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The contract management refers to managing contract formation, execution, and analysis to maximize both the operational and financial performance of an organization. It is commercial management of legally enforceable performance commitments and risk positions through the preparation, negotiation, and implementation of guidelines. Contract management is a very time-consuming element of business, which facilitates the need for effective and automated contract management solutions. The adoption of advanced technologies such as and machine learning and artificial intelligence (AI) in contract management solutions is expected to create lucrative opportunities for the contract management vendors.
Contract management solutions help legal advisors in retrieving similar contracts from the library for reference purposes which can be viewed virtually in formats such as PowerPoint, Microsoft Word, and Excel. This reduces the review time and enables enterprises to identify loopholes in their system. It also allows enterprises to ensure compliance with acts implemented by governing authorities. It enhances operational efficiency and increases transparency in reporting mechanisms and management controls. Owing to rapid globalization, the requirement for a collaborative approach in handling projects and joint ventures is becoming necessary as it provides contract visibility for the concerned parties. Thus, several enterprises are adopting contarct management solutions. Furthermore, the emergence of cloud-based contract management software is driving the growth of the contract management market.
However, rising security concerns among the organization regarding the leakage of contract information is one of the factors limiting the market growth of contract management.
Key Market Driver -
Growing adoption of contract management solutions among enterprises
Key Market Restraint -
Rising security concerns regarding leakage of contract information
Based on the component, the market is segmented into solutions and services. By deployment, the market is segmented into on-premise and cloud-based. By enterprise size, the market is bifurcated into large enterprises, and small and medium enterprises (SMEs). Based on verticals, the market segmented into BFSI, government, healthcare, manufacturing, retail, it and telecom, transportation and logistics and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Some of the major companies in the global contract management market report include Concord, RIM Logistics Ltd., TOTALogistix, Inc., Trackado, Freshworks, Inc., DocLogix, UAB, Icertis, SAP Ariba, Coupa Software, Inc., and DocuSign, Inc.
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The global contract management market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America, followed by Europe, dominated the global contract management market in 2018, owing to the increasing availability of technically advanced contract management solutions based on artificial intelligence (AI) and machine learning algorithms. Furthermore, the increasingly changing legal compliances is anticipated to fuel the demand for contract management solutions in Asia Pacific. Additionally, the rising demand for contract management solutions in various sectors, including public, healthcare, manufacturing and financial, is driving the contract management market growth in Asia Pacific. Latin America and the Middle East & Africa are projected to register a comparatively higher CAGR by the end of the forecast period.
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