The global agreement analytics market is estimated to garner a large amount of revenue and grow at a robust CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the generation of massive amounts of IT operational data, and growing emphasis on adoption of cloud-based agreement analytics solutions around the world. As per the data provided by the World Economic Forum, as of 2019, globally 294 billion emails were sent, 5 billion searches were made, and 4 terabytes of data were created from each connected car. By 2025, it’s estimated that 463 exabytes of data will be created each day worldwide. Along with these, upsurge in the need to analyze data associated with agreements and gain real-time insights, coupled with rise in data connectivity through hybrid and multi-cloud environments, are also expected to drive market growth in the upcoming years. Furthermore, increasing investments by several industrial verticals for the deployment of new technologies, and escalating demand for managing varied contracts effectively, are projected to offer ample growth opportunities to the market in the near future.
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The market is segmented by component into solutions, and services, out of which, the solutions segment is anticipated to hold the largest share in the global agreement analytics market. This can be accounted to the rise in demand for agreement analytics software to assist the organizations in complying with regulations associated with their procurement data and accounts. In addition, upsurge in adoption of market intelligence by suppliers is also predicted to boost the growth of the market segment in the future. Moreover, on the basis of deployment, the cloud-based segment is assessed to record the highest CAGR over the forecast period owing to the growing spending by enterprises to maintain a central repository of data for better analytics and easy access. Apart from these, high focus of companies on channelizing reference data is also evaluated to drive the market segment’s growth in the imminent time.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global agreement analytics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the large amount of data generated in the region as a result of increasing population. Growing adoption of new technologies in industry verticals such as transportation, retail and eCommerce, and manufacturing is also expected to bolster APAC’s market growth in the coming years. Additionally, the market in North America is projected to occupy the largest share during the forecast period ascribing to the expanding presence of vendors exploring AI in retail and natural processing techniques, and increase in the number of small and medium sized organizations in the region. From 2019 to 2021, more than 39 percent of the firms in the United States used AI for managing data as a business asset, whereas approximately 30 percent companies were able to transform their business outcomes with this technology.
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The global agreement analytics market is further classified on the basis of region as follows:
Our in-depth analysis of the global agreement analytics market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are generation of massive amounts of IT operational data, and growing emphasis on adoption of cloud-based agreement analytics solutions.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022 – 2030.
Security concerns regarding confidential data is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the large amount of data generated in the region as a result of increasing population.
The major players in the market are Oracle Corporation, IBM Corporation, C-Lutions, LLC, SAP SE, BravoSolution, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by deployment, component, application, and by region.
The cloud-based segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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