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Contract Management Software Market on Track for Strong Growth, Estimated to Grow at 15.3% CAGR Through 2029
Contract Management Software
What Is the Expected CAGR for the Contract Management Software Market Through 2025?
The market size of contract management software has been on a steep incline in the past few years. It's projected to escalate from $4.04 billion in 2024 to $4.67 billion in 2025, burgeoning at a compound annual growth rate (CAGR) of 15.6%. Factors such as the automation of manual tasks, alignment with other systems, augmented security measures, mobile accessibility, and practices for compliance and risk management have propelled growth during the historical period.
What's the Projected Size of the Global Contract Management Software Market by 2029?
In the coming years, the contract management software market is anticipated to witness substantial growth. The market size is projected to rise to $8.24 billion by 2029, with a compound annual growth rate (CAGR) of 15.3%. The predicted growth during the forecast period is largely due to AI and machine learning, blockchain integration, advanced analytics, predictive insights, a concentration on sustainability and ESG compliance, and the implementation of voice recognition and natural language processing (NLP). Dominant trends expected in the forecast period comprise improved AI and machine learning capabilities, the incorporation of augmented reality (AR) and virtual reality (Vr), blockchain-enabled smart contracts, enhanced collaboration functionalities, with a keen emphasis on cybersecurity and data privacy.
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Top Growth Drivers in the Contract Management Software Industry: What's Accelerating the Market?
The rising use of artificial intelligence (AI) and machine learning (ML) is poised to drive the expansion of the contract management software market. AI involves the creation of computer systems that can carry out tasks normally needing human intelligence. On the other hand, ML, a part of AI, is centered on establishing algorithms and statistical models that assist computers to learn from data and make predictions or decisions, without explicit programming. The growth in the AI and ML application is fueled by the surge in data from diverse sources, declining hardware costs, the availability of cloud computing services, and open-source software. Algorithms of AI and ML can scrutinize vast contract data to detect trends, patterns, and insights unnoticed through manual analysis. By sourcing crucial information from contracts and evaluating it, businesses can obtain vital insights into contract performance, risks, and opportunities. For example, in May 2022, International Business Machines reported that the utilization of artificial intelligence (AI) soared by 13% compared to 2021. Over a third of companies (35%) stated using AI in their operations in 2022, marking a four-point surge from 2021. Larger firms were doubly likely than smaller ones to have implemented AI within their organization, as opposed to 69% in 2021 alone. Thus, the growing implementation of AI-powered contract examination is spurring the growth of the contract management software market.
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What Trends Will Shape the Contract Management Software Market Through 2029 and Beyond?
Leading firms in the contract management software market are striving to create AI-driven contract management software, like Catalyst for Contracts, to gain an advantage in the market. Catalyst for Contracts is software that employs AI capabilities to fully automate contract lifecycle management, encompassing everything from contract drafting and reviewing, to analysis and administration. For example, in November 2023, the American software company Onit Inc introduced Catalyst for Contracts. Its objective is to use generative AI and substantial language models (LLMs) to elevate pre- and post-signature contract operations through this innovative AI-powered contract management software. It is designed to optimise contract review, confirm compliance, and resolve issues. Users are given the ability to dynamically engage with contracts via Catalyst for Contracts, providing a technology advantage that enhances productivity and decision-making for contract teams.
What Are the Main Segments in the Contract Management Software Market?
The contract management software market covered in this report is segmented -
1) By Component: Software, Services, Consulting, Implementation, Support And Maintenance
2) By Technology: On-Premises, Cloud
3) By Vertical: Government, Retail And E-commerce, Healthcare And Life Sciences, Banking, Financial Services And Insurance (BFSI), Transportation And Logistics, Telecom And Information Technology (IT), Manufacturing, Other Verticals
Subsegments:
1) By Software: Contract Creation And Authoring Tools, Contract Repository And Storage Solutions, Contract Lifecycle Management (Clm) Platforms, E-Signature Software, Compliance Management Software, Automated Contract Analytics And Reporting Tools, Vendor Management Software, Risk Management Software
2) By Services: Contract Management Services, Compliance And Risk Management Services, Document And Data Migration Services, Contract Auditing Services, Managed Services For Contract Management
3) By Consulting: Contract Strategy And Optimization Consulting, Contract Risk And Compliance Consulting, Business Process Consulting For Contract Management, Change Management Consulting
4) By Implementation: System Implementation And Integration, Custom Contract Solution Development, Platform Configuration Services, Data Migration And System Integration
5) By Support And Maintenance: Technical Support Services, Software Updates And Upgrades, System Monitoring And Maintenance, User Training And Assistance, Bug Fixes And Troubleshooting Services
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Which Top Companies are Driving Growth 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
Which Regions Will Dominate the Contract Management Software Market Through 2029?
North America was the largest region in the contract management software market in 2024. 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.
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