Contract Management Software Market vendors by Share & Growth Strategies - 2024 | MarketsandMarkets
- dheeraj pawar
- Sep 28, 2020
- 3 min read
According to a research report "Contract Management Software Market by Component (Software and Services), Business Function (Legal, Sales, Procurement, and Finance), Deployment Type (On-premises and Cloud), Organization Size, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, the contract management software market to grow from USD 1.5 billion in 2019 to USD 2.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.5% during the forecast period. Major factors expected to drive the growth of the contract management software market include rising demand for an agile contract management software, increasing changes in compliances, and increased complexity owing to diversity in sales and licensing models.
Browse 115 market data Tables and 30 Figures spread through 146 Pages and in-depth TOC on "Contract Management Software Market - Global Forecast to 2024"
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North America to account for the largest market size during the forecast period
North America is the prominent revenue contributor to Contract management software market, in 2019. The presence of key players such as Coupa, Docusign, Icertis, Apttus, and Zycus etc. in the region is a major driving factor for the growth of North American market. Contract management software market players in this region invest heavily in research and development. For instance, Coupa spent 23.7% of their annual revenue in 2018 in research and development amounting to around USD 62 million. Also, North America has well developed BFSI, IT and Healthcare sector, which represents a significant opportunity for the Contract management software service providers.
Key Contract Management Software Market Players
Key and emerging market players include Aaveneir (US), Agiloft (US), Apptus (US), CLM Matrix (US), CobbleStone Software (US), Conga (US), Concord (US), ContractWorks (US), ContractsWise (UK), Coupa (US), Determine (US), DocuSign (US), IBM (US), Icertis (US), GEP (US), HighQ (UK), JAGGAER (US), SAP Ariba (US), Synertrade (France), Trackado (Sweden), and Zycus (US. These players have adopted various strategies to grow in the Contract management software market. The companies are focused on inorganic and organic growth strategies to strengthen their market position.
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Coupa (US) has a strong geographical footprint and has adopted an inorganic growth strategy to maximize its foothold in the contract management software market. In May 2019, Coupa completed the acquisition of one of the leading contract management players, Exari. This acquisition enhanced Coupa’s contract management solution capabilities. Some of the improved capabilities of Coupa’s contract management offerings are functionality for contract creation, collaboration, and discovery.
Icertis (US) makes use of innovative blockchain and AI technology in its contract management platform, which differentiates this company’s platform from its competitors. It has also adopted organic growth strategies in the contract management software market. In June 2019, collaborated with Microsoft to enhance its the blockchain-based contractual offerings. The Icertis Blockchain Framework offers a blockchain-powered solution to track contractual requirements and commitments. This partnership would help Icertis to expand blockchain applications to contract management by implementing the Microsoft Azure Blockchain Workbench for the ICM platform. Additionally, in May 2018, Icertis announced 2 new applications powered by Artificial Intelligence (AI), namely, ICM DigitizeAI and ICM DiscoverAI for the ICM platform. ICM DigitizeAI can import legacy contracts and maps, attributes and clauses contained in a particular contract, whereas ICM DiscoverAI can analyze the data collected and can match clauses and attributes found in every clause to common clause libraries.
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