Global Contract Management Software Market Estimated to Reach US$ 3417.3 Mn by 2022, due to Increasing Need for Improved Contractual Process during the Forecast Period.
Contract management is a discipline that supports commercial management through the preparation, negotiation, implementation, and oversight of legally enforceable performance commitments and risk positions, both outbound (to the market) and inbound (from the market). It converts commercial policies and practices, and technical capabilities into specific terms and conditions that are offered to or required from its suppliers, customers, or business partners, ensuring compliance or gaining approvals for noncompliance. Through active monitoring of performance needs and outcomes, contract management informs commercial management with regard to actual and required commitment capabilities, together with their financial and risk impact.
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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.
Key players operating in the 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.
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Contract Management Software Industry:-
- Contract Management Software Market By Offerings
- Market By End User
- IT & Telecom
- Energy and Utilities
- Transportation and Logistics
- Contract Management Software Market By Region
- North America
- Rest of North America
- The UK
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Southern Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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According to the survey conducted by Legal Suite, the French contract management association (AFCM) and European School of Contract Management (ecm), 80% of international deals involve the negotiation and signing of contracts of any nature. This depicts the need for a robust contract management software that provides the Contract Manager with automated tools to fully optimize the processes related to the contract life cycle.
Some of the key factors that are driving the adoption of digital technologies for legal procedures include mandatory compliance with data protection laws of foreign countries and the rising international litigations. Some of the countries in this region also use AI technology in the legal sector, for instance, Major countries of APAC, such as China, Japan, and Singapore are using the AI technology in the legal sector.
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