May 29, 2020 3:44 AM ET
iCrowd Newswire – May 29, 2020
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.
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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.
Being a technologically advanced region, North America highly invests in new technologies and innovations for its companies to be ahead in the competition. Digital transformation of the business processes of the company helps the company in automating many of the sub-processes that saves time and helps the company in focusing on other important decisions of the company. This helps in the further development of the company in the market and increasing its market share. The US has a well-developed IT sector, and many IT companies, including Google, IBM, and Microsoft, have headquarters in the country. According to the data available at Bureau of Economic Analysis (BEA), the IT sector contributes significantly to the GDP of the country, and the professional, scientific, and technical services accounted for ~7.5% of the total GDP in 2018. The demand for contact management software is high across the IT & telecom segment. Also, the region has various large enterprises operational in different sectors. The large enterprises deal with a complex legal contracts, hence they adopt contact management software for simplifying this task.
Some of the market initiatives were observed to be most adopted strategy in the global contract management software market. Few of the recent market initiatives are listed below:
2019: Agiloft and Xeeva announced that they forged a strategic partnership to provide a fully integrated source-to-contract experience for enterprise customers.
2019: Periscope Holdings’ procurement software would integrate with a suite of Agiloft software for contract management. The agreement between the two companies also allows Periscope to sell Agiloft’s CLM product by itself.
2018: CobbleStone Software announced its newest Contract Insight Enterprise system update, Version 17.3.0. with advanced, smart features like mass eSigning, enhanced email security, in-system chat, and VISDOM AI and Machine Learning.
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