The Global Contract Management Market is expected to reach USD 6.5 Billion by 2025, registering a CAGR of 12.3% during the forecast period 2019–2025. Vendors functioning in the market are implementing several modern technologies in their contract management solutions which consists of artificial intelligence and analytics to provide the best-in-class experience to its end-user, which is driving the global contract management market 2020.Market Segmentation
On the basis of deployment, the market has been classified into cloud-based and on-premise segments. The cloud-based contract management solution seized the larger share in the year 2018 and is estimated to acquire a greater share by 2025. A large number of end-users are opting for cloud-based establishment as it is extensive and lucrative, which adds to the overall demand for cloud-based contract management solutions.
Based on the component, the contract management market has been classified into services and solutions. The service segment has been further classified into implementation & integration service and support & maintenance services. The solution segment acquired a greater share in 2018 and is estimated to maintain the position during the review period as well. The contract management service vertical is estimated to expand at a greater CAGR during the review period. Among the service vertical, implementation & integration services vertical is estimated to expand at a higher CAGR during the review period. Organizations in the forthcoming years are estimated to demand implementation with legacy systems like Enterprise Resource Planning (ERP), which in turn will grow the demand for integration services.
On the basis of vertical, [FURL=https://www.marketresearchfuture.com/reports/contract-management-market-8551]Contract Management Market Size[/FURL] has been classified into BFSI, IT & telecommunication, healthcare, consumer goods, manufacturing, education, and others. The healthcare industry segments are estimated to expand at the maximum CAGR during the review period.
Key Players
Prominent players of the Global Contract Management Market are SpringCM, Icertis, IBM, SAP, Zycus Inc., Determine, Apttus Corporation, SecureDocs, Inc., ConcordSpringCM, Contract Logix LLC., Trackado, Ultria, GEP, ConvergePoint Inc.
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