CHICAGO, UNITED STATES, September 20, 2023/EINPresswire.com/ — The global 𝐜𝐨𝐧𝐭𝐫𝐚𝐜𝐭 𝐢𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐜𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 generated about 𝐔𝐒$ 𝟕𝟖𝟓.𝟓 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟐 and is estimated to witness a growth in valuation of 𝐔𝐒$ 𝟓,𝟎𝟕𝟒.𝟓 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟑𝟏, growing at a 𝐂𝐀𝐆𝐑 𝐨𝐟 𝟐𝟑.𝟎𝟕% during the forecast period from 𝟐𝟎𝟐𝟑 𝐭𝐨 𝟐𝟎𝟑𝟏.
𝐒𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/contract-intelligence-market
The global contract intelligence market has been thriving over the past few years. The market has grown significantly owing to the digital transformation and the complexity of contracts across industries. The legal industry accounts for a sizeable portion of the market share. Organizations are rushing to maintain compliance with data privacy and security obligations in response to regulations like GDPR and CCPA, which have boosted the demand for contract intelligence technologies.
The growing demand for risk mitigation in contract management is a key factor accelerating the global market for contract intelligence. The degree of unpredictability has also increased in the modern global corporate environment, which is influenced by geopolitical considerations, economic changes, and particularly the current pandemic. The unpredictability associated with contracts is heightened by supply chain disruptions, fulfillment obligations, and evolving regulatory landscapes.
The need for technologically advanced solutions, especially those that use AI and ML drives the market growth. Such solutions don’t simply highlight potential risk areas; they also offer predictive insights that help firms assess and prepare for potential contract-related problems in the future. The accuracy offered by AI-supported systems helps to eliminate human error, a problem that frequently arises in manual contract review processes. For instance, a recent survey found that companies using AI-centric contract intelligence solutions drastically decreased the risks associated with contract ambiguities—by as much as 70%. For instance, in September 2023, Icertis unveiled Icertis Contract Intelligence for Government Contractors (ICI GovCon), a contract intelligence solution powered by AI designed for businesses that provide services to the U.S. Federal Government. ICI GovCon enables government contractors to improve win rates, better comply with important federal regulations, and drive contract optimization.
𝐒𝐡𝐢𝐟𝐭 𝐓𝐨𝐰𝐚𝐫𝐝𝐬 𝐂𝐥𝐨𝐮𝐝-𝐁𝐚𝐬𝐞𝐝 𝐂𝐨𝐧𝐭𝐫𝐚𝐜𝐭 𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐜𝐞 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠 𝐋𝐮𝐜𝐫𝐚𝐭𝐢𝐯𝐞 𝐏𝐚𝐫𝐚𝐦𝐞𝐭𝐞𝐫𝐬 𝐟𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡
In recent years the market environment is changing as companies switch from conventional contract administration to cloud-based AI solutions. For example, the usage of cloud-based contract intelligence services increased by 30% in 2021 alone. This increase can be linked to the cloud-based platforms’ flexibility, scalability, and affordability.
Countries like India, Brazil, and South Africa are observing an increase in the volume and complexity of contracts as a result of rising economic expansion and escalating globalization. The World Commerce Organization reports that since 2000, commerce between emerging economies has increased by more than 10% yearly. However, a lot of companies in these nations still manage contracts using manual procedures, which leaves a lot of potential for the introduction of automated, AI-powered contract intelligence solutions.
From 2022 to 2030, the growing market for cloud computing is anticipated to expand at a CAGR of 31.6%. Cloud-based contract intelligence vendors now have a fantastic chance to get into the international contract intelligence industry. Additionally, the number of tech-savvy workers in these economies is rising. A recent survey by Coursera found that enrollments in technology-related courses had increased by 67% and 74%, respectively, in nations like India and Brazil. Due to this, there is a ready pool of experts who can be quickly taught to use cutting-edge contract intelligence platforms.
𝐀𝐬𝐢𝐚 𝐏𝐚𝐜𝐢𝐟𝐢𝐜 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐟𝐨𝐫 𝐎𝐯𝐞𝐫 𝟑𝟎% 𝐨𝐟 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐒𝐡𝐚𝐫𝐞
In 2022, the Asia Pacific region accounted for over 30% of the global market revenue share. This region is anticipated to develop at the quickest CAGR and is forecast to achieve a 32.6% market share by the end of 2030. This growth will be due to the growing acceptance of AI technology and the rapid expansion of industries like e-commerce, manufacturing, and services.
The market is expanding as a result of several factors, including the fact that the region is home to some of the world’s fastest-growing economies, like China and India. Increased business activity and contract volume that result from economic expansion fuel the need for effective contract management systems. For instance, according to a forecast by IBEF, the Indian e-commerce business is predicted to reach USD 200 billion by 2026.
Another crucial element is the push for digital transformation in the Asia-Pacific area. Businesses and governments in the area are making significant investments in automation and technology. According to the Asian Development Bank, in 2022, Asian nations will spend close to USD 900 billion on digital infrastructure investments. The drive for digital transformation is fostering a climate that is conducive to the adoption of contract intelligence solutions powered by AI.
The Asia-Pacific region is focusing more on risk management and legal compliance, which is propelling the contract intelligence market. Countries in the region are bringing their regulatory systems more in line with international norms as they seek greater economic integration. The World Bank reported that from 2020 to 2022, regulatory measures aimed at enhancing the business environment increased by 40% in the Asia-Pacific area. Demand for contract intelligence solutions is growing as a result of this emphasis on regulatory compliance.
𝐀𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐌𝐨𝐫𝐞 𝐅𝐮𝐥𝐥 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/industry-report/contract-intelligence-market
𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞
The market for contract intelligence is characterized by fierce competition that is fueled by the rising demand for efficient contract management solutions. Players in the market are concentrating on innovation, and differentiation is crucial as businesses try to offer cutting-edge features like AI-driven analytics, automated workflows, and strong integration capabilities.
Icertis and Kira Systems are two significant market participants who have added sophisticated analytics to their platforms. These developments not only sped up the contract management procedure but also gave decision-makers access to useful information for risk analysis and long-term planning.
𝐋𝐢𝐬𝐭 𝐨𝐟 𝐏𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬
• Adlib
• Brightleaf Solutions
• Conductiv
• Conga
• Cortical.io
• Deloitte (Taj)
• DocuSign (Seal Software)
• Donnelley Financial Solutions (eBrevia)
• Evisort
• FTI Consulting (FTI Technology)
• GEP
• Iceric
• iManage
• Infosys (EdgeVerve Systems)
• Kira Systems
• Knowable
• Legartis
• MRI Software (Leverton)
• Scry Analytics
• Uhura Solutions
• Suplari
• Wipro
• Other Major Players
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐎𝐮𝐭𝐥𝐢𝐧𝐞
𝐓𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐜𝐨𝐧𝐭𝐫𝐚𝐜𝐭 𝐢𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐜𝐞 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐟𝐨𝐜𝐮𝐬𝐞𝐬 𝐨𝐧 𝐂𝐨𝐦𝐩𝐨𝐧𝐞𝐧𝐭, 𝐃𝐞𝐩𝐥𝐨𝐲𝐦𝐞𝐧𝐭, 𝐄𝐧𝐭𝐞𝐫𝐩𝐫𝐢𝐬𝐞 𝐒𝐢𝐳𝐞, 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧, 𝐚𝐧𝐝 𝐑𝐞𝐠𝐢𝐨𝐧.
𝐁𝐲 𝐂𝐨𝐦𝐩𝐨𝐧𝐞𝐧𝐭
• Software
• Services
𝐁𝐲 𝐃𝐞𝐩𝐥𝐨𝐲𝐦𝐞𝐧𝐭
• On-Premises
• Cloud
𝐁𝐲 𝐄𝐧𝐭𝐞𝐫𝐩𝐫𝐢𝐬𝐞 𝐒𝐢𝐳𝐞
• Large Enterprise
• Small & Medium Enterprise
𝐁𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧
• Data Extraction & Classification
• Contract Creation
• Information security
• Streamlining Contract Workflow
• Smart risk management
𝐁𝐲 𝐑𝐞𝐠𝐢𝐨𝐧
• North America
o The U.S.
o Canada
o Mexico
• Europe
• Western Europe
The UK
Germany
France
Italy
Spain
o Rest of Western Europe
• Eastern Europe
Poland
Russia
o Rest of Eastern Europe
• Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o South Korea
o ASEAN
o Rest of Asia Pacific
• Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
• South America
o Argentina
o Brazil
o Rest of South America
𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐑𝐞𝐩𝐨𝐫𝐭@- https://www.astuteanalytica.com/request-sample/contract-intelligence-market
𝐀𝐛𝐨𝐮𝐭 𝐀𝐬𝐭𝐮𝐭𝐞 𝐀𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐚:
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Aamir Beg
Astute Analytica
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