MarketsandMarkets projects the contract management software market to grow from USD 1.5 billion in 2019 to USD 2.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 13.5% during the forecast period. Major factors expected to drive the growth of the contract management software market include rising demand for an agile contract management software, increasing changes in compliances, and increased complexity owing to diversity in sales and licensing models.
The major contract management software vendors include Aaveneir (US), Agiloft (US), Apptus (US), CLM Matrix (US), CobbleStone Software (US), Conga (US), Concord (US), ContractWorks (US), ContractsWise (UK), Coupa (US), Determine (US), DocuSign (US), IBM (US), Icertis (US), GEP (US), HighQ (UK), JAGGAER (US), SAP Ariba (US), Synertrade (France), Trackado (Sweden), and Zycus (US). These players have adopted various strategies to grow in the contract management software market. Partnerships and new product launches have been the most dominating strategy adopted by major players from 2017 to 2019, which helped them to innovate on their offerings and broaden their customer base.
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Coupa (US) has a strong geographical footprint and has adopted an inorganic growth strategy to maximize its foothold in the contract management software market. In May 2019, Coupa completed the acquisition of one of the leading contract management players, Exari. This acquisition enhanced Coupa’s contract management solution capabilities. Some of the improved capabilities of Coupa’s contract management offerings are functionality for contract creation, collaboration, and discovery.
Icertis (US) makes use of innovative blockchain and AI technology in its contract management platform, which differentiates this company’s platform from its competitors. It has also adopted organic growth strategies in the contract management software market. In June 2019, collaborated with Microsoft to enhance its the blockchain-based contractual offerings. The Icertis Blockchain Framework offers a blockchain-powered solution to track contractual requirements and commitments. This partnership would help Icertis to expand blockchain applications to contract management by implementing the Microsoft Azure Blockchain Workbench for the ICM platform. Additionally, in May 2018, Icertis announced 2 new applications powered by Artificial Intelligence (AI), namely, ICM DigitizeAI and ICM DiscoverAI for the ICM platform. ICM DigitizeAI can import legacy contracts and maps, attributes and clauses contained in a particular contract, whereas ICM DiscoverAI can analyze the data collected and can match clauses and attributes found in every clause to common clause libraries.
Contract Management Software Market by Component (Software and Services), Business Function (Legal, Sales, Procurement, and Finance), Deployment Type (On-premises and Cloud), Organization Size, Vertical, and Region - Global Forecast to 2024
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