Contract Management Software Market - Global Forecast to 2024

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Oct 25, 2019, 15:15 ET

DUBLIN, Oct. 25, 2019 /PRNewswire/ -- 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 expected to grow from USD 1,550 million in 2019 to USD 2,917 million by 2024, at a CAGR of 13.5% during the forecast period.

This growth is fueled by the demand for efficient contract management to manage the ever-rising contract volumes across the globe. The report also contains the profiles and the competitive leadership mapping of major technology vendors.

Contract management is a discipline that supports commercial management through the preparation, negotiation, implementation, and oversight of legally enforceable performance commitments and risk positions, both outbound (to the market) and inbound (from the market).

It converts commercial policies and practices, and technical capabilities into specific terms and conditions that are offered to or required from its suppliers, customers, or business partners, ensuring compliance or gaining approvals for noncompliance. Through active monitoring of performance needs and outcomes, contract management informs commercial management with regard to actual and required commitment capabilities, together with their financial and risk impact.

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.

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.

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
5.2.1.1 Increasing Demand for Agile Contract Management to Drive Demand for Contract Management Software
5.2.1.2 Changes in Compliance to Drive the Demand for Contract Management Software
5.2.1.3 Increased Complexity Owing to Diversity in Sales and Licensing Models to Drive Demand for Contract Management Software
5.2.2 Opportunities
5.2.2.1 Increasing Demand for Smart Contracts
5.2.2.2 Automation of Contract Management Process Using AI and Ml Represents Significant Opportunity for the Contract Management Software Vendors
5.2.3 Challenges
5.2.3.1 Lack of Skilled Manpower
5.2.3.2 Increased Threat of Cyberattacks
5.2.4 Use Cases
5.2.5 Impact of Disruptive Technologies
5.2.5.1 Artificial Intelligence
5.2.5.2 Robotic Process Automation
5.2.5.3 Blockchain
5.2.6 Contract Management Lifecycle

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
6.3.1.1 Need for Technical Expertise, Especially in Latin America and MEA Regions, Driving the Demand for Consulting Services
6.3.2 Implementation
6.3.2.1 Implementation Services to Offer Significant Revenue Growth Opportunities in Asia Pacific
6.3.3 Support and Maintenance
6.3.3.1 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
10.2.1.1 Highly Developed BFSI, Telecom, and Healthcare Sectors in the Country to Drive the Market in the US
10.2.2 Canada
10.2.2.1 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
10.3.1.1 Increasing Demand for Digital Transformation to Boost the Contract Management Software Market in the UK
10.3.2 Germany
10.3.2.1 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
10.4.1.1 High Adoption of AI and Automation Technologies in the Legal System in China to Drive the Market
10.4.2 Japan
10.4.2.1 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
10.5.1.1 Increasing AI Adoption and Rise in Contract Management Startups to Drive Market in the Middle East
10.5.2 Latin America
10.5.2.1 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
12.15 JAGGAER
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/wlggxn

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