Finance Contract Management is described as the systematic and efficient process of drafting, executing, and assessing contracts in order to maximize financial and operational performance while reducing risk.
Covid-19 Impact & Market Status
Coronavirus can affect the economy in three ways: by directly influencing Demand and Production, by disrupting shop networks and markets, and by having a financial impact on businesses and financial sectors.
In both the past and present, the report provides an overview of leading organizations, including their effective showcasing methodologies, market commitment, and late improvements. Since the unfavourable global effects of the coronavirus are already present, the market for Finance Contract Management is expected to grow at a stable rate through 2020.
However, the market is expected to grow significantly in the post-COVID-19 timeframe. The article then investigates and assesses the current situation of the ever-changing business sector, as well as the current and future effects of COVID-19 on the market.
The market has come into its own in light of the ongoing Covid-19 outbreak. Poor CLM has been brought into sharp relief by the continued negative impact on industries, businesses, and organizations, particularly where supply chains have been disrupted. Companies that had a good contract management system in place prior to the pandemic were at the forefront in demonstrating how to safeguard your organization from danger. Especially since the word "force majeure" has sadly become overused in the corporate world.
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. Contract management software has experienced major technological advancements throughout the years.
During the forecast period, the SME category is expected to increase at a faster CAGR.
Small and medium-sized businesses (SME) 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.
Over the projection period, North America will hold the greatest market share.
In the contract management software industry, North America is the top revenue producer in 2019. The presence of significant companies in the area, such as Icertis, Docusign, Coupa, Apttus, and Zycus, is a major driving force for the market's expansion in North America. Players in the contract management software market in this region spend a lot of money on research and development.
The Finance Contract Management market is expected to develop at a 13.5 per cent compound annual growth rate (CAGR) from USD 1.5 billion in 2019 to USD 2.9 billion by 2024. It includes both quantitative and qualitative information about the entire industry.
This market research study on Finance Contract Management gives a segmented overview of the market, allowing the client to quickly grasp the market. Contract management is the process of overseeing agreements from their inception to their implementation by the designated party, as well as the contract's final termination.
Performance analysis versus contract terms is one of the most important activities, as it helps to maximize operational and financial performance while also identifying and mitigating financial and reputational risk associated with non-compliance with contract conditions. All contracts are digitized and archived in a single repository, allowing stakeholders like legal and compliance departments to look for and assess contracts without having to go through stacks of paper.
Contract management software also controls access to contracts, ensuring that only authorized employees within a company have access to any given contract, enhancing security. When contract expiration dates approach, the programme sends out alerts to key contacts, allowing firms to determine whether to renegotiate or cancel their agreement and avoid being tied into contracts that automatically renew year after year at progressively unfavorable conditions. Finally, contract management software can be integrated with other financial or procurement software systems to track current spending against a supplier.
SAP, IBM, Icertis, DocuSign, PandaDoc, DHC, Seeyon, Conga, Coupa, ContractPod Technologies, Smartdot, Agiloft, Landray, Hand To expand in the Finance 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 Finance Contract Management Market: a Snapshot
- Coupa completed the acquisition of Exari, a well-known contract management firm, in May of this year. As a result of this purchase, Coupa's contract management solution capabilities have grown. Coupa's contract management systems provide increased functionality for contract development, collaboration, and discovery.
- Why DocuSign and SpringCM cooperated to produce DocuSign Gen, a new contract management system, in September 2018. DocuSign Gen is a Salesforce add-on that automates, simplifies, and streamlines the production of agreements such as sales contracts, quotes, and non-disclosure agreements (NDAs).
- DocuSign purchased SpringCM, one of the leading cloud-based document generation software providers, in September 2018. The company's contract management software product was boosted as a result of the purchase.
Finance Contract Management Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 2.9 billion|
|Growth Rate||CAGR of 13.5 % during 2021-2028|
|Segment Covered||Component, Business Function, Deployment Type, 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 (USA)|
Key Segments of the Finance Contract Management Market
Component Overview, 2018-2028 (USD Million)
Business Function Overview, 2018-2028 (USD Million)
Deployment Type Overview, 2018-2028 (USD Million)
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