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Contract Management Software Market Analysis, Size, Share & Trends 2024-2033 | Forecast & Competitive Insights
Contract Management Software Market Analysis
According to The Business Research Company's, The contract management software market size has grown rapidly in recent years. It will grow from $3.51 billion in 2023 to $4.04 billion in 2024 at a compound annual growth rate (CAGR) of 14.9%. 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 $7.15 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. 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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Market Drivers and Trends:
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 cloud computing increased by 13% compared to 202. 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.
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.
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Major Key Players of the Market:
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
Contract Management Software Market 2024 Key Insights:
• The contract management software market size is expected to see rapid growth in the next few years. It will grow to $7.15 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%.
• The Role Of AI-Powered Contract Analysis In Expanding Contract Management Software Market
• AI-Powered Contract Management Software Revolutionizes Market Dynamics
• North America was the largest region in the contract management software market in 2023
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