Contract Management Software Market Size Worth USD 9.23 Billion in 2032 | Emergen Research

The global contract management software market size was USD 2.40 Billion in 2022 and is expected to register a rapid revenue CAGR of 14.4% during the forecast period. The global contract management software market is experiencing substantial growth, fueled by a convergence of factors including the increasing need for flexible contract administration, integration of Artificial Intelligence (AI) and Machine Learning (ML) technologies, and a rising demand for centralized platforms to manage diverse contractual agreements.

Contract management software offers numerous benefits to businesses, enhancing productivity, accuracy, and cost-effectiveness. By digitizing and integrating contracts onto a single platform, organizations can streamline processes, maintain compliance, and reduce risks. Solutions such as enterprise contract management automation are replacing manual systems, optimizing workflows across various divisions including sales, legal, and procurement.

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The adoption of enterprise-level contract management software has surged due to its ability to cut expenses, boost revenue, and mitigate business risks. These solutions automate workflows, shorten cycle times, and ensure compliance, thus becoming essential for businesses facing increasing complexity in contract administration.

Industry leaders are embracing next-generation technologies and standards to drive efficiency and professionalism. Notably, SMX recently adopted the contract management standard from the National Contract Management Association (NCMA), underscoring a commitment to industry best practices and professional development.

The growing need for Contract Lifecycle Management (CLM) software underscores the importance of efficient contract handling between companies. This trend is driven by a desire to manage risks, ensure legal compliance, and streamline documentation processes. Additionally, businesses are increasingly forming alliances to expand their product portfolios and reach a wider consumer base, further fueling market growth.

However, concerns surrounding technical and data privacy issues present challenges to market expansion. Instances of digital fraud and heightened awareness of data privacy and security underscore the importance of robust security measures in contract management software.

Market segmentation reveals key insights into the industry landscape. The dominance of the software segment is attributed to its widespread adoption across industries, particularly in healthcare, where it aids in compliance, streamlining processes, and managing complex contracts.

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Cloud-based delivery modes are gaining momentum due to their simplicity, facilitating collaboration and communication while offering enhanced security features. Large enterprises are driving market growth, leveraging contract management software to navigate complex agreements and optimize business processes.

Within organizational functions, the legal segment stands out, registering steady growth as CLM software empowers legal teams to manage risks efficiently and operate more effectively.

In summary, the global contract management software market is witnessing significant growth driven by technological advancements, optimization of business operations, and adherence to industry standards. As businesses continue to prioritize efficiency and compliance, the demand for innovative contract management solutions is expected to soar.

Contract Management Software Top Companies and Competitive Landscape

The global contract management software market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective contract management software solutions in the market.

• SAP Ariba
• IBM Inc.
• Coupa
• Docusign
• Icertis
• Apttus
• Zycus
• GEP
• Agiloft
• Conga

Contract Management Software Latest Industry Updates

• On 17 October 2023, Sirion announced a partnership with IBM Watsonx to reimagine CLM for businesses. IBM will also use Sirion CLM as the first user of this integrated solution to help expedite its own Source-to-Pay (S2P) and Order-to-Cash (O2C) procedures. All employees within an organization may now access contracts and get the ability to extract insights from enterprise data, contracts, and other data sources thanks to Sirion's Generative AI, which is integrated with IBM Watsonx.

• On 19 January 2021, Agiloft, the global standard in contract and commerce lifecycle management, announced the availability of its AI-powered contract management software on the Salesforce AppExchange, allowing for improved data synchronization between Agiloft and Salesforce to streamline and accelerate contract-related commercial processes. Customers can simply build new contracts and access business information with a completely flexible connection, which reduces data silos and inefficiencies that result in lost revenue and missed opportunities.

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Contract Management Software Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global contract management software market on the basis of component, technology, organization size, business function and region:

• Component Outlook (Revenue, USD Billion; 2019-2032)
o Software
o Services
1. Consulting
2. Implementation
3. Support and Maintenance

• Delivery Mode Outlook (Revenue, USD Billion; 2019-2032)
o On-premises
o Cloud

• Organization Size Outlook (Revenue, USD Billion; 2019-2032)
o Small and Medium Enterprises (SMEs)
o Large Enterprises

• Business Function Outlook (Revenue, USD Billion; 2019-2032)
o Legal
o Sales
o Procurement
o Others (Finance, Information Technology (IT), and Human Resource (HR)

• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
o Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
6. Benelux
7. Russia
8. Rest of Europe
o Asia Pacific
1. China
2. Japan
3. South Korea
4. India
5. ASEAN Countries
6. Oceania
7. Rest of APAC
o Latin America
1. Brazil
2. Mexico
3. Rest of LATAM
o Middle East & Africa
1. GCC Countries
2. Israel
3. Turkey
4. South Africa
5. Rest of Middle East & Africa

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