GITNUX MARKETDATA REPORT 2024

The Most Surprising Contract Management Industry Statistics in 2024

With sources from: grandviewresearch.com, marketsandmarkets.com, ey.com, forbes.com and many more

In this post, we’ll explore key statistics that shed light on the current landscape of the contract management industry. From the impact of contract management software on cost savings to the prevalence of manual processes and the projected growth of AI implementation, these statistics provide a comprehensive overview of the challenges and opportunities facing organizations in managing their contracts efficiently and effectively.

Statistic 1

"Contract management software can reduce contract administration costs by up to 20%."

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Statistic 2

"On average, companies manage between 20,000 and 40,000 contracts at any given time."

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Statistic 3

"Contract approval cycles can be reduced by 50% with effective contract management tools."

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Statistic 4

"Over 50% of contract managers believe automating contract negotiation can significantly speed up the process."

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Statistic 5

"Inefficient contract management can cost organizations up to 9.2% of their annual revenue."

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Statistic 6

"Automation in contract management reduces compliance risks by up to 30%."

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Statistic 7

"71% of organizations spend 5 to 15 hours managing a single contract throughout its lifecycle."

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Statistic 8

"Digital contract management can reduce contract review time by 80%."

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Statistic 9

"The use of AI in contract management is projected to increase by 18% annually."

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Statistic 10

"The global contract lifecycle management market size was valued at USD 1.39 billion in 2020."

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Statistic 11

"Companies that implement a robust contract management process can see up to a 9% increase in annual savings."

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Statistic 12

"Comprehensive contract management improves supplier and vendor relationships by up to 10%."

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Statistic 13

"The contract management software market is expected to grow at a CAGR of 12% from 2021 to 2027."

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Statistic 14

"30% of companies use manual processes for contract management."

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Statistic 15

"50% of procurement professionals claim contract management is their top focus area for improvement."

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Statistic 16

"60% of companies report losing business due to ineffective contract management."

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Statistic 17

"65% of organizations experience poor visibility into the status of their contracts."

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Statistic 18

"81% of legal professionals identified contract management as a key challenge in legal operations."

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Statistic 19

"Digitizing contract management can reduce nearly 70% of the labor involved in the contract process."

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Statistic 20

"40% of contracts are not centrally managed, leading to increased risk and inefficiency."

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Interpretation

The statistics presented clearly highlight the significant impact that effective contract management can have on businesses. From reducing costs and approval cycles to improving compliance and relationships with suppliers, the benefits of implementing contract management software and automation tools are evident. The data also underscores the potential risks and inefficiencies associated with manual processes and poor visibility into contract status. As the market for contract management software continues to grow, companies must prioritize improving their contract management processes to drive savings, efficiency, and overall success.

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