Cloud-Based Contract Management Software Market Size, Share, Growth, and Global Industry Analysis by Type (SaaS, and PaaS) By Application (BFSI, Manufacturing, Healthcare and Life Sciences, Retail and E-Commerce, Transport and Logistics, Government and Public Utilities, and Telecommunications), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

CLOUD-BASED CONTRACT MANAGEMENT SOFTWARE MARKET REPORT OVERVIEW

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The global cloud-based contract management software market size was USD 1984 million in 2021 and is projected to touch USD 8191.59 million by 2031, exhibiting a CAGR of 15.2% during the forecast period.

Cloud contract management is the process of managing contract formation, execution, and review on a cloud network to optimize operational and financial efficiency while lowering financial risk. Cloud-based contract management manages the lifecycle of contracts using intuitive and dedicated SaaS solutions, rather than a mix of disparate spreadsheets and offline methods. Cloud contract management can assist businesses in unlocking more value. Cloud-based contract management software can help you navigate new concerns such as GDPR, CCPA, and DPA while quickly and efficiently drafting, negotiating, and executing new SLAs, SOWs, MSAs, merger agreements, or employment contracts.

The capabilities of cloud-based software as a service solution, such as Contract Logix's contract management software, continue to disrupt almost every industry, with new products and services hitting the market on a daily basis. Custom-built, in-house IT applications are quickly being replaced by more cost-effective, secure, reliable, and out-of-the-box cloud-based offerings. This is especially true for contract management, as organisations transition from using shared drives and spreadsheets to purpose-built and cloud-based contract management software platforms.

COVID-19 Impact: Halt on Services to Hamper Market

The global COVID-19 pandemic has been unprecedented and staggering, with the global cloud-based contract management software market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The rise in CAGR is a byproduct of the cloud-based contract management software market growth and demand returning to pre-pandemic levels once the pandemic is over.

Since last year, COVID-19 has significantly slowed the global cloud-based contract management software market, and this trend is expected to continue until 2022. The spread of the coronavirus has resulted in a surge in demand for cloud-based contract management software in large industrial countries.

The worldwide lockdown imposed in response to COVID-19's appearance had a significant impact on the global market for Cloud-Based Contract Management Software. The temporary halt of production operations hampered the market's expansion. Even though all these downfalls occurred, the market also witnessed a drive post-COVID-19 due to the increased number of contracts made during clinical research studies and vendor agreements during the pandemic, and the demand for secure contract management solutions increased. The pandemic has increased the use of CLM software solutions, which is expected to continue throughout the forecast period.

Latest Trends

"Cloud-based Contract Management Software in Healthcare Industry"

Contracts are an important part of the hospital and healthcare industries, with most hospitals dealing with thousands of contracts per day. There will be thousands of contract agreements with physicians, patients, employees, and various healthcare organizations and businesses in every healthcare sector. The loss of even one contract could result in serious compliance issues. The next critical step is to create a centralized contact database. Cloud-based solutions are both affordable and secure. Furthermore, with import functionality, you can easily import all of your healthcare contract agreements and related data to organize and access contracts from any device at any time. Contracts in the centralized repository will always be auditable.

CLOUD-BASED CONTRACT MANAGEMENT SOFTWARE MARKET SEGMENTATION

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• By Type

The market is classified into SaaS, and PaaS on the basis of type. The SaaS segment is projected to dominate the market share through 2028.

• By Application

The market is classified into BFSI, manufacturing, healthcare and life sciences, retail and e-commerce, transport and logistics, government and public utilities, and telecommunications on the basis of application. The BFSI sector will hold the dominant market share through 2028.

Driving Factors

"Increasing Adoption of Cloud Technology Across Industries to Drive the Market Growth"

The market is driven forward by the increasing adoption of cloud technology across industries. In this rapidly changing market, cloud computing is the best way to stay stable. It not only improves business efficiency but also measures the much-needed changes in the companies' business models. Cloud computing is not only affecting the IT industry, but it is also a revolutionary concept in many other industries around the world. With increasing cloud demand from various industries, technological powerhouses such as Google, Microsoft, and Amazon Web Services are collaborating to revolutionize the future for large enterprises. These companies, in collaboration with other IT firms, are attempting to assist organizations in shaping their future, thereby driving the global cloud-based contract management software market growth.

"Increasing Remote Work Across Industries to Drive the Market Growth"

One can provide unified access from a variety of devices to all parties with predefined roles and granular permissions using cloud-based contract management software. Furthermore, the cloud reduces the IT resources required to manage business applications, and with "no code" configurable cloud-based CLM systems like Contract Logix, end users can be very self-sufficient in configuring the software to their specific needs without the assistance of a developer or a third-party.

Using a cloud CLM, your team can stay up to date on all the latest developments while working from home (or anywhere) and responding to issues on any type of device. Workers can also use a modern cloud SaaS CLM platform to gain appropriate access to agreements, review the history, add comments, and approve changes.

Restraining Factors

"Limited Control to Hamper the Market Growth"

An organization that provides cloud services manages, monitors, and owns the cloud infrastructure. As a customer, one will have limited control over it. It is possible to manage the cloud's applications, data, and services, but not to update firmware or access the server shell.

It is important to conduct a risk assessment before handing over control to a service provider in order to reduce risks. Cloud computing benefits can be weighed against its risks once you understand them.

CLOUD-BASED CONTRACT MANAGEMENT SOFTWARE MARKET REGIONAL INSIGHTS

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"North America to Lead the Market as a result of Increasing Industrial Activities"

The U.S. is in the spotlight as the dominant country for the cloud-based contract management software market in North America. The country's stakeholders are growing as a result of the high level of development in the IT sectors, as well as advancements in the e-commerce industry. During the forecast period, North America is expected to continue to account for the largest revenue cloud-based contract management software market share among the various regional markets.

Key Industry Players

"Leading Players Adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolios and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the global cloud-based contract management software market.

 List of Market Players Profiled

• SAP Ariba (U.S.)
• IBM (U.S.)
• Concord (U.S.)
• Icertis (U.S.)
• PandaDoc (U.S.)
• Oracle (U.S.)
• Coupa (U.S.)
• Conga (U.S.)
• Agiloft (U.S.)
• Contract Logix (U.S.)
• SpringCM (U.S.)
• Hand (U.S.)
• Weaver (U.S.)
• SecureDocs (U.S.)
• ContractPod Technologies (U.K.)
• Inspur (China)
• ContractSafe (U.S.)
• ZB Intel (U.S.)
• Smartdot (U.S.)
• Seeyon (China)
• ManageEngine ServiceDesk (U.S.)
• Gatekeeper (U.S.)
• Parley Pro (U.S.)
• Outlaw (U.S.)
• Landray (China)

REPORT COVERAGE

In the report, factors affecting the market from both demand and supply are evaluated and market dynamics during the forecast period are also forecasted. Also included in the report is a comprehensive PEST analysis of countries, which assesses the governmental, financial, and shared factors influencing their markets. Apart from all of these, the report also provides drivers, restraints, opportunities, and future trends.