CATEGORY

Contract Management Software

Contract management software market, which was valued at $2.25 Billion, is forecasted to grow at a CAGR of 12.5 percent from 2022 to 2032

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    Sample Supplier
    Company
    American Express Company
    Location
    Jackson, Mississipi
    Duns number
    3862211
    D&B SER Rating
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    Up to 3 months

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    6
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    Moody`s ESG Solution
    ESG Profile
    Company and Sector Performance
    42
    100
    Limited (1)
    ESG Perfomance (/100)
    Environment
    85
    Social
    31
    Governance
    48
    6 Domains Performance (/100)
    Business behaviour
    39
    Human rights
    47
    Community Environment
    26
    Corporate governance
    54
    Human resources
    21
    Security Scorecard
    90
    Threat indicators
    B
    83
    Network Security
    Detecting insecure network settings
    A
    100
    Hacker Chatter
    Monitoring hacker sites for chatter about your company
    A
    97
    DNS Health
    Detecting DNS insecure configuration and vulnerabilities
    B
    86
    Application Security
    Detecting common website application vulnerbilities
    B
    86
    Endpoint Security
    Detecting unprotected enpoints or entry points of user tools, such as desktops, laptops mobile devices, and virtual desktops
    A
    100
    Cubic Score
    Proprietary algorithms checking for implementation of common security best practices
    A
    98
    Patching Cadence
    Out of date company assets which may contain vulnerabilities of risk
    A
    100
    Social Engineering
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    A
    100
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    A
    100
    Information Leak
    Potentially confidential company information which may have been inadvertently leaked
    Industry Comparison
    amexglobalbusinesstravel.com
    Industry average
    Adverse Media Appearances
    Environmental Issues
    0
    Workforce Health Safety Issues
    0
    Product Service Issues
    12
    Human Rights Issues
    0
    Production Supply Chain Issues
    2
    Environmental Non Compliance Flags
    14
    Corruption Issues
    0
    Regulatory Non Compliance Flags
    26
    Fraud Issues
    3
    Labor Health Safety Flags
    3
    Regulatory Issues
    22
    Workforce Disputes
    0
    Sanctions
    1
    esg energy transition
    86
    Discrimination Workforce Rights Issues
    3
    esg controversies critical severity
    No

    Contract Management Software market report transcript

    Contract Management Software Global Market Outlook

    • Contract management software market, which was valued at $2.25 Billion, is forecasted to  grow at a CAGR of 12.5 percent from 2022 to 2032

    • Market is attributed to the rising demand for agile contract management software and compliance changes across the globe.

    • The increase in the utilization of AI/ML technologies along with the rising demand for smart contracts is also driving the contract management software market.

    Market Overview

    Digital expansion resulted in adoption of automated solutions, thus propelling the demand for contract management software.

    • The Contract Lifecycle Management market is expected to grow at a CAGR of 12.5 percent from 2022 to reach approx. $5 billion by the end of 2032

    • The adoption of CLM by small and medium-scale enterprises to boost the growth of the market

    • The demand for cloud-based CLM software is increasing globally because of the features it provides such as self-service contract creation, managing templates, real-time collaboration, etc.

    • North America is expected to lead the CLM market in terms of sales revenue

    • Healthcare and Pharmaceutical industries are expected to provide an average of 25% of CLM’s revenue

    • Companies started to Integrate artificial intelligence (AI), machine learning (ML), the internet of things (IoT), etc. in the CLM software to improve accuracy, and efficiency and eliminate risks

    Contract Management Software Market Drivers and Constraints

    Drivers

    Growth Drivers:

    • Digitization: Demand for digital platforms surged owing to the pandemic. The demand for Cloud-based CLM solutions powered by AI, ML to increase in the upcoming years.

    • The complexity of business operations: CLM software improves the efficiency of business operations by reducing the complexity of manual work. It helps companies to automate operations, Avoid Expensive Penalties, it is also integrated with electronic signature (e-signature) tools for the convenience of customers, etc.

    • Technological Advancements: Integration of Machine learning (ML), Artificial Intelligence (AI), Internet of Things (IoT), etc. in the CLM software to improve efficiency and mitigate the risks. This will lure Large-Small scale companies toward Contract Lifecycle Management solutions.

    • Risks: Contract lifecycle management helps in mitigating legal, procurement, and financial risks. It is also used to improve Transparency, Contractual Compliance and to minimize liabilities.

    Constraints

    Growth Constraints:

    • Loss of Control: Losing control over the business process is a risk that every company must take while outsourcing a third-part CLM company for managing business operations

    • Data Security: Rising security concerns regarding the leakage of contract information is one of the major factors that is limiting the market growth of contract management

     

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