Market Research Future (MRFR), in its latest report in the Contract Management Market 2020 details major causes that can cast significant impact on the market. A vivid analysis of the influence of COVID 19 on the contract management market is provided with the report. As per MRFR findings, the contract management market can expand at 12.3% CAGR across the review period. By 2025, the contract managament market can value at USD 6.5 Bn, reveals MRFR analysis. The increase in application of contract management software to facilitate and support project management and contract lifecycle management can promote the expansion of the market through the review period. The software aid in the organization of contracts at a centralized location that can curb the time consumed on documents among different stakeholders. These can boost the expansion of the contract management software global market.
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The segment evaluation of the Global Contract Management Market is done by Organization Size, Component, Deployment, and Vertical.
The component based segments of the contract management market are solution and services. The service segments are implementation & integration service, and support & maintenance services. The solution segment can thrive across the review period as it is expected to increase at the highest CAGR. The rise in implementation & integration services can cause the contract management software to increase at a rapid pace. Enterprises are deploying legacy systems, such as Enterprise Resource Planning (ERP) that are causing rise in demand for integration services, which can boost the expansion of the market through the analysis period.
The deployment based segments of the contract management market are cloud-based and on-premise. The cloud-based contract management solution is highly adopted by end users, and is likely to boost the expansion of the market through the study period. The increase in cloud-based deployment due to greater scalability and affordability.
The organization size based segments of the contract management market are small- & medium-sized enterprises and large enterprises. High application of contract management software in SMEs can bolster the market in the review period.
The vertical based segments of the contract management market are manufacturing, BFSI, IT & telecommunication, consumer goods, education, and healthcare among others.
In APAC, the growing number of enterprises that deal in contracts associated with intellectual property, sales, and leases are incorporating contract management software. This can impel the expansion of the regional market in the assessment period. The rise in need for efficiently management of these contracts are creating high demand for contract movement software, which can boost the regional market. In addition, the increase in smart city projects can surge the expansion of the market across the review period. The rise in count of contract management software developers can also contribute significantly to the expansion of APAC market.
The rise in the application of contract management software in education, healthcare, consumer goods, and manufacturing among others can prompt the expansion of the market in EU. The booming aviation and automobile sectors, and increase in the adoption of contract management software by these industries can boost EU market. In North America, a high number of enterprises find it difficult to track and record their business which largely impact their overall business operation. This can impel the Contract management software market in North America.
SAP, Icertis, IBM, Zycus Inc., Apttus Corporation, SecureDocs, Inc., Concord, SpringCM, GEP, Determine, Contract Logix LLC., Trackado, Ultria, and ConvergePoint Inc are notable companies in the Global Contract Management Market listed by MRFR.
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Global Contract Management Market Research Report: By Component (Solution, Services), By Deployment (On-Premise, Cloud), By Organization Size (Small & Medium Enterprise, Large Enterprise), By Vertical (Healthcare, Manufacturing, IT & Telecommunication, Consumer Goods, Education, BFSI, Others) By Region (North America, Europe, Asia-Pacific, South America, Middle East & Africa) – Forecast till 2025