Contract Management Software Market is projected to register a moderate 13.5% CAGR in the forecast period.

[146 Pages Report] The global market for contract management software categorized by software, services, business function, deployment type & by region.

Posted on 2020-07-14 by MarketsandMarkets in Technology // 0 Comments

Northbrook, IL 60062, USA, 2020-Jul-14 —According to a research report 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 market include increasing demand for agile contract management, changes in compliance, and increased complexity owing to diversity in sales and licensing models.

Browse 115 market data Tables and 30 Figures spread through 146 Pages and in-depth TOC on “Contract Management Software Market – Global Forecast to 2024”

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By vertical, Healthcare and Lifesciences to hold a larger market size during the forecast period

As with other large organizations, hospitals manage large volumes of contracts, all of which must follow various compliance regulations and performance standards. The use of advanced contract management software in hospitals streamlines their workflow, saving time, and mitigating the risk of missing any important steps. Over the years, contract management software has also undergone significant technological evolution.

SME’s segment to grow at a higher CAGR during the forecast period

Organizations with less than 1,000 employees are considered under the small & medium enterprises sector. Maximum productivity and reduced cost are crucial factors for these enterprises, as they have limited budgets to keep track of their contracts. Hence, these organizations require a cost-effective solution that can help them optimize their contracts.

North America to account for the largest market size during the forecast period

North America is the prominent revenue contributor to Contract management software market, in 2019. The presence of key players such as Coupa, Docusign, Icertis, Apttus, and Zycus etc. in the region is a major driving factor for the growth of North American market. Contract management software market players in this region invest heavily in research and development. For instance, Coupa spent 23.7% of their annual revenue in 2018 in research and development amounting to around USD 62 million. Also, North America has well developed BFSI, IT and Healthcare sector, which represents a significant opportunity for the Contract management software service providers.

Key Contract management software market Players

Key and emerging market players 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. The companies are focused on inorganic and organic growth strategies to strengthen their market position.

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