Contract management market overview

Contract management or contract administration is the process of managing contracts made with customers , vendors, partners, or employees. This includes negotiating the terms and conditions in contracts, ensuring compliance with the terms and conditions, and documenting and agreeing on any changes or amendments that may arise during its implementation or execution. The goal is to maximize financial and operational performance and minimize risk. Contract management includes several key activities, including authorizing and negotiation, baseline management, commitment management, and communication management. It also involves several phases, including the pre-contract phase, contract execution phase, and post-award phase (often referred to as contract compliance/governance). During the post-award phase, it is important to ensure that contract conditions and terms are met. Trust plays an important role in contract management, as does the role of a contract manager. There are many software tools available to aid in contract management, and effective contract management can improve an organization's exposure to financial and legal risk.

The Contract Management Market Size is expected to register a healthy CAGR of 13.60% in the forecast period. Contract management software is a crucial thing of any big enterprise. The contract operation is tough, and analyzing, validating, and authenticating contracts is a time taking process. Due to this, organizations are switching to technology for help. Contract management software is one such technology that makes the process easier and enhances productivity in an organization. Even the medium and small-scale businesses have stated adopting contract management for better efficiency.

The adoption of advanced technology like AI and machine learning in contract management is expected to create opportunities for the contract management market. The contract management solutions reduce the review time and identify the loopholes in the system. It also allows the organization to improve operational efficiency and increase transparency. Dealing with contracts is risky, but with contract management, the risk factor is eliminated. The businesses are highly benefitted from the contract management software. Additionally, with the emergence of could-based technology, the contract management market will witness massive demand in the forecast period. The sales, legal, and procurement segment is witnessing high demand in the market.

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Market segmentation

The contract management market is segmented on the basis of business function, deployment type, and region. On the basis of business function, the market is divided into legal, sales, finance, and procurement. Among these, the legal statement segment is expected to see the highest growth because it helps the legal team to work smarter, faster, and more effectively by offering understanding and visibility to manage the risk.

Based on deployment, the contract management market is segmented into on-premises and cloud. Out of these, the Cloud segment will show rapid growth with factors like increased activities of acquisitions and mergers. Cloud-based technology is one high demand among large-scale organizations as well. Based on region, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the world.

Regional analysis

The major regions in the global contract management market are North America, Asia Pacific, Europe, and the Rest of the world. North America region dominates the market owing to the increasing investments in research and development, presence of technically advanced contract management solutions based on AI and machine learning. Most of the enterprises in this region are aware of the contract management solution benefits which will favor the market in this region. Additionally, the changing legal compliances are expected to boost the contract management market in the Asia-Pacific region. Furthermore, the rising demand for contract management solutions in healthcare, the public sector, finance, and manufacturing is boosting the contract management market in Asia-Pacific as well.

Industry news

In June 2019, Icertis, a leading contract management solution provider, collaborated with Microsoft. The aim was to expand its Blockchain Framework to enhance the connection between contract management and distributed ledger technology.

In May 2019, Coupa Software, a BSM solution provider, acquired Exari. Exari is one of the leading providers of CLM (contract lifecycle management). The motive was to enhance the contract management solution functionalities and capabilities.

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Competitive Analysis

The Prominent Players operating in the Contract Management Market are Icertis, IBM, SAP, Zycus Inc., SecureDocs, Inc., Apttus Corporation, Concord, SpringCM, Contract Logix LLC., Trackado, GEP, Determine, Ultria, ConvergePoint Inc

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