The market is being driven by the growing acceptance of cloud computing, market participant investments, healthcare digitization, and desire for operational efficiency.
Covid-19 Impact & Market Status
COVID-19 has slowed the market for Cloud-Based Contract Management Software substantially since last year, and this trend is expected to continue until 2022. Massive industrial countries, which are severely afflicted by the spread of the coronavirus, have seen a surge in demand for cloud-based contract management software.
This industry's raw materials to end users, as well as trends in product circulation and sales channel, will be studied scientifically. With COVID-19 in mind, this research provides a thorough and in-depth examination of how the pandemic is driving this industry's evolution and reform.
The paper goes on to discuss the effects of the COVID-19 pandemic, focusing on challenges faced by industry actors such as digitising operations, managing costs, and maintaining the supply chain. It also creates action plans to help firms stay afloat throughout the global financial crisis and earn a profit in the years ahead.
The global lockdown imposed in response to the emergence of COVID-19 had a substantial impact on the global market for Cloud-Based Contract Management Software. The market's expansion was hampered by manufacturing and supply chain issues.
The market's expansion was impeded by the temporary stoppage of production operations. The report details different government and industry measures aimed at mitigating the pandemic's detrimental impact on the global Cloud-Based Contract Management Software market.
The cloud-based system
In 2020, the deployment segment held the highest share. This is due to the growing use of cloud computing in healthcare, which provides easy collaboration, AI and machine learning integration, as well as high data storage and scalability.
When it comes to end-use,
Due to the growing need for cheap solutions to handle physician contracts, vendor and distributor agreements, and other healthcare contracts while enhancing operational efficiency, healthcare providers held the highest share of over 45.0 per cent in 2020.
Depending on the locale,
North America, Europe, the Middle East and Africa, Asia-Pacific, and Latin America make up the market. The regions with the most opportunities and the regions that are trailing behind, as well as regions with undiscovered market opportunities, have all been investigated. The region's most active players have also been investigated in order to provide a comprehensive overview of the global Cloud-Based Contract Management Software market. In addition, the report mentions athletes who provide substantial prospects.
Other significant factors expected to propel market expansion in the years ahead include increased need for economical and effective contract process automation solutions, regulatory compliance, and technical breakthroughs in healthcare IT.
The global market for healthcare contract management software is predicted to reach USD 4.6 billion by 2028, growing at a CAGR of 22.8 percent between 2018 and 2028. During the COVID-19 pandemic, contract lifecycle management (CLM) software was in high demand since it is seen as a dependable and feasible solution for managing the rise in contracts for doctors, sanitation workers, lab technicians, nurses, student-doctors, and others.
During the pandemic, the demand for secure contract management solutions grew because to the increased number of contracts made during clinical research studies and vendor agreements. The pandemic has accelerated the use of CLM software solutions, and this trend is projected to continue over the forecast period.
Various strategic activities by market participants also drive the market. Growing investments, funding for innovation, product launch, partnerships and collaborations, mergers and acquisitions, and so on are examples of these.
SAP Ariba, Icertis, PandaDoc, IBM, Concord,Oracle, Coupa, SpringCM, Hand, Weaver, Conga, Agiloft, Contract Logix, SecureDocs, Inspur, ContractSafe, ZB Intel, ContractPod Technologies, Smartdot, Seeyon, Gatekeeper, Parley Pro, ManageEngine ServiceDesk, Outlaw, and Landray are some of the major key players profiled in the study.
Latest Innovations in the Cloud-Based Contract Management Software Market: a Snapshot
- Icertis' Contract Intelligence (ICI) platform was introduced at Moda Health in September 2020 to help manage the latter's high volume of provider agreements and assure regulatory compliance. Icertis secured USD 80 Billion in Series F investment in March 2021.
- It also allowed Icertis to put money into AI and Blockchain research, as well as sales and marketing initiatives. Over the projected period, organisations are expected to use initiatives like these to fuel market demand.
Cloud-Based Contract Management Software Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 4.6 billion|
|Growth Rate||CAGR of 22.8 % during 2021-2028|
|Segment Covered||Component, Organization, Business Function, Industry, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||SAP Ariba, Icertis, PandaDoc, IBM, Concord,Oracle, Coupa, SpringCM, Hand, Weaver, Conga, Agiloft, Contract Logix, SecureDocs, Inspur, ContractSafe, ZB Intel, ContractPod Technologies, Smartdot, Seeyon, Gatekeeper, Parley Pro, ManageEngine ServiceDesk, Outlaw, and Landray|
Key Segments of the Cloud-Based Contract Management Software Market
Component Overview, 2018-2028 (USD Billion)
Organization Size Overview, 2018-2028 (USD Billion)
- Large Enterprises
Business Function Overview, 2018-2028 (USD Billion)
Industry Overview, 2018-2028 (USD Billion)
- Healthcare and Life Sciences
- IT and Telecommunications
- Retail and ecommerce
- Transportation and Logistics
Regional Overview, 2018-2028 (USD Billion)
- North America
- Rest of Europe
- The Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa