Contract Management Software is a set of computer applications, libraries, and data that aid contract management, contractor management, and contract lifecycle management on projects.
Covid-19 Impact & Market Status
Every industry is impacted by the COVID-19 pandemic, which include Aerospace and Automotive, Agriculture, Food & Refreshments, Automobile & Shipping, Chemical & Components, Consumer Goods, Commerce & ecommerce, Energy & Power, Healthcare products & Healthcare, Packaged foods, Construction, Mining & Gases, Electricals & Semiconductor, Public Banking Services & Insurance, CT, and many others.
The global population has banned or is about to restrict themselves from leaving their homes, which has a detrimental or positive influence on all markets.
The article examines the present and prospective consequences of the COVID-19 pandemic on the larger market, allowing for more precise and reliable forecasts based on current market circumstances. 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.
Healthcare and Life Sciences are expected to have the largest market share during the forecast period.
Hospitals, like other major businesses, manage a vast number of contracts, all of which must adhere to a variety of compliance requirements and performance standards. Hospitals that employ advanced contract management software streamline their workflow, saving time and reducing the chance of skipping critical steps.
During the forecast period, the SME category is expected to increase at a faster CAGR.
SMEs (Small and medium-sized enterprises) are defined as businesses with less than 1,000 employees. Because they have limited funds to keep track of their contracts, maximum productivity and cost reduction are critical concerns for these businesses. As a result, many businesses seek a low-cost solution to assist them optimise their contracts.
North America will have the largest market share over the forecast period.
In the contract management software industry, North America is the top revenue producer in 2019. The presence of prominent companies such as Docusign, Coupa, Icertis, Zycus, and Apttus in the area is a major driving force for the market's development in North America. Players in the contract management software market in this region spend a lot of money on research and development.
It will be used in conjunction with project management software.
From 2018 to 2028, the Contract Management Software Market is expected to increase at a CAGR of 11.99 percent, from USD 1.44 billion in 2018 to USD 3.57 billion by the end of 2028. Most sophisticated projects involving contractors now use contract management software instead of relying on human monitoring of paper contracts.
It's become a critical tool for tracking a wide range of financial transactions, and it might be especially valuable for streamlining administration, ensuring compliance, monitoring risk, generating reports, and setting alarms. Contract Management Software systems give workers a centralized location where they can access all contracts from throughout the world.
The contracting process might be slowed and disrupted if contracts are held in multiple locations. Contract Management Software should also track KPIs and assist with project portfolio management and cost analysis.
By offering monitoring, contract visibility, and compliance, leading contract management software automates and optimises the contract lifecycle process. The contract management software market ecosystem is made up of the following key players: solution providers such as services and software providers, as well as end-users or industry verticals.
Aaveneir (USA), Agiloft (USA), Apptus (USA), CLM Matrix (USA), CobbleStone Software (USA), Conga (USA), Concord (USA), ContractWorks (USA), ContractsWise (UK), Coupa (USA), Determine (USA), DocuSign (USA), IBM (USA), Icertis (USA), GEP (USA), HighQ (UK), JAGGAER (USA), SAP Ariba (USA To expand in the Contract management software market, these companies have used a variety of techniques. To increase their market position, the corporations are focusing on inorganic and organic growth tactics.
Latest Innovations in the Contract Management Software Market: a Snapshot
- SpringCM, one of the largest CLM, cloud-based document generating software companies, was bought by DocuSign in September 2018. The acquisition bolstered the company's contract management software offering.
- 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.
Contract Management Software Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 3.57 billion|
|Growth Rate||CAGR of 11.99 % during 2021-2028|
|Segment Covered||Component, Deployment Type, Organization, Business Function, Vertical, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Aaveneir (USA), Agiloft (USA), Apptus (USA), CLM Matrix (USA), CobbleStone Software (USA), Conga (USA), Concord (USA), ContractWorks (USA), ContractsWise (UK), Coupa (USA), Determine (USA), DocuSign (USA), IBM (USA), Icertis (USA), GEP (USA), HighQ (UK), JAGGAER (USA), SAP Ariba|
Key Segments of the Contract Management Software Market
Component Overview, 2018-2028 (USD Million)
- Support and Maintenance
Deployment Type Overview, 2018-2028 (USD Million)
Organization Size Overview, 2018-2028 (USD Million)
- Large Enterprises
Business Function Overview, 2018-2028 (USD Million)
- Others (IT, HR, and Finance)
Vertical Overview, 2018-2028 (USD Million)
- Healthcare and Life Sciences
- Telecom and IT
- Banking, Financial Services and Insurance (BFSI)
- Retail and eCommerce
- Transportation and Logistics
- Others (Energy and Utilities, Media and Entertainment, and Education)
Regional Overview, 2018-2028 (USD Million)
- North America
- Rest of Europe
- The Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa