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According to the new research report published by The Insight Partners, titled “Contract Management Software Market - Global Analysis and Forecast to 2027”, the global contract management software market is expected to reach US$ 5.2 Bn in 2027, registering a CAGR of 16.7% during the forecast period 2019-2027.
The global contract management software market is majorly driven by the ease of using the software over the complexities faced during the use of the traditional paper-based approach. Moreover, the increasing adoption of cloud technology across the industries is further driving the market. The integration of advanced technologies with contract management software such as blockchain, artificial intelligence, advanced analytics, conversational systems, RPA, and others are significantly driving market growth. However, the rapidly changing nature of businesses and regulations require a consistent change in technology and services. Also, the integration of advanced technologies is expected to provide substantial growth opportunities to the key players in this market.
Presently, most of the customers of contract management software belong to large enterprises segment mainly due to complex large scale operations and fast adoption of advanced solutions by large enterprises. On a global level, large enterprises are at the forefront of digital transformation to improve operations, however, small and medium-sized enterprises are still in the initial phases of adopting latest technology trends. Some of the major reasons behind this slow adoption by SMEs include lack of resources and lack of awareness about the potential benefits of digital transformation. Hence, SMEs offers a huge growth opportunity for players operating in the contract management software market. In order to tap this potential segment, companies are investing in marketing activities to spread awareness and generate interest in small scale businesses.
The players operating in the contract management software market are now offering various cloud-based solutions at affordable prices. Companies are now focusing on small and medium-sized enterprises in order to increase revenue and market share. Rising trend of digitization among enterprises to improve operational workflow and reduce costs will offer massive growth opportunity for market players in both developed and developing regions during the forecast period of 2019 to 2027.
The Asia Pacific countries including India, China, Japan, South Korea, Australia, and Rest of Asia Pacific. China is one of the largest markets in APAC, since it hosts a large number of IT enterprises as well as manufacturing companies. It is the second-largest country worldwide, in terms of GDP. ~119 Chinese companies are included in Fortune's Global 500 companies list. Also, the industrial sector in China contributed ~40% of the total GDP in 2017. As per the available data, the manufacturing industry added ~29% to the total GDP of China in 2018. A strong manufacturing sector is expected to support the growth of the contract management software market. Additionally, the companies operating in the country focus on the adoption of advanced technologies; the Chinese government also focuses on the adoption of new technologies to maintain a competitive position in the global market.
Key findings of the study:
The contract management software market is segmented into component, deployment, business function and vertical; the contract management software market is also analyzed across five major geographic regions-North America, Europe, APAC, MEA, and SAM. Based on deployment, the contract management software market is further segmented into on-premises and cloud. Currently, the cloud deployment segment dominates the market and is expected to be the fastest-growing segment during the forecast period.
Based on vertical, the contract management software market is segmented into Healthcare and Life Sciences, Transportation and Logistics, Government, Manufacturing, Telecom & IT, BFSI, and Others. In 2018, the manufacturing segment dominated the contract management software market.
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