Contract Management Market Research Report- Forecast till 2025
Market Highlights
The Global Contract Management Market is expected tornreach USD 6.5 Billion by 2025, registering a CAGR of 12.3% duringrnthe forecast period 2019–2025. In this report, Market ResearchrnFuture (MRFR) includes the segmentation and dynamics of the market to offer arnbetter glimpse of the market in the coming years.
Growing need to maintain compliance with dynamic regulatory directivesrnand high returns on investment after deploying the solution is driving thernoverall contract management market. Contract management software helps inrnmanaging the entire contract lifecycle. The software offers a centralizedrnlocation for storing all the contracts from where end users can retrieve thernrequired contract at any point and from which saves time. Contract managementrnsoftware can be deployed on-premise or on cloud depending on the requirement ofrnthe enterprise. However, nowadays, cloud-based contract management solutionsrnare gaining popularity largely due to several benefits that it offers includingrnscalability, easy accessibility, affordability, and flexibility. In fact, arnnumber of vendors have introduced mobile-based contract management solutionsrnthat are compatible with various operating systems including Android and iOS,rntherefore offering further flexibility to the end-users.
Vendors operating in the market are integrating various advancerntechnology in their contract management solutions including analytics andrnartificial intelligence to provide the best-in-class experience to itsrnend-user. Vendors are partnering with various tech companies and also investingrnin research & development to offer comprehensive solutions to the endrnusers. The market is also witnessing increasing rivalry and threat of newrnvendors. The major players are competing on the basis of integration services,rnsecurity offered with the solution, ease of use, and cost of deploying thernsolution.
The adoption of contract management is specifically increasing acrossrnhealthcare, manufacturing, consumer goods and education industry vertical.rnCompanies operating across these verticals are demanding cost-effective andrncomprehensive solution that effectively manages a number of contracts.
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Segmentation:
The Global Contract Management Market has been segmented on the basis ofrnComponent, Deployment, Organization Size, Vertical and Region
Based on the component, the contract management market has beenrnsegmented into solution and services. The service segment has been furtherrncategorized into support & maintenance services and implementation &rnintegration services. The solution component held larger share in the year 2018rnand it is expected to remain so in the forecast period. In order to efficientlyrnmanage a large number of contracts, enterprises across industry verticals arernsignificantly deploying contract management software. Additionally, since arnlarge number of vendors are now offering cloud-based contract managementrnsoftware, its demand has significantly increased in the past three to fourrnyears thereby increasing the overall share of solution sub-segment in thernmarket.
Based on deployment, the market has been segmented into on-premise andrncloud-based solution. The cloud-based contract management solution held thernlarger share in the year 2018 and is expected to hold the larger share by thernend of 2025. Cloud-based contract management solutions are affordable,rnscalable, and flexible, making them popular among small- and mid-sizedrnenterprises.
Based on organization size, the contract management market has beenrndivided into small- & medium-sized enterprises and large enterprises. Largernenterprises specifically in industry verticals like healthcare andrnmanufacturing are significantly deploying the contract management software tornmanage their contract lifecycle.
Based on vertical, the contract management market has been segmentedrninto healthcare, manufacturing, IT & telecommunication, consumer goods,rneducation, BFSI, others. Healthcare vertical is expected to grow at the highestrnCAGR during the forecast period (2019–2025).
Regional Analysis
The regional analysis for the global contract management has beenrnconducted for North America, Europe, Asia-Pacific (APAC), and the Middle Eastrn& Africa, and South America.
North America accounted for the largest market share in 2018; it isrnexpected to register strong growth during the forecast period. The key drivingrnfactors for the growth of the contract management market in the region includernthe growing need for contract management software solutions across BFSI,rnmanufacturing, healthcare and consumer goods.
The market in Asia-Pacific is expected to grow at the highest CAGRrnduring the forecast period. In the research scope, Asia-Pacific has beenrncategorized into China, Japan, India, and the rest of Asia-Pacific. Significantrngrowth in the country can be attributed to growth in a number of enterprisesrnand their need to effectively manage a number of contacts from a centralizedrnlocation.
Key Players
ThernProminent Players operating in the Contract Management Market are Icertis,rnIBM, SAP, Zycus Inc., SecureDocs, Inc., Apttus Corporation, Concord, SpringCM,rnContract Logix LLC., Trackado, GEP, Determine, Ultria, ConvergePoint Inc.
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ContractrnManagement Market Research Report: By Component (Solution, Services), ByrnDeployment (On-Premise, Cloud), By Organization Size (Small & MediumrnEnterprise, Large Enterprise), By Vertical (Healthcare, Manufacturing, IT &rnTelecommunication, Consumer Goods, Education, BFSI, Others) By Region (NorthrnAmerica, Europe, Asia-Pacific, South America, Middle East & Africa) -rnForecast till 2025
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