Global Contract Management Software Market Size, Share, and Trends Analysis Report, By Component (Software and Services), By Business Function (Legal, Sales, Procurement, and Finance), and By Deployment Type (On-premises and Cloud), Forecast Period (2022-2028)

The global contract management software market is anticipated to grow at a significant CAGR of 11.6% during the forecast period (2022-2028). Contract management software is an essential tool for ensuring that every contract’s intent is properly achieved in the end-user firm. Contract management software can enable the user to get the most out of their contracts by ensuring that commercial conditions are followed, increasing cash flow, and lowering the risk of noncompliance. Increased demand for agile contract management, changes in compliance terms, increased complexity owing to the diversity in sales and licensing models, increasing digitalization among industries, rising cases of contract breach, and an increasing number of acquisitions and mergers are expected to drive market growth. While the emergence of new technology will generate new opportunities for the market.

The North American region holds a prominent share in the market. The presence of significant players in the region, such as Coupa, Docusign, Icertis, Apttus, and Zycus, is a major driving force for the market’s expansion in North America. Contracts are supposed to be meticulously recorded by businesses in North America. By establishing clear policies and implementing effective contract management systems, these organizations can improve contract management transparency. Furthermore, favorable rules such as the Health Insurance Portability and Accountability Act (HIPAA) encourage the use of contract management software in the region.

The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, in order to stay competitive in the market. For instance-

• In June 2019, Microsoft and Icertis worked to improve blockchain-based contractual products. The Icertis Blockchain Framework is a blockchain-based framework for keeping track of contractual obligations and commitments. By integrating the Microsoft Azure Blockchain Workbench for the ICM platform, this relationship will enable Icertis to expand blockchain applications to contract administration.
• In May 2019, Exari, one of the largest contract management companies, was acquired by Coupa. Coupa’s contract management solution capabilities were expanded as a result of this acquisition. Functionality for contract development, collaboration, and discovery are among the improved features of Coupa’s contract management products.
• In April 2019, Volkswagen teamed with Minespider and Icertis to develop a blockchain pilot to follow its lead battery supply chain from the point of origin to the production. Icertis’ blockchain technology would aid Volkswagen in the documenting of supply chain contracts in order to assess third-party providers as part of this agreement.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Component
  • By Business Function
  • By Deployment Type
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World

·         Competitive Landscape- IBM Corp., Icertis Inc., Apttus Corp., Zycus Inc., and Agiloft Inc., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Contract Management Software Market Report by Segment

By Component

• Software
• Services

By Business Function

• Legal
• Sales
• Procurement
• Finance

By Deployment Type

• On-premises
• Cloud

Global Contract Management Software Market Report by Region

North America

• United States
• Canada

Europe

• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe

Asia-Pacific

• China
• India
• Japan
• Rest of Asia-Pacific

Rest of the World

• Latin America
• Middle East & Africa