New York, US, June 29, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Contract Management Market information by Deployment, by Components, by Organization Size and Region – Forecast to 2027” the market size will touch USD 6.5 billion by 2025 at a 12.3% CAGR.
Contract Management Market Scope:
Contract management solutions, or contract lifecycle management solutions include the management of contracts from employees, customers, vendors, or partners. It is a secure application that is web browser-based which is used to effectively manage and boost the efficiency of the contract development process as well as payment of claims/expenditures. This can be defined as the electric version of filling cabinet.
Dominant Key Players on Contract Management Market Covered Are:
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Market USP exclusively encompassed:
According to the MRFR report, there are numerous factors that are propelling the contract management market share. Some of these entail growing need for agile contract management, increased complexity due to diversity in sales and licensing models, changes in compliance, rising number of mergers and acquisitions activities across the world to improve the product portfolio and increase the business presence overseas, approach towards the development of new products with advanced analytics and AI, and high investments by major players.
On the contrary, lack of skilled professionals, high threat of cyber-attacks, and high cost of software for small and mid-sized enterprises may limit the global contract management market share over the forecast period.
Segmentation of Market covered in the research:
The MRFR report highlights on an inclusive analysis of the global contract management market based on vertical, organization size, deployment, and component.
By component, the global contract management market is segmented into services and solution. The service segment is again segmented into implementation and integration service and support and maintenance services. Of these, the solution segment will lead the market over the forecast period. The contract management service is predicted to grow at a high CAGR. Among the service segment, the implementation and integration services will grow at a high CAGR over the forecast period.
Based on deployment, the global contract management market is segmented into cloud-based and on-premise segments. Of these, the cloud-based segment will dominate the market over the forecast period. This is because huge number of end users opts for cloud-based deployment as they are cost effective and scalable that boosts the overall demand for cloud-based contract management solutions.
By organization size, the global contract management market is segmented into large enterprises and small and medium enterprises. Of these, the large enterprise segment will spearhead the market over the forecast period as they occupy a larger share especially in industries like BFSI and healthcare.
By vertical, the global contract management market is segmented into BFSI, education, consumer goods, IT and telecommunication, manufacturing, healthcare, and others. Of these, the healthcare segment will have the lions share in the market over the forecast period.
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North America to Rule Contract Management Market
Geographically, the global contract management market is bifurcated into Europe, North America, South America, the Asia Pacific, & the Middle East and Africa (MEA). Of these, North America will rule the market over the forecast period. Increasing investments by industry verticals to deploy new technologies, growing need to manage varied contracts effectively, the presence of several key players, key players investing heavily in research and development, the presence of well-developed sectors such as healthcare, IT, and BFSI, adoption of modern technology, well developed infrastructure, and high standard of living in the US, technological developments, and stringent government regulations are adding to the global contract management market growth in the region. Besides, strict government regulations in the US, booming manufacturing industry in the US, increased productivity, presence of new technologies, falling gas prices, growing labor costs, better protection available to companies regarding their intellectual property, and the presence of both service and manufacturing industries are also adding market growth.
Europe to Hold Second-Largest Share in Contract Management Market
In Europe, the global contract management market is predicted to hold the second-largest share over the forecast period for increasing demand in consumer goods, education, manufacturing, and healthcare sectors. The UK will hold the utmost market share followed by Germany and France.
APAC to Grow at a Fast Pace
In Asia Pacific, the global contract management market is predicted to grow at a fast pace over the forecast period. Growth in the number of enterprises and their need to manage several contacts effectively from a centralized location, growing adoption of innovative and advanced technologies, developing economies, boosting GDPs of countries, steady growth, the presence of diverse manufacturing industries, developments made by the government to improve investment ideas, increasing spending on manufacturing, and adoption of novel technologies are adding to the global contract management market growth in the region.
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COVID-19 Impact on the Global Contract Management Market
The ongoing COVID-19 crisis had an adverse impact on the contract management market for the fall in demand. Social distancing trends and lockdowns had a negative impact on the market growth. Besides, the scarcity of labors, difficulty to source raw materials for restrictions in transportation, and overall supply chain disruptions all took a toll on the contract management market growth.
May 2021- A global leader in contract management software, CobbleStone Software AG has entered into a partnership with a trusted provider of information technology solutions and products, Insight Public Sector to expand the offering of their leading software suite- Contract Insight to a much broader range of local, state, and education customers with different contract administration needs.
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