글로벌 계약 관리 소프트웨어 시장 규모, 점유율 및 COVID-19 영향 분석, 구성 요소별(소프트웨어 및 서비스), 배포 유형별(온프레미스 및 클라우드), 조직 규모별(중소기업 및 대기업), 수직별(정부, 소매 및 전자 상거래, 의료 및 생명 과학, BFSI, 운송 및 물류, 통신 및 IT, 제조 및 기타), 지역별(북미, 유럽, 아시아 태평양, 라틴 아메리카, 중동 및 아프리카), 분석 및 예측 2023-2033

Global Contract Management Software Market Size To Exceed USD 9.70 Billion By 2033               

According to a research report published by Spherical Insights & Consulting, the Global Contract Management Software Market is Expected to Grow from USD 2.62 Billion in 2023 to USD 9.70 Billion by 2033, at a CAGR of 13.98% during the forecast period 2023-2033.

Browse key industry insights spread across 240 pages with 130 Market data tables and figures & charts from the report on the Global Contract Management Software Market Size, Share, and COVID-19 Impact Analysis, By Component (Software and Services), By Deployment Type (On-premises and Cloud), By Organization Size (SMEs and Large Enterprises), By Vertical (Government, Retail and eCommerce, Healthcare and Life Sciences, BFSI, Transportation and Logistics, Telecom and IT, Manufacturing, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.

The contract management software market refers to the entire contract lifecycle, from design and negotiation to execution, compliance, and renewal is automated, centralized, and made simpler by this digital technology. It helps companies manage contract documents, keep track of commitments and deadlines, ensure compliance, and improve operational efficiency with features like automated workflows, audit trails, e-signatures, and integration with other enterprise systems. The market growth is driven by the rapid expansion due to the demand for automation, compliance, and digital efficiency. Organizations are increasingly using these tools to manage complex agreements and lower legal risks. Due to its accessibility and adaptability, cloud-based solutions are popular with both small and large enterprises. The rise of remote work environments and regulatory constraints further exacerbate the need for more effective contract oversight. Therefore, it is anticipated that the market will grow with the aid of technological advancements and regulatory trends. However, the market growth is hindered by the extensive use of contract management software, high installation costs, integration challenges, and data security concerns are impeding market expansion.

The software segment accounted for the largest share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period.

Based on the component, the contract management software market is categorized into software and services. Among these, the software segment accounted for the largest share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period. The segmental growth can be attributed to the contract creation, negotiation, approval, execution, compliance management, and renewal procedures that are automated and made simpler. When dealing with complex contracts and big numbers, this automation reduces human error, ensures uniformity, and increases efficiency.  Additionally, contract management software is becoming more intelligent and efficient as a result of advancements in artificial intelligence (AI) and machine learning (ML).

The cloud segment accounted for the largest share in 2023 and is estimated to grow at a remarkable CAGR during the estimated period.

On the basis of deployment type, the contract management software market is divided into on-premises and cloud. Among these, the cloud segment accounted for the largest share in 2023 and is estimated to grow at a remarkable CAGR during the forecast period. The segmental growth can be attributed to its remote accessibility, scalability, and affordability, which make it particularly appealing to small and medium-sized enterprises (SMEs). Furthermore, cloud solutions facilitate real-time collaboration and do away with the requirement for a sizable IT infrastructure.

The large enterprise segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the forecast timeframe.

On the basis of organization size, the contract management software market is classified into SMEs and large enterprises. Among these, the large enterprise segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the forecast timeframe. The segmental growth can be attributed to the large and complex contract portfolios that are managed by these organizations, necessitating advanced features like automated procedures, comprehensive analytics, and seamless integration with other business systems like CRM and ERP. Because of their significant operational scale and resources, they are the primary consumers of contract management software.

The healthcare and life science segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the projected timeframe.

On the basis of vertical, the contract management software market is segmented into government, retail and ecommerce, healthcare and life sciences, BFSI, transportation and logistics, telecom and IT, manufacturing, and others. Among these, the healthcare and life science segment accounted for the majority of the share in 2023 and is estimated to grow at a remarkable CAGR during the projected timeframe. The segmental growth can be attributed to the increasing use of hospitals to ensure adherence, reduce operational risks, and increase efficiency. These technologies provide the secure handling of personal information by facilitating adherence to international data privacy laws, including HIPAA.  Reducing manual errors and streamlining processes can help hospitals save money and avoid problems. As a result, contract management software is becoming increasingly essential to hospital operations.

North America is anticipated to hold the largest share of the global contract management software market over the projected timeframe.

North America is anticipated to hold the largest share of the global contract management software market over the projected timeframe. The region's growth is attributed to the organizations in these areas that must maintain an organized record of their contracts. By using effective contract management tools and establishing clear regulations, these companies may make their contract administration more transparent. Additionally, favorable rules like the Health Insurance Portability & Accountability Act (HIPAA) facilitate the region's adoption of contract management software.

Asia Pacific is estimated to grow at the fastest CAGR of the global contract management software market during the estimated period. The complexity of rules and digitization has increased in these areas. In countries like China, India, and Japan, pro-business government policies and technological innovation are driving demand. Growing e-commerce and international corporate expansion are driving up demand for efficient contract solutions. As a result, the field has grown into a major technology sector for contract management.

Major vendors in the global contract management software market are DocuSign, Proposify, Adobe Sign, GEP Worldwide, Agiloft, CobbleStone Software, ContractWorks, Mitratech, Icertis, Contract Logix, Coupa Software, VersaSuite, SAP Ariba, Onit, JAGGAER, Conga, and others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Key Market Development 

• In September 2023, Newgen Software and Coforge Limited expanded their cooperation and collaboration to offer disruptive insurance lifecycle management solutions. This alliance intends to equip insurers with powerful analytical tools to help them succeed in the rapidly changing insurance market landscape.

Market Segment

This study forecasts revenue at the global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global contract management software market based on the below-mentioned segments: 

Global Contract Management Software Market, By Component

• Software
• Services

Global Contract Management Software Market, By Deployment Type

• On-premises
• Cloud

Global Contract Management Software Market, By Organization Size

• SMEs
• Large Enterprises

Global Contract Management Software Market, By Vertical

• Government
• Retail and eCommerce
• Healthcare and Life Sciences
• BFSI
• Transportation and Logistics
• Telecom and IT
• Manufacturing
• Others

Global Contract Management Software Market, By Regional

• North America 
  • US
  • Canada
  • Mexico
• Europe 
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific 
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America 
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa 
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa