According to the new research report published by The Insight Partners, titled “Contract Management Software Market – Global Analysis and Forecast to 2027”, the global contract management software market is expected to reach US$ 5,236.1 million by 2027; it is estimated to grow at a CAGR of 16.7% from 2019 to 2027.
The paradigm shift towards digitalization has reaped significant benefits for enterprises, and it has resulted in new revenue generation opportunities. With the continuous advancements in storage and computing technology, the computing power has increased multi-fold during the last decade. This has created new opportunities for computing and managing huge sets of documents and files, and when coupled with new emerging technologies such as artificial intelligence, useful business and customer insights can be gained. With the help of artificial intelligence, the digital content managed by contract management software can be further used to analyze and extract useful business and various contract-related insights. Hence, the increasing digitalization across industries is expected to boost the demand for robust and reliable contract management software and thus drive the growth of contract management software market during the forecast period.
The contract management software market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, MEA, and SAM. The North America region holds the highest market share, whereas APAC is projected to be the fastest-growing region as well in the coming years.
Integration of advanced technologies such as artificial intelligence in contract management software
The artificial intelligence (AI) technologies, such as deep learning and machine learning, are advancing at a faster pace. AI is being integrated extensively across numerous areas, ranging from cloud computing applications to digital assistants, to automate the processes. Talking to The India Wire, Ms. Mrunmayi Desai, who has an experience of 22 plus years in Information Technology and specialization in Ai from SC University said, “With ever-increasing use cases of AI and the evolving market landscape, the advancements in contract management software have become a necessity. The integration of AI with the contract management software permits the users to analyze all the details related to making cost-effective purchases while partnering with low-risk suppliers; it also offers real-time analytics and intelligence, along with continually improving on the goals related to cost-savings by sinking cost to serve its customers.”
Mrunmayi Desai, who is Managing Director of Incodev Technologies Pvt Ltd, added “Timely data processing is one of the critical factors of the contract management process. To keep a record of contract details, the organizations require efficient contract management software. The integration of AI technology with contract management software permits them to handle the repetitive methods by automating the processes, along with addressing the issue faced by organizations during contract management.”
The availability of massive amount of data originating from different data sources is one of the key factors driving the growth of AI technology across the globe. Thus, the adoption of such advanced technologies is driven by the successful uses cases of AI which resulted into increased operational efficiency, better sales revenue, and improved customer experiences. The trend is expected to have a noteworthy impact on the contract management software market by driving its demand into various technology sectors.