The global contract compliance market was valued at almost USD 18 billion in 2016 and is expected to reach around USD 25 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on contract compliance services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the contract compliance services market during the forecast period. Some of the top vendors listed in this industry analysis include Deloitte, PwC, EY, KPMG, and Accenture.
North America accounted for around 30% of the overall market share during 2016 to become the dominant shareholder in the global contract compliance market. The growth of the market in this region is driven by the presence of a large number of MNCs and large-scale businesses in the region.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “A large number of companies are engaging with third-party software providers for implementing the contract management software. The full implementation would require at least one year. Such collaborations enable a higher realization of ROI for business.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Complexities in managing various regulations
The growth in the number of regulations and industry standards imposed on financial transactions and quality assurance of products is making it increasingly complex for organizations to follow all regulations. This is prompting companies to outsource these services to contract compliance service providers. Such developments are propelling demand for contract compliance service providers as they offer regulatory risk management in their service portfolio.
Increasing software piracy
The growing importance of the software used by companies and requirement to follow the software license agreements by big companies are spurring the demand for contract compliance service providers in the market. This demand is also fueled by the fact that non-compliance with the software license agreement can lead to heavy penalties as per the agreement terms.
Increasing third-party network in organization’s supply chain
Increasing number of third-party vendors in the organizations’ supply chain is making it complex for companies to monitor if they follow all the required regulatory and industry norms. Hence, buyers outsource these services to contract compliance service providers as they could effectively monitor distributors, resellers, and other third-party in the supply chain using tools and other technologies.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Contract Compliance Services – Procurement Market Intelligence 2017’.
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