Global Contract Analytics Software Market Overview:
Contract Analytics software extracts insights from contract data to assist businesses in keeping terms consistent across all of their contracts. This form of software combines artificial intelligence (AI) and natural language understanding (NLU), a subset of machine learning (ML), to efficiently address contract hazards, which would otherwise be a time-consuming, human procedure. As a result, contract analytics software decreases the risks of human errors during contract review and finalization. This sort of software is used by businesses to record contract information such as expirations, terminations, and extensions.
Growth Drivers
- High Usage to Identify and Organize Contracts to Eliminate Duplicates
- Increasing Demand to Generate Custom Reports Populated with Extracted Content
Roadblocks
Opportunities
- Use Of Advanced Technologies Like Artificial Intelligence (AI)
- Increasing Investment by Industry Vertical to Deploy New Technology
Challenges
- Security And Data Privacy Concern
Competitive Landscape:
The companies are exploring the market by adopting expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to avail of competitive advantage through combined collaborations.
Some of the key players profiled in the report are LinkSquares (United States), Affinitext (United Kingdom), DocuSign (United States), Icertis (United States), Contract Wrangler (United States), Ultria (United States), Komrz (India), Docskiff (United States), Paperflip (United States) and ThoughtTrace (United States). Additionally, following companies can also be profiled that are part of our coverage like Kira Systems (Canada). Analyst at AMA Research see United States Players to retain maximum share of Global Contract Analytics Software market by 2026. Considering Market by Deployment Mode, the sub-segment i.e. Cloud-Based will boost the Contract Analytics Software market.
Latest Market Insights:
On July 20, 2020, Wolters Kluwer Legal & Regulatory announced its partnership in France with Della, an AI contract analytics software provider for corporate legal departments and law firms. At a time when the search for productivity is accelerating for legal professionals, Wolters Kluwer and Della offer lawyers a new way of analyzing contracts.
On January 19, 2021, LinkSquares announced LinkSquares Dashboard, the first customizable business intelligence tool for legal departments., and On July 20, 2020, Conduent Incorporated announced the launch of a new Contract Analytics solution, as part of its Legal and Compliance technology suite.
What Can be Explored with the Contract Analytics Software Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Contract Analytics Software Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Contract Analytics Software
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Contract Analytics Software market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Contract Analytics Software market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Contract Analytics Software Developers, Contract Analytics Software Industry Association, Regulatory Bodies, Research and Development Institutes, Potential Investors and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.