Global Digital Contracting Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Digital Contracting Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Digital contracting refers to a digital contract management system that streamlines contract creation and management. It digitizes every step of the contact management lifecycle: preparing, drafting, editing, negotiating, signing, acting on, and managing contracts, and integrates with other tools in the workflows. Digital contracting is a process that turns the entire contracting lifecycle - not just signature, or storage, but every stage of the journey - into a data-first, collaborative, browser-based workflow. Digital Contracting connects the people, processes and data involved in business contracts so companies can execute smarter agreements, faster. From privacy policies and order forms to Terms of Service, digital contracting allows collaboration with other parts of the business, automates workflows, provides multiple signing methods, and centralizes all contracts and contract activity.

Market Overview:

The latest research study on the global Digital Contracting market finds that the global Digital Contracting market reached a value of USD 609.26 million in 2022. It’s expected that the market will achieve USD 1082.73 million by 2028, exhibiting a CAGR of 10.06% during the forecast period.

Influence of COVID-19 Outbreak on Digital Contracting Industry Development

As the pandemic raged over the past year, and organizations had to confront broken supply chains and rapidly changing business models and situations, contracts and contract data became critical tools to respond immediately to new challenges and opportunities. The extraordinary disruptions caused by the outbreak made it clear that many companies were being held back by the limits of their ability to handle contracts effectively. Organizations struggled to respond in real time to uncertainties, and the contracts they needed to execute in order to pivot to new business models got stuck in long approval cycles. At the same time, those contracts failed to bring maximum value, due to both ineffective negotiations pre-execution and missed value recognition post-execution—all at a time when reducing risk—and finding cost savings and revenue opportunities—was crucial. To address these challenges and risks, many organizations have turned to digital contracting technology.

Over the years, most businesses have implemented digital contracting solutions in one way or another. Nevertheless, only a few companies went fully digital, either because of mistrust (e.g. excluding high-value or sensitive transactions with digital processes or in digital environments), because their business partners hadn’t (yet) onboarded digital processes or because other stakeholders totally refused to accept digital documents or digitally concluded documents (e.g. administrations or clerk offices). COVID-19, travel bans and social distancing measures have accelerated the process for many businesses and organizations, out of mere necessity to keep business going.

Today, due to COVID-19, businesses, as well as authorities and other organizations, have seen and experienced the advantages, rather than the risks, of digital contracting solutions and will likely continue to use and onboard these further, even when the strict necessity for doing so phases out. The “new normal” will undoubtedly maximize opportunities for digital contracting.

Limitations

The benefits and uses of contract management are wide. However, less awareness about the technology makes it insignificant in the market. It hinders them to adopt digital contracting. The resistance of SME's to adopt new technologies is the restraining factor. The demand rate can decrease for the digital contracting market in upcoming years. Also, the market exposure rate is affected due to this. The lack of resources is a major restraint of the market. The demand from SEM can provide plenty of scope for market growth. However, there is slow adoption of contract software in small-medium enterprises. There are fewer resources in these industries to adopt digital contracting.
The digital contracting market is fragmented and competitive owing to a large number of suppliers present globally. In order to sustain in the highly competitive market, major players are offering quality products at considerably lower cost. This could result into reduced profits, which is a factor restraining revenue growth of the target market. Furthermore, there are a large number of digital contracting suppliers around the world with roughly the same level of competitiveness, which will affect the bargaining power of major players in the industry and require more research and development to form a unique competitive advantage. And many suppliers have rich experience in the field of digital contracting, and have a strong brand image, which will raise the barriers to entry for the industry and limit the number of new entrants.

Region Overview:

From 2023-2028, United States is estimated to witness robust growth prospects.

Company Overview:

Ironclad is one of the major players operating in the Digital Contracting market, holding a share of 19.71% in 2021.

Ironclad is a company that has developed a digital contracting platform. The company was founded in 2014 by Cai GoGwilt and Jason Boehmig, in San Francisco, California, United States.

Accenture is a global management consulting, technology services and outsourcing company, with approximately 204,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world's most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments.

Segmentation Overview:

Among different product types, Cloud-based segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Large Enterprise segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Digital Contracting market covered in Chapter 3:

Ironclad
HoneyBook
Dealsign
Nintex
Coupa
Generis Global
Accenture
Juro
PandaDoc
IDNOW
CDK Global

In Chapter 4 and Chapter 14.2, on the basis of types, the Digital Contracting market from 2018 to 2029 is primarily split into:

On-premises
Cloud-based

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Digital Contracting market from 2018 to 2029 covers:

SMEs
Large Enterprise

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)