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Contract Management Software Market Study, 2019-2024 - Changes in Compliance Set to Drive Demand

Dublin, Dec. 19, 2019 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.

The Global Contract Management Software Market is Projected to Grow from USD 1.5 Billion in 2019 to USD 2.9 Billion by 2024 at a CAGR of 13.5% from 2019 to 2024. The report contains the profiles and the competitive leadership mapping of major technology vendors.

Changes in compliance to drive the demand for contract management software

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 the diversity in sales and licensing models.

By organization size, large enterprises segment to account for a higher market share during the forecast period

Larger enterprises are required to deal with large quantities of contracts that are produced, saved, and shared with the global enterprises and hence, cannot implement manual contract management. They are in need of a structured contract management software that enables efficient contract management in a short amount of time.

Organizations that have multiple offices and divisions also benefit from a centralized, contract management software as the software tend to identify the discrepancies and redundancies in each of these offices and divisions. The emergence of cloud-based contract management software allows for instant contract updates and accessibility across entire global organizations.

By business function, legal segment to hold a larger market size during the forecast period

The contract management software helps legal teams work faster, smarter and more efficiently by providing the visibility and insight to better manage risk and ensure compliance across an entire portfolio of contracts. The software stores all the legal contracts in a central repository and standardizes the legal contract templates and the contract negotiation process. It automates and centralizes the organization's legal contracts, agreements, and any legal processes.

According to the survey conducted by Legal Suite, the French contract management association (AFCM) and European School of Contract Management (ecm), 80% of international deals involve the negotiation and signing of contracts of any nature. This depicts the need for a robust contract management software that provides the Contract Manager with automated tools to fully optimize the processes related to the contract life cycle.

Among regions, Asia Pacific to grow at the highest CAGR during the forecast period

Asia Pacific is home to many developing economies, and many countries in the Asia Pacific are adopting new technologies in the legal procedures to increase the efficiency of the Legal system. Asia Pacific is expected to be the fastest-growing in the world owing to growing business activities in developing countries. Some of the key factors that are driving the adoption of digital technologies for legal procedures include mandatory compliance with data protection laws of foreign countries and the rising international litigations.

Some of the countries in this region also use AI technology in the legal sector, for instance, Major countries of APAC, such as China, Japan, and Singapore are using the AI technology in the legal sector. According to Digital Trends report 2018, AI is one technology area where APAC could be the leading region globally within the next decade. Moreover, APAC holds 60% of the world's population and, therefore, any major technological shifts like those being heralded by AI are likely to shape the future of the region.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Global Contract Management Software Market
4.2 Market By Component, 2019 Vs. 2024
4.3 Market By Business Function, 2019
4.4 Market By Service, 2019
4.5 Market By Organization Size
4.6 Market By Deployment Type, 2019
4.7 Market By Vertical, 2017 - 2024
4.8 Market Investment Scenario (2019-2024)

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers Increasing Demand for Agile Contract Management to Drive Demand for Contract Management Software Changes in Compliance to Drive the Demand for Contract Management Software Increased Complexity Owing to Diversity in Sales and Licensing Models to Drive Demand for Contract Management Software
5.2.2 Opportunities Increasing Demand for Smart Contracts Automation of Contract Management Process Using AI and Ml Represents Significant Opportunity for the Contract Management Software Vendors
5.2.3 Challenges Lack of Skilled Manpower Increased Threat of Cyberattacks
5.2.4 Use Cases
5.2.5 Impact of Disruptive Technologies Artificial Intelligence Robotic Process Automation Blockchain
5.2.6 Contract Management Lifecycle Stage 1: Contract Request Stage 2: Contract Authoring, Review, and Redlining Contract Negotiation Stage 3: Approval and Lawyer or Legal Review Stage 4: Execution or Agreement Signing Stage 5: Contract Database or Repository Storage Stage 6: Records Management Stage 7: Easy Search and Retrieval Stage 8: User Activity and Reporting Stage 9: Contract Renewal, Amendments, and Disposition

6 Contract Management Software Market By Component
6.1 Introduction
6.2 Software
6.2.1 Contract Management Software Ensures Compliance Adherence and Significantly Reduces Contract Related Expenses
6.3 Services
6.3.1 Consulting Need for Technical Expertise, Especially in Latin America and MEA Regions, Driving the Demand for Consulting Services
6.3.2 Implementation Implementation Services to Offer Significant Revenue Growth Opportunities in Asia Pacific
6.3.3 Support and Maintenance Customer Service Assurance to Fuel the Demand for Support and Maintenance Services

7 Contract Management Software Market By Organization Size
7.1 Introduction
7.2 Large Enterprises
7.2.1 High Volumes of Contracts to Boost the Demand for Contract Management Software for Large Enterprises
7.3 Small and Medium-Sized Enterprises
7.3.1 Cost-Effectiveness of Cloud-Based Contract Management Software to Drive the Demand Among Small and Medium-Sized Enterprises

8 Contract Management Software Market By Deployment Type
8.1 Introduction
8.2 On-Premises
8.2.1 Security Concerns to Drive the Demand for On-Premises Contract Management Software
8.3 Cloud
8.3.1 Small and Medium-Sized Enterprises Driving the Demand for Cloud-Based Contract Management Software

9 Contract Management Software Market By Business Function
9.1 Introduction
9.2 Legal
9.2.1 Automated Contract Management Tools Allowing the Optimization of the Legal Processes Related to Contract Life Cycle
9.3 Sales
9.3.1 CRM Integration Enabling the Sales Team to Manage Contracts More Efficiently
9.4 Procurement
9.4.1 Improved Compliance Driving the Demand for Contract Management Software
9.5 Others

10 Contract Management Software Market By Region
10.1 Introduction
10.2 North America
10.2.1 United States Highly Developed BFSI, Telecom, and Healthcare Sectors in the Country to Drive the Market in the US
10.2.2 Canada Highly Developed Retail, Healthcare, and Manufacturing Industry, and Government Initiatives to Boost AI to Drive the Growth of the Market in Canada
10.3 Europe
10.3.1 United Kingdom Increasing Demand for Digital Transformation to Boost the Contract Management Software Market in the UK
10.3.2 Germany Adoption of Favorable AI Strategy By German Government to Boost the Market
10.3.3 Rest of Europe
10.4 Asia Pacific
10.4.1 China High Adoption of AI and Automation Technologies in the Legal System in China to Drive the Market
10.4.2 Japan Highly Developed IT Infrastructure to Driving the Market in Japan
10.4.3 Rest of Asia Pacific
10.5 Rest of the World
10.5.1 Middle East Increasing AI Adoption and Rise in Contract Management Startups to Drive Market in the Middle East
10.5.2 Latin America Lack of Economic Stability and IT Infrastructure Represents Challenge for the Contract Management Solution Providers in Latin America

11 Competitive Landscape
11.1 Competitive Leadership Mapping
11.1.1 Visionary Leaders
11.1.2 Innovators
11.1.3 Dynamic Differentiators
11.1.4 Emerging Companies
11.2 Market Ranking Analysis, 2019

12 Company Profiles
12.1 Introduction
12.2 SAP Ariba
12.3 Coupa
12.4 DocuSign
12.5 Icertis
12.6 Apttus
12.7 Zycus
12.8 GEP
12.9 Agiloft
12.10 CobbleStone Software
12.11 CLM Matrix
12.12 Conga
12.13 Concord
12.14 Determine
12.16 IBM
12.17 ContractsWise
12.18 ContractWorks
12.19 Synertrade
12.20 Aavenir
12.21 Trackado
12.22 HighQ

For more information about this report visit https://www.researchandmarkets.com/r/j47pzw

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