Contract Management Software Global Market Report 2024

The contract management software market size has grown rapidly in recent years. It will grow from $3.51 billion in 2023 to $4.04 billion in 2024 at a compound annual growth rate (CAGR) of 14.9%. The growth observed during the historic period can be attributed to several factors. These include the automation of manual processes, integration with other systems, improvements in security measures, enhanced accessibility through mobile platforms, as well as efforts towards compliance and risk management.

The contract management software market size is expected to see rapid growth in the next few years. It will grow to $7.15 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The anticipated growth in the forecast period can be attributed to several key factors. These include the integration of artificial intelligence (AI) and machine learning (ML) technologies, incorporation of blockchain solutions, adoption of advanced analytics and predictive insights, heightened emphasis on sustainability and compliance with Environmental, Social, and Governance (ESG) standards, and the integration of voice recognition and natural language processing (NLP) capabilities. Major trends expected during this period include the advancement of AI and ML capabilities, integration of augmented reality (AR) and virtual reality (VR) technologies, implementation of blockchain-based smart contracts, enhancement of collaboration features, and a strengthened focus on cybersecurity and data privacy measures.

The rising adoption of artificial intelligence (AI) and machine learning (ML) is anticipated to drive the growth of the contract management software market. AI involves the development of computer systems capable of performing tasks typically requiring human intelligence, while ML focuses on algorithms enabling computers to learn and make decisions based on data. This increased adoption is attributed to factors such as data proliferation, declining hardware costs, availability of cloud computing services, and open-source software. AI and ML algorithms analyze contract data to uncover trends and insights not easily discernible manually, aiding organizations in understanding contract performance, risks, and opportunities. For instance, reports from International Business Machines in May 2022 revealed a 13% rise in cloud computing adoption compared to the previous year, with 35% of companies incorporating AI into their operations, a significant increase from 2021. Larger companies showed a doubling in AI deployment compared to smaller counterparts, underscoring the growing use of AI-powered contract analysis driving the contract management software market's growth.

Key players in the contract management software market are prioritizing the development of AI-powered solutions such as Catalyst for Contracts to gain a competitive advantage. Catalyst for Contracts utilizes AI technologies to automate various contract lifecycle management tasks, including drafting, reviewing, analyzing, and managing contracts. For example, Onit Inc. introduced Catalyst for Contracts in November 2023, leveraging generative AI and large language models (LLMs) to enhance pre- and post-signature contract activities. This software empowers users with dynamic contract interaction, streamlining contract review, compliance confirmation, and issue resolution, thereby enhancing productivity and decision-making for contract teams.

In August 2021, Conga bolstered its contract lifecycle management capabilities by acquiring Contract Wrangler Inc. The acquisition augmented Conga's contract management solutions with Contract Wrangler's AI-driven expertise, offering customers a comprehensive tool for effective contract management. Contract Wrangler Inc., known for its artificial intelligence-driven contract management software, added value to Conga's portfolio, enhancing its position in the contract management software market.

Major companies operating in the contract management software market are International Business Machines Corporation, SAP SE, Infosys Limited, DocuSign Inc., GEP Solutions Pvt. Ltd., Coupa Software Inc., Zycus Inc., Information Services Group Inc., Icertis Inc., Model N Inc., Corcentric Inc., JAGGAER Inc, Agiloft Inc, Apptus Corporation, Concord Technologies Inc., SecureDocs Inc, CobbleStone Software LLC, Synertrade SA, Aaveneir LLC, CLM Matrix LLC, Trackado AB, Conga Contracts LLC, Enablesoft Limited, HighQ Solutions Limited.

North America was the largest region in the contract management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the contract management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the contract management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Contract management software is a specialized solution aimed at optimizing and streamlining the entire lifecycle of contracts, from creation and negotiation to management, all conducted digitally. This software empowers organizations to efficiently handle contracts, centralize their storage, monitor critical dates and milestones, ensure compliance, and foster collaboration among stakeholders.

The primary components of contract management software include software itself, along with associated services such as consulting, implementation, and support and maintenance. The software encompasses digital programs and applications tailored to assist businesses in effectively managing their contracts, providing functionalities for drafting, storing, tracking, and analyzing contract data. These solutions utilize various technologies, including both on-premises and cloud-based deployment options. Contract management software finds application across a diverse range of verticals, including government, retail and e-commerce, healthcare and life sciences, banking and financial services, transportation and logistics, telecom and IT, manufacturing, and more.

The contract management software market research report is one of a series of new reports that provides contract management software market statistics, including contract management software industry global market size, regional shares, competitors with a contract management software market share, detailed contract management software market segments, market trends and opportunities, and any further data you may need to thrive in the contract management software industry. This contract management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The contract management software market includes revenues earned by entities by providing services such as contract creation and authoring, automated workflows, contract tracking, and monitoring. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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