A number of recent reports suggest that there is increasing appetite for better automation of this key business process.
For example, analysis by Research N Reports estimates that the global enterprise contract management market is expected to grow from $ 1.1 billion to $ 4.6 billion by 2025, an annual average rate of 17%. Vendors likely to do well out of this dramatic rise include the usual suspects like IBM, Oracle and Microsoft, but also a host of more niche players, says the market watcher, which styles itself as a “new age market research firm,” including names like Symfact, Determine, Icertis, HMP Group, AVEVA and Trimble MEP.
Another firm, MarketsandMarkets, says that in a key US industry, healthcare, we can soon expect to see a stand-alone Contract Management software market of $1.8 billion by 2024 (compared to this year’s $755 million).
The drivers here: a “growing need to increase the operational efficiency of healthcare organisations while decreasing operational costs [and an] increasing need to maintain compliance with regulatory mandates”.
Users, adds the firm, whose ‘new age’ credentials we were unable to discover, are looking for increased visibility, improved efficiency, minimised contract risks and improved payment accuracy & agility, among other hoped-for benefits from using the approach… and given that another study puts health contract management as a $157 billion American overhead, we can see why.