Absolute Markets Insights offers latest published report ‘Contract Management Software Market by Offerings (License, Maintenance, Subscriptions and Services); by End User (IT & Telecom, Retail, Healthcare, BFSI, Energy and Utilities, Automobile, Manufacturing, Transportation and Logistics and Others); by Regional Outlook (U.S., Rest of North America, France, UK, Germany, Spain, Italy, Rest of Europe, China, Japan, India, Southeast Asia, Rest of Asia Pacific, GCC Countries, Southern Africa, Rest of MEA, Brazil, Rest of Latin America) – Global Insights, Industry Trends, Price Trends, Growth, Size, Supply, Demand, Comparative Analysis, Competitive Market Share and Forecast, 2018 - 2026’. The author of the report analyzed that the Global Contract Management Software Market accounted for US$ 1582.1 million in 2017. The growing demand for contract management software globally owing to improved contractual process and analytical needs has led to increasing adoption of formal and structural contract management procedures and an increase in availability of software.  This is expected to boost the demand of this market over the forecast period.

Purchase the complete report titled “Contract Management Software Market - Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2018 - 2026” at https://www.absolutemarketsinsights.com/reports/Contract-Management-Software-Market-2018-2026-50

Contract management software is a tool that electronically manages contract lifecycles process from creation to execution to post-contract analysis. This software incorporates for collaboration and internal authoring, legal review, external negotiation and contract tracking. It speeds up the negotiation times and decreases processing costs, ensures flexibility in the supply chain, and increases visibility into the positions and effectiveness of active contracts.

Organizations in both the private and public sectors are facing increasing pressure to reduce costs and enhance operational and financial performance. Increases in contract volumes and complexity, new regulatory requirements, have resulted in an increasing recognition of the advantages and importance of effective contract management. This procedure provides an effective and systematic way of managing the contract creation, execution and investigation in order to maximize financial and operational performance and reduces the risk. Pitfalls associated with contract management software such as compatibility issues, security and privacy concerns are hindering the market growth. Moreover, the emergence of analytics in contract management is anticipated to offer lucrative growth opportunities to the global contract management software market during the forecast period.

Subscription Offering Type Anticipated to be the Dominant Segment During the Forecast Period, 2018 - 2026

Among offering, subscription is a dominant segment holding the largest market share as the renewal price for subscription will remain significantly lower than the cost of renewing a maintenance plan. Moreover, under new subscription, customers will have access to prior versions per the subscription previous version eligibility list and it is more profitable as compare to other offerings. These are factors driving the subscription offering for contract management software market.

Faster Execution of the Contracting Process in Contract Management Software to Drive the Market in North America

North America is estimated to capture the largest market share in contract management software market. This region is mainly driven by the factors such as reducing the time spent searching, approving, signing, negotiating, and monitoring contracts, the team can allocate more time to money-making enterprises, the move by many companies toward more diverse sales and licensing models which leads to increasing adoption of contract management software in this region. Moreover, a push for legal self-service to reduce operational costs and handle increased volumes of contracts and data are expected to drive the North America market in coming years.

Contract Management Software Market is Fragmented with the Presence of Global and Regional Players

Some of the key participants in global contract management software market are Apttus Corporation, Bravo Solution SpA, CLM matrix, Cobblestone Systems, Determine, Exari, GEP, IBM Emptoris, Icertis, Ivalua Inc., OpenText Corp, Oracle Corporation, Revitas, SAP SE, SciQuest and Selectica amongst others. In June 2017, Exari acquired Adsensa, a market leader in contract data discovery, capture and analytics. The combination creates for the first time a complete contract life-cycle management (CLM) platform that enables companies to manage new, legacy and third-party contracts all from one complete solution. The acquisition will expand Exari’s presence in key industries, including insurance, financial services, energy and professional services as well as open significant opportunities in new industries and geographies.

• Market By Offerings
  • License
  • Maintenance
  • Subscriptions
  • Services 
• Market By End User
  • IT & Telecom
  • Retail
  • Healthcare
  • BFSI
  • Energy and Utilities
  • Automobile
  • Manufacturing
  • Transportation and Logistics
  • Others
• Market By Region
  • North America
    • U.S.
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Southeast Asia
    • Rest of Asia Pacific
  • Middle East and Africa
    • GCC Countries
    • Southern Africa
    • Rest of Middle East and Africa
  • Latin America
    • Brazil
    • Rest of Latin America