Large Enterprises Segment to Register Significant Growth in United States Contract Management Software Market During Forecast Period
Growing business activities and rising number of litigations are
expected to drive the growth of United States contract management software
market
According to
TechSci Research report, “United States Contract Management
Software Market By Component, By Deployment Mode, By Business
Function, By Offering, By Organization Size, By End User Industry, By Region,
Forecast & Opportunities, 2025”, the United States contract
management software market is expected to grow at a formidable rate of around 10%
during the forecast period as it helps legal teams to work faster, smarter and
more efficiently by providing the visibility and insight to better manage associated
risks and ensure compliance across an entire portfolio of contracts. However, high
costs of installation & maintenance of the software can hamper the growth
of market during forecast period.
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The United States contract
management software market is segmented based on component, deployment mode,
business function, offering, organization size, end user industry, company and
region. Based on organization size, the market can be bifurcated into SMEs and
large enterprises. The large enterprises are expected to witness significant
growth during the forecast period. This can be ascribed to the fact that large
enterprises are required to deal with large quantities of contracts that are
produced, saved, and shared with the global enterprises and hence, cannot exercise
manual contract management. They need a structured contract management software
that offers efficient contract management in a short amount of time. Based on
business function, the market can be fragmented into legal, sales, procurement,
finance and others. The legal segment is expected to dominate the market since contract
management software helps legal teams handle any volume of contracts
efficiently with zero magnitude of error. The software stores all the legal
contracts in a central repository and standardizes the legal contract templates
and the contract negotiation process.
Aaveneir, Agiloft, Apptus, CLM
Matrix, CobbleStone Software, Conga, Concord, ContractWorks, IBM, Determine and
others are some of the leading players operating in United States contract
management software market.
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“United States contract
management software market is anticipated to witness significant growth until
2025, owing to the increasing adoption of digital technologies for legal
procedures including mandatory compliances related to data protection laws in foreign
countries and rising international litigations. Additionally, the presence of
key players such as IBM, Concord, among others in the country is further projected
to fuel the United States contract management software market over the coming
years.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“United States Contract Management Software
Market By Component, By Deployment Mode, By Business Function, By Offering, By
Organization Size, By End User Industry, By Region, Forecast &
Opportunities, 2025” has evaluated
the future growth potential of United States contract management software market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in United States contract management software
market.
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