Contract Intelligence Market Report 2024 (Global Edition)

Global Contract Intelligence Market Report 2024 Market Size Split by Component (Software, Services), by Application (Data Extraction & Classification, Contract Creation, Information Security, Streamli...

Contract Intelligence Market Report Description

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Competitive Landscape of the Contract Intelligence

The competitive landscape of the Contract Intelligence market is characterized by intense rivalry and a diverse array of key players vying for market dominance. Leading companies are leveraging advanced technologies to offer innovative solutions in data extraction, contract creation, and information security.

• In March 2022, Agiloft partnered with HBR Consulting to offer contract management services aimed at lowering operational costs for legal consulting services and helping legal teams with technology solutions. This collaboration also includes guidance on contract operationalization to boost the organization's revenue.

Top Companies Market Share in Contract Intelligence Industry: (In no particular order of Rank)

• 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
• Confidential Data
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• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

North America held the major market of more than 40% of the global revenue with a market size of USD 326.08 million in 2023 and will grow at a compound annual growth rate (CAGR) of 22.0% from 2023 to 2030

According to Cognitive Market Research, the global Contract Intelligence market size was estimated at USD 815.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 326.08 million in 2023 and will grow at a compound annual growth rate (CAGR) of 22.0% from 2023 to 2030. In this region, the Contract Intelligence landscape has experienced substantial growth owing to the advanced technological infrastructure, widespread digital transformation initiatives, and the early adoption of innovative solutions by enterprises. The region's dominance is evident across diverse industries, with organizations leveraging Contract Intelligence for streamlined contract workflows, efficient data extraction, and smart risk management. North America's substantial market size underscores its pivotal role in shaping the trajectory of the global Contract Intelligence market, making it a focal point for industry players seeking strategic expansion and partnerships.

According to Cognitive Market Research, the global Contract Intelligence market size was estimated at USD 815.2 Million out of which Asia Pacific held the fastest growing market of more than 23% of the global revenue with a market size of USD 187.50 million in 2023 and will grow at a compound annual growth rate (CAGR) of 25.8% from 2023 to 2030. The region's economic dynamism, coupled with a surge in digital transformation initiatives, has fuelled the adoption of Contract Intelligence solutions across diverse industries. With a focus on data extraction, contract creation, and information security, organizations in Asia-Pacific are harnessing the power of Contract Intelligence to enhance operational efficiency and mitigate risks. This region's strategic importance is underscored by its significant market share, positioning it as a key player in the global Contract Intelligence landscape. As Asia-Pacific continues to embrace advanced technologies, the Contract Intelligence market is poised for sustained growth, making it a pivotal region for industry stakeholders and investors alike.

The current report Scope analyzes Contract Intelligence Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!

North America Contract Intelligence

According to Cognitive Market Research, the global Contract Intelligence market size was estimated at USD 815.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 326.08 million in 2023 and will grow at a compound annual growth rate (CAGR) of 22.0% from 2023 to 2030. In this region, the Contract Intelligence landscape has experienced substantial growth owing to the advanced technological infrastructure, widespread digital transformation initiatives, and the early adoption of innovative solutions by enterprises. The region's dominance is evident across diverse industries, with organizations leveraging Contract Intelligence for streamlined contract workflows, efficient data extraction, and smart risk management. North America's substantial market size underscores its pivotal role in shaping the trajectory of the global Contract Intelligence market, making it a focal point for industry players seeking strategic expansion and partnerships.

Europe Contract Intelligence

According to Cognitive Market Research, the global Contract Intelligence market size was estimated at USD 815.2 Million out of which Europe market of more than 30% of the global revenue with a market size of USD 244.56 million in 2023 and will grow at a compound annual growth rate (CAGR) of 22.3% from 2023 to 2030. The region's robust growth is underpinned by a comprehensive overview of its dynamic market landscape. Within Europe, a key segment, such as data extraction and classification, showcases promising trends. As organizations across industries increasingly adopt Contract Intelligence for streamlining workflows and ensuring smart risk management, the European market is witnessing a surge in demand. This trend is fuelled by the region's emphasis on information security and efficient contract creation. In conclusion, Europe's strategic position, coupled with its significant market size, underscores its prominence and potential for sustained growth in the Contract Intelligence market.

Asia Pacific Contract Intelligence

According to Cognitive Market Research, the global Contract Intelligence market size was estimated at USD 815.2 Million out of which Asia Pacific held the fastest growing market of more than 23% of the global revenue with a market size of USD 187.50 million in 2023 and will grow at a compound annual growth rate (CAGR) of 25.8% from 2023 to 2030. The region's economic dynamism, coupled with a surge in digital transformation initiatives, has fuelled the adoption of Contract Intelligence solutions across diverse industries. With a focus on data extraction, contract creation, and information security, organizations in Asia-Pacific are harnessing the power of Contract Intelligence to enhance operational efficiency and mitigate risks. This region's strategic importance is underscored by its significant market share, positioning it as a key player in the global Contract Intelligence landscape. As Asia-Pacific continues to embrace advanced technologies, the Contract Intelligence market is poised for sustained growth, making it a pivotal region for industry stakeholders and investors alike

South America Contract Intelligence

According to Cognitive Market Research, the global Contract Intelligence market size was estimated at USD 815.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 40.76 million in 2023 and will grow at a compound annual growth rate (CAGR) of 23.2% from 2023 to 2030. The region showcases a burgeoning adoption of Contract Intelligence solutions. One key segment driving this growth is information security, reflecting the region's commitment to robust data protection practices. As organizations in Latin America focus on optimizing contract workflows and smart risk management, the market witnesses steady expansion. The region's overview underscores a growing awareness of the significance of Contract Intelligence in enhancing business efficiency. In conclusion, Latin America's 5% market share signals a growing embrace of Contract Intelligence, setting the stage for continued advancements in the region's contract management practices.

Middle East and Africa Contract Intelligence

According to Cognitive Market Research, the global Contract Intelligence market size was estimated at USD 815.2 Million out of which Middle East and Africa market of more than 2.00% of the global revenue with a market size of USD 16.30 million in 2023 and will grow at a compound annual growth rate (CAGR) of 23.5% from 2023 to 2030, the region reflects a nascent yet evolving adoption of Contract Intelligence solutions. One key segment driving this growth is data extraction and classification, emphasizing the region's focus on enhancing operational efficiency and compliance. The overview of the Middle East and Africa underscores a growing awareness of the transformative potential of Contract Intelligence in the region's diverse business environments. In conclusion, the 2.00% market share signals a promising trajectory, marking the beginning of Contract Intelligence integration and optimization in the Middle East and Africa.

Contract Intelligence Market Analysis

Contract Intelligence Component Segment Analysis

According to Cognitive Market Research, the dominant category in the Contract Intelligence market is software solutions tailored for comprehensive contract management. These sophisticated software platforms leverage artificial intelligence and machine learning algorithms to automate the entire contract lifecycle. From contract creation and negotiation to analysis, storage, and compliance monitoring, these software solutions provide a holistic approach to contract management. Offering features such as natural language processing, predictive analytics, and advanced search capabilities, these software solutions empower organizations to enhance efficiency, reduce manual errors, and gain valuable insights from their contracts. They serve as the backbone of Contract Intelligence, enabling businesses to streamline processes, ensure compliance, and extract actionable intelligence from their extensive contract portfolios.

The fastest-growing category in the Contract Intelligence market is services dedicated to the seamless implementation and optimization of Contract Intelligence solutions. Recognizing the importance of proper on boarding and ongoing support, organizations increasingly seek specialized services to facilitate the integration of Contract Intelligence software into their existing workflows. These services encompass training, customization, and ongoing optimization to ensure that the adopted Contract Intelligence solution aligns with the unique needs and objectives of the organization. As businesses strive to maximize the benefits of Contract Intelligence, the demand for expert services that guide the implementation and optimization processes experiences rapid growth, making it the fastest-growing category within the market.

• Software
• Services

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Contract Intelligence Application Segment Analysis

According to Cognitive Market Research, the dominant category in the Contract Intelligence market is the application of "Streamlining Contract Workflow." Businesses across various industries are increasingly recognizing the paramount importance of optimizing and automating their contract processes. Streamlining contract workflows involves deploying Contract Intelligence solutions to expedite the creation, review, approval, and execution of contracts. This dominant category reflects the growing demand for efficient and seamless contract management processes, where organizations seek to eliminate bottlenecks and enhance overall operational agility through the adoption of Contract Intelligence.

The fastest-growing category in the Contract Intelligence market is the application of "Smart Risk Management." With the rising complexity of business environments and an escalating number of contractual obligations, organizations are swiftly adopting Contract Intelligence to bolster their risk management strategies. Smart Risk Management involves leveraging advanced analytics, artificial intelligence, and machine learning algorithms to proactively identify, assess, and mitigate potential risks embedded in contracts. The fastest growth in this category is driven by the imperative for businesses to enhance risk visibility, ensure regulatory compliance, and fortify their resilience against unforeseen challenges in an ever-evolving business landscape.

• Data Extraction & Classification
• Contract Creation
• Information Security
• Streamlining Contract Workflow
• Smart Risk Management

The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Contract Intelligence market report 2024 Edition by contacting our team.

Contract Intelligence Deployment Segment Analysis

According to Cognitive Market Research, the dominant category in the Contract Intelligence market is cloud-based deployment solutions. Cloud-based Contract Intelligence platforms offer unparalleled scalability, accessibility, and flexibility, allowing organizations to manage contracts seamlessly from any location. These solutions leverage the power of cloud computing to provide a centralized and secure repository for contracts, facilitating real-time collaboration, and ensuring that stakeholders can access critical contract information whenever and wherever needed. The dominance of cloud deployment is driven by the growing preference for agile and scalable solutions, enabling businesses to adapt to evolving contract management needs efficiently.

The fastest-growing category in the Contract Intelligence market is on-premise deployment solutions. While cloud-based options dominate, some organizations, especially those with stringent security and compliance requirements, opt for on-premise deployment. On-premise solutions provide enhanced control over data and infrastructure, addressing concerns related to data privacy and security. The fastest growth in this category is attributed to industries such as finance and healthcare, where regulatory compliance and data governance are paramount. Despite the overall shift towards cloud solutions, the demand for on-premise Contract Intelligence deployment remains robust among organizations prioritizing a higher degree of control and security over their contract data.

• On-Premise
• Cloud

Contract Intelligence Enterprise Size Segment Analysis

According to Cognitive Market Research, large enterprises emerge as the dominant category in the Contract Intelligence market. These organizations, characterized by a complex web of contracts with diverse stakeholders, vendors, and clients, heavily invest in advanced Contract Intelligence solutions. Large enterprises leverage these technologies to streamline and automate the entire contract lifecycle management process, from creation to compliance monitoring. The dominance of large enterprises in adopting Contract Intelligence is driven by the need for robust and scalable solutions that can efficiently handle the voluminous and intricate nature of their contractual agreements.

The fastest-growing category in the Contract Intelligence market is Small and Medium Enterprises (SMEs). As technology becomes more accessible and tailored solutions for SMEs emerge, these organizations are increasingly recognizing the value of Contract Intelligence in enhancing operational efficiency and mitigating risks. The fastest growth in this category is propelled by the rising awareness among SMEs about the benefits of automated contract management, including cost savings, minimized legal risks, and improved collaboration. SMEs are swiftly adopting Contract Intelligence to compete on a level playing field with larger counterparts and ensure effective management of their contract portfolios.

• Large Enterprise
• Small & Medium Enterprise

Author's Detail

Anjali Lawand

Research Associate at Cognitive Market Research

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Anjali Lawand is an accomplished market researcher with a distinct focus on the intricate sector of the Aerospace and Defense. Driven by an unshakable analytical prowess and an insatiable appetite for technological progress, she has committed more than ten years to immersing herself in the ever-evolving panorama that molds the trajectory of aviation, space exploration, and the critical sphere of national security.

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