Sales Contract Management Market Size, Share, Growth and Industry Analysis by Type (Cloud deployment, and, local deployment), By Application (Big business, small, medium and micro enterprises) Regional Forecast to 2028

Updated On: 22 April 2024

REPORT OVERVIEW

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The Global sales contract management market is expected to be worth USD 642.2 million in 2021. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 1770.2 million by 2028 with a CAGR of 15.4% during the forecast period. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Sales contract management will help in the efficient and systematic administration of sales contract. This contract management service will comprise of several activities that include renewal, execution, contract creation, and negotiation. These management systems will also ensure the compliance with regulatory and legal requirements. It minimizes any kind of risks and helps in optimizing the sales performance. Many companies adopt this software’s easily maintain a track of their sales contracts.

Artificial Intelligence and machine learning are two of the most effective technologies that are being incorporated in many sectors. These technologies will help in automation, increase accuracy, and will reduce the errors. This is identified as the latest trend in the market.

With increasing frauds and illegal activities, complexities related to legal procedures have increased. Most of the business operations are getting globalized and digitalized. Therefore, there is a requirement to adopt sales contract management solutions.  All of these factors are considered as the factors driving the sales contract management market share.

COVID-19 Impact: Increased Digitalization of Activities During Pandemic Increased Market Share

The pandemic of COVID-19 had an adverse impact on the functioning of many industries. The lockdowns, travel bans, and strict rules regarding social distancing norms created a lot of obstacles for the smooth functioning of many industries. As a result, negotiations, face-to-face meetings, and signings were completely disrupted.

As people were not able to meet physically during lockdowns signing physical contracts was not possible. This increased the prevalence of virtual contracts. As the number of virtual contracts increased, it became very difficult for the companies to handle them. As all the activities were completely digitalized, companies started adopting sales contract management systems. This increased the market share, during the pandemic.

LATEST TRENDS

"Adoption of Machine Learning and Artificial Intelligence to Increase Market Growth"

Most of the management systems and software have been adopting technologies like artificial intelligence and machine learning to increase their efficiency as well as accuracy. Adopting such technologies provide several benefits which include automation, advanced analytics, and predictive capabilities. All of these will help in enhancing the sales contract management services.

Incorporating ML and AI can simplify the highly complex steps involved in the procedure of sales contract management. They assist in risk assessment, risk management, contract analysis, compliance monitoring, and many other tasks. This will help in reducing errors, and saving time. The above-mentioned factors are considered to be the latest trends in the market.

SEGMENTATION

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• By Type:

The market can be divided into the following segments depending on their respective types:

Cloud deployment, and, local deployment. The cloud deployment segment is anticipated to dominate the market during the forecast period.

• By Application:

Based on application, the market share is bifurcated into the following segments:

Big business, small, medium and micro enterprises. The big business segment is expected to dominate the market during the forecast period.

DRIVING FACTORS

"Increasing Complexities and Legal Compliances to Amplify Market Growth"

One of the important factors that can help in the growth and development of the market involve the increasing complexities and legal compliances when it comes to creating sales contracts. This has increased the need for companies to adopt themselves to robust management solution.

The growing volume of sales contracts will increase the burden on companies. There is also a growing need for efficient contract lifecycle management. This has increased the need for dedicated contract management systems. Companies are also increasing their focus on reducing the financial and legal exposures. Sales contract management systems will help in enhancing customer relations, optimizing sales procedures, and enhancing revenue realization. All of these factors will create many lucrative growth opportunities for market development.

"Globalization of Business Operations to Fuel Market Growth"

From the past few decades, the globalization of business operations has increased resulting in higher number of cross-border contracts. Along with this there has been an increasing need for standardization of contracts. Adopting sales contract management systems will help in efficiently handling several contracts at the same time and they will standardize all the contracts.

In order to facilitate collaboration and streamline certain processes when there are distributed teams and remote work, digital contract management solutions can be of great help. Other factors that are driving the growth and development of market include improved contract visibility, better reporting, and tracking, scientific decision-making fewer mistakes. All of these factors will favor the sales contract management market growth.

RESTRAINING FACTOR

"Resistance to Change Within Organizations to Bring Down Market Share"

There are several factors that are contributing towards the growth and development of the market. However, certain negative factors can impede the market share. One such factor is the high resistance towards change in several organizations. Many companies are comfortable with the traditional systems and do not agree to adopt new systems. This can pose a major challenge to the market growth.

There are numerous implementation challenges when it comes to shifting to new technologies and management solutions. Limited awareness regarding the benefits of such management solutions can hinder their demand. Budget constraints of certain organizations can be another problem. All of these factors can restrain the market growth.

Regional Insights

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"North America to Dominate Market Share "

The region that is leading the market during the forecast period is North America. The major reason for this development is highly developed business landscape in this region. There are numerous enterprises, conglomerates of companies, and, multinational corporations. Such companies require and utilize sales contracts.

North America strictly adheres to all the legal and regulatory compliances. This has increased the demand for robust management solutions. Presence of advanced technology infrastructure in this region will further propel the market growth in this region.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio 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 market. A list of the top key industry players has been give in report to provide an idea of the competition prevailing in the market.

List of Market Players Profiled

• SAP (Germany)
• 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.)
• DocuSign (U.S.)
• Hand (U.S.)
• Weaver (U.S.)
• SecureDocs (U.S.)
• ContractPod Technologies (U.K.)
• Inspur (China)
• ContractSafe (U.S.)
• ZB Intel (China)
• Smartdot (China)
• Seeyon (China)
• ManageEngine ServiceDesk (U.S.)
• Gatekeeper (U.K.)
• Parley Pro (U.S.)
• Outlaw (U.S.)
• Landray (China)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. On reading the report the user will be able to understand and interpret all the aspects of the market. Additional information regarding key industry players is provided to understand competition in the market.