Contract Management Software Market Estimated to Reach US$ 2.9 Billion by 2024- ReportsnReports
PUNE, India, Oct. 22, 2019 /PRNewswire/ -- The Contract Management Software Market to grow from US$ 1.5 Billion in 2019 to US$ 2.9 Billion by 2024 at a Compound Annual Growth Rate (CAGR) of 13.5% from 2019 to 2024. 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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Top Companies profiled in the Contract Management Software Market:
- 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)
- Zycus (US)
"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.
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"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.
"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 the developing countries. Some of the key factors that are driving the adoption of digital technologies for legal procedure include the mandatory compliance with data protection laws of foreign countries and the rising international litigations.
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Breakdown of supply-side primary interviews, by company type, designation, and region:
- By Company Type: Tier 1 – 15%, Tier 2 – 40%, and Tier 3 – 45%
- By Designation: C-Level – 40%, Director Level – 35%, Managers–15% and Others -10%
- By Region: North America – 45%, Europe – 30%, APAC– 15%, and RoW – 10%
Another research titled "eGRC Market by Component (Software and Services), Software (Usage and Type), Type (Policy Management, Compliance Management, Audit Management, Incident Management, and Risk Management), Business Function, Vertical, and Region - Global Forecast to 2024, at a Compound Annual Growth Rate (CAGR) of 10.3% during the forecast period. Companies such as Major players in the eGRC Market are IBM (US), Microsoft (US), Oracle (US), SAP (Germany), SAS Institute (US), Thomson Reuters (Canada), Wolters Kluwer (Netherlands), Dell EMC (US), FIS(US), MetricStream (US), Software AG (Germany), SAI Global (US), ProcessGene (Israel), LogicManager (US),NAVEX Global (US), Ideagen (UK),Alyne(Germany), and MEGA International (France) have been profiled in this 177 pages research report available at https://www.reportsnreports.com/purchase.aspx?name=1128080
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