Contract Intelligence Market Scope
Contract intelligence is an AI-powered contract lifecycle management software that allows businesses to streamline the whole contract management process. Digital transformation of business and the growing popularity of artificial intelligence and machine learning technologies for automation and big data analytics will create noteworthy growth for the market. In today’s time more and more businesses are replacing manual contract management systems with intelligent contract management systems to automate workflows and dramatically improve the contract management processes. Further, the growing popularity of cloud-based or web-based software among the users for remote legal operations, easy scalability, and less risk of data loss will boost the market.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Icertis (United States), IntelAgree (United States), Conga (United States), iManage LLC (United States), Accenture (Ireland), FTI Consulting (United States), kReveal (United States), Conductiv (United States), Evisort (United States), Google (United States), Brightleaf Solutions (United States), Scry Analytics (United States), ContractPod Technologies Ltd (United Kingdom) and Suplari (United States) |
CAGR | % |
The key manufacturers are targeting the innovations of the products with better quality, and better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking about mergers and acquisitions in order to maintain their presence in the market Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Contract Intelligence market throughout the predicted period.
Icertis (United States), IntelAgree (United States), Conga (United States), iManage LLC (United States), Accenture (Ireland), FTI Consulting (United States), kReveal (United States), Conductiv (United States), Evisort (United States), Google (United States), Brightleaf Solutions (United States), Scry Analytics (United States), ContractPod Technologies Ltd (United Kingdom) and Suplari (United States) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Contract Intelligence market and Region with country level break-up.
On the basis of geography, the market of Contract Intelligence has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2021.
Market Leaders and their expansionary development strategies
In January 2022, Icertis and SAP announced an expanded partnership for contract management enhancement and help companies to increase efficiency by minimizing risk and realizing full intent agreements. The partnership will enable technological integration for contract management and deliver market-leading innovations to their customers.
In March 2022, Icertis, the leading contract intelligence company launched an industry-first contract intelligence solution to help healthcare providers accelerate digital transformation by modernizing complex agreements. The new solution can be integrated with ERP, CRM, AP, timekeeping, and other systems and provides real-time analytics of complex agreements.
Market Trend
- Emerging Tend of Cloud-based Contract Intelligence Solutions Among Consumers Due to Its Flexibility and Scalability
- Focus on the Integration of New Features and Natural Language Processing into Contract Intelligence Platform for Data Pre-processing and Auto-fill Information
Opportunities
- Increasing Adoption of Contract Intelligence Platforms in the United States and European Countries
Restraints
- Less Acceptance of Contract Intelligence Solutions Among the Small Enterprises Due to High Subscription Costs and Less IT Budget
Challenges
- Presence of a Large Number of Providers in the Global Market May Increase Competition and Create Challenges
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Contract Intelligence Providers, Information Technology Companies, Venture Capitalists and Private Equity Firms, End-Users and Others