Contract Management Market Size [2022-2029] | Industry Share, Revenue, Key Players, CAGR, Demand and Sales Forecast
Fortune Business Insights
5 min read
Fortune Business Insights
Companies Profiled in the Contract Management Market Research Report are Concord, RIM Logistics Ltd., TOTALogistix, Inc., Trackado, Freshworks, Inc., DocLogix, UAB, Icertis, SAP Ariba, Coupa Software, Inc., and DocuSign, InC
Pune, India, July 20, 2022 (GLOBE NEWSWIRE) -- The global contract management market size is projected to expand at a steady pace on account of rising integration of Artificial Intelligence (AI) and Machine Learning (ML) capabilities in virtual contracting solutions. This information is published by Fortune Business Insights™ in its report, titled “Contract Management Market Size, Share & Industry Analysis, By Component (Solutions, Services), By Deployment (On-premise, Cloud-based), By Enterprise Size (Large Enterprises, Small and Medium Enterprises (SMEs)), By Verticals (BFSI, Government, Healthcare, Manufacturing, Retail, IT and Telecom, Transportation and Logistics, Others) and Regional Forecast, 2022-2029”.
According to Harvard Business Review, AI can play a critical role in extracting and ironing out contents of contracts, bringing in efficiency in organizational operations. For instance, AI can facilitate quick renewal and renegotiation of any number of contracts. Furthermore, it allows companies to locate specific information in a contract as well as simplify the organization of vast volumes of data in different contracts. This could result in fewer contract disputes and speedy resolution of conflicts. In recent times, AI-based contracting software has been programmed to function in different languages as well. The Icertis Contract Management platform can identify over 40 languages from more than 90 countries across the globe. Thus, incorporation of AI with contracting solutions is fueling the adoption of contract management software across enterprises.
Industry Developments:
July 2020: US-based DocuSign acquired Liveoak Technologies for USD 38 million, with the aim of leveraging Liveoak’s agreement-collaboration platform to speed up the launch of DocuSign Notary, the company’s Agreement Cloud suite for remote online notarization.
June 2019: Icertis partnered with Microsoft to expand its Icertis Blockchain Framework to bring about greater transparency and improved compliance in critical business areas. Icertis plans on optimizing contract management processes via this collaboration as well as building its next-gen smart contract platform.
Drivers & Restraints:
Potential Benefits of Digital Contracting in Healthcare to Brighten Market Prospects
The contract management market growth is expected to get a major upward thrust owing to increasing uptake of digital contracting solutions in the healthcare sector. The main reason for this is the strict adherence to industry regulations and norms health companies have to follow. For example, William Beaumont Hospital in Michigan was forced to pay USD 84.5 million in 2018 as it violated the Start Law by creating beneficial deals for referring physicians. Adopting and implementing contract management software allows these companies to maintain and improve compliance and thus reduce the probability of litigation. For instance, contract management solutions can securely store all contracts that a company has signed with physicians, vendors, builders, etc. Thus, retrieving contracts and verifying the terms of agreement become easy and efficient, whilst ensuring compliance to the regulations through constant visibility.
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Regional Insights
North America to Hold Lion’s Share Backed by Robust Legal Frameworks & Technologies
Among regions, North America is expected to dominate the contract management market share in the coming years owing to strong legal frameworks, quick adoption of advanced AI-based technologies, and stringent industry regulations.
In Asia Pacific, the market is anticipated to enjoy lucrative prospects on account of evolving legal compliance parameters and increasing partnerships between regional and global players. Furthermore, strict imposition of legal contracts in the BFSI, healthcare, and manufacturing sectors will also propel the regional market. Growing acceptance of virtual legal solutions is expected to accelerate market growth in Latin America and the Middle East & Africa in the forthcoming years.
Competitive Landscape
Strategic Acquisitions and Alliances to Intensify Market Competition
Increasing demand for effective enforcement of contracts is creating multiple opportunities for diverse players in this market to develop solutions to enable enterprises to strengthen their contract storage and retrieval capacities. To tap this novel opportunity, key players are entering into alliances with tech giants and tactically acquiring companies to expand their presence in the market and widen their offerings.
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