increasing awareness regarding the benefits of contract management software, the SMEs have started emphasizing on optimizing the operations and maximizing the profitability. These companies are adopting contract management software to mitigate risks. These factors are expected to drive the contract management software market.
The overall contract management software market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the contract management software market.
Also, multiple primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the contract management software market.
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