According to the new market research report "Contract Management Software Market by Component (Software and Services), Business Function (Legal, Sales, Procurement, and Finance), Deployment Type (On-premises and Cloud), Organization Size, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, the 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 contract management software market include rising demand for an agile contract management software, increasing changes in compliances, and increased complexity owing to diversity in sales and licensing models.
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Based on component, software segment to record a higher growth rate than the services segment during the forecast period
By component, the software segment is expected to grow at a higher rate than the services segment during the forecast period. Contract management software provides secure auto-generation of contracts, legal agreements, proposals, quotes, and documents. Contract management software typically fits into a portfolio of tools used to handle overall vendor or contractor relationships and easily integrates with other complementary software such as CRM software, quote management software, accounting software, and e-signature software. This ensures that the investment made on this software is maintained while adding sophisticated contract management capabilities fully synchronized with all the critical business processes. Leading contract management software vendors are providing a return on investment (ROI) calculator to help enterprises quantify their ROI. Each organization has to provide some data such as legal employee costs, sales operation costs, number of contracts, total contract value, and so on, and get an ROI estimate.
Among services, support, and maintenance segment to grow at a higher rate than the implementation and consulting services segment during the forecast period
Among services, the support and maintenance segment is expected to witness a higher growth rate than the deployment and integration and consulting and advisory services segment during the forecast period. The support and maintenance services are offered after the installation of an Contract management software solution in an organization. These services include assistance provided during installation and maintenance activities for data and software/solutions maintenance. The services can be offered from remote places, via web conferencing, telephones, and ticketing systems or onsite assistance. An end-user may require the help of an Contract management software vendor for further customization or improvement in the order, for which the vendor provides services for a predetermined duration.
North America to account for the largest market size during the forecast period
North America is expected to hold the largest market size during the forecast period. The US has emerged as the largest market for contract management software owing to the large-scale implementation of contract management software solutions by organizations and enterprises in the country. The high pace of development of infrastructure in the US, along with the Artificial Intelligence (AI), and cloud computing has attributed to the fast growth of the contract management software market in the US.
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.
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