At what pace is the contract management software market growing, and what is its estimated value?
The contract management software market size has grown rapidly in recent years. It will grow from $4.04 billion in 2024 to $4.67 billion in 2025 at a compound annual growth rate (CAGR) of 15.6%. The growth in the historic period can be attributed to automation of manual processes, integration with other systems, enhanced security, mobile accessibility, compliance and risk management.
The contract management software market size is expected to see rapid growth in the next few years. It will grow to $8.24 billion in 2029 at a compound annual growth rate (CAGR) of 15.3%. The growth in the forecast period can be attributed to AI and machine learning, blockchain integration, advanced analytics and predictive insights, focus on sustainability and ESG compliance, voice recognition and natural language processing (NLP). Major trends in the forecast period include enhanced AI and machine learning capabilities, augmented reality (AR) and virtual reality (VR) integration, blockchain-based smart contracts, enhanced collaboration features, focus on cybersecurity and data privacy.
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Which Market drivers have played a significant role in driving the contract management software market?
The increasing adoption of artificial intelligence (AI) and machine learning (ML) is expected to propel the growth of the contract management software market going forward. Artificial intelligence (AI) refers to developing computer systems capable of performing tasks that typically require human intelligence. Machine learning (ML) is a subset of AI that focuses on developing algorithms and statistical models that enable computers to learn from and make predictions or decisions based on data without being explicitly programmed. The increased adoption of artificial intelligence (AI) and machine learning (ML) is due to the proliferation of data from various sources, decreasing hardware costs, cloud computing services, and open-source software. AI and ML algorithms can analyze large volumes of contract data to identify trends, patterns, and insights that might not be apparent through manual analysis. By extracting key information from contracts and analyzing it, organizations can gain valuable insights into contract performance, risks, and opportunities. For instance, in May 2022, according to reports published by International Business Machines, a US-based technology company, the adoption of artificial intelligence (AI) increased by 13% compared to 2021. More than one-third of companies (35%) reported using AI in their business in 2022, a four-point increase from 2021. Larger companies are 100% more likely than smaller companies to have deployed AI in their organization, compared with only 69% in 2021. Therefore, the increasing use of AI-powered contract analysis is driving the growth of the contract management software market.
What are the key segments within the contract management software market?
The contract management software market covered in this report is segmented –
1) By Component: Software, Services, Consulting, Implementation, Support And Maintenance
2) By Technology: On-Premises, Cloud
3) By Vertical: Government, Retail And E-commerce, Healthcare And Life Sciences, Banking, Financial Services And Insurance (BFSI), Transportation And Logistics, Telecom And Information Technology (IT), Manufacturing, Other Verticals
Subsegments:
1) By Software: Contract Creation And Authoring Tools, Contract Repository And Storage Solutions, Contract Lifecycle Management (Clm) Platforms, E-Signature Software, Compliance Management Software, Automated Contract Analytics And Reporting Tools, Vendor Management Software, Risk Management Software
2) By Services: Contract Management Services, Compliance And Risk Management Services, Document And Data Migration Services, Contract Auditing Services, Managed Services For Contract Management
3) By Consulting: Contract Strategy And Optimization Consulting, Contract Risk And Compliance Consulting, Business Process Consulting For Contract Management, Change Management Consulting
4) By Implementation: System Implementation And Integration, Custom Contract Solution Development, Platform Configuration Services, Data Migration And System Integration
5) By Support And Maintenance: Technical Support Services, Software Updates And Upgrades, System Monitoring And Maintenance, User Training And Assistance, Bug Fixes And Troubleshooting Services
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Which key players are shaping the contract management software market?
Major companies operating in the contract management software market are International Business Machines Corporation, SAP SE, Infosys Limited, DocuSign Inc., GEP Solutions Pvt. Ltd., Coupa Software Inc., Zycus Inc., Information Services Group Inc., Icertis Inc., Model N Inc., Corcentric Inc., JAGGAER Inc., Agiloft Inc., Apptus Corporation, Concord Technologies Inc., SecureDocs Inc., CobbleStone Software LLC, Synertrade SA, Aaveneir LLC, CLM Matrix LLC, Trackado AB, Conga Contracts LLC, Enablesoft Limited, HighQ Solutions Limited
Which transformative trends will shape the contract management software market landscape?
Major companies operating in the contract management software market are focusing on developing artificial intelligence (AI)-powered contract management software, such as Catalyst for Contracts, to gain a competitive edge in the market. The catalyst for Contracts is software that leverages AI technologies to automate various aspects of contract lifecycle management, from drafting and reviewing to analyzing and managing contracts. For instance, in November 2023, Onit Inc., a US-based software company, launched Catalyst for Contracts. This generative AI-powered contract management software aims to enhance pre- and post-signature contract activities. This software uses generative AI and large language models (LLMs) to improve contract review, compliance confirmation, and issue resolution. The catalyst for Contracts empowers users to interact with contracts dynamically, providing a technological edge that boosts productivity and decision-making for contract teams.
How do regional factors impact the contract management software market, and which region is the largest contributor?
North America was the largest region in the contract management software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the contract management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Does The Contract Management Software Market Report 2025 Offer?
The contract management software market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Contract management software is a specialized solution designed to streamline and optimize contract creation, negotiation, and management digitally throughout the contract’s lifecycle. This software enables organizations to manage contracts efficiently, centralize contract storage, track critical dates and milestones, monitor compliance, and facilitate stakeholder collaboration.
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