Contract Management Software Market Worth $2.9 Billion by 2024 - Exclusive Report by MarketsandMarkets
CHICAGO, Oct. 18, 2019 /PRNewswire/ -- According to a new market research report "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", published by MarketsandMarkets, 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 agile contract management software, increasing changes in compliances, and increased complexity owing to diversity in sales and licensing.
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Based on component, software segment to record a higher growth rate than the services segment during the forecast period
By component, the software segment is expected to grow at a higher rate than the services segment during the forecast period. Contract Management Software provides secure auto-generation of contracts, legal agreements, proposals, quotes, and documents. Contract Management Software typically fits into a portfolio of tools used to handle overall vendor or contractor relationships and easily integrates with other complementary software such as CRM software, quote management software, accounting software, and e-signature software. This ensures that the investment made on this software is maintained while adding sophisticated contract management capabilities fully synchronized with all the critical business processes. Leading Contract Management Software vendors are providing a return on investment (ROI) calculator to help enterprises quantify their ROI. Each organization has to provide some data such as legal employee costs, sales operation costs, number of contracts, total contract value, and so on, and get an ROI estimate.