Agreement Analytics Market - Regional Analysis
North American Market Forecast
North America industry is set to hold largest revenue share of 37% by 2035. The growth can be attributed to the expanding presence of vendors exploring AI in retail and natural processing techniques, and the increase in the number of small and medium-sized organizations in the region. For instance, in 2020, there were around 6.62 million small businesses in the US that employed people. Also, it is anticipated that data security and privacy regulations such as the Health Insurance Portability and Accountability Act (HIPAA) will increase the demand for agreement analytics. Therefore, all these factors are propelling the market growth in the region.
APAC Market Statistics
Asia Pacific agreement analytics market is projected to hold the second-largest share of 25% during the foreseen period. The growth can be accredited to the rapid shift towards digitization and increasing demand for cloud-based applications. The market for agreement analytics is expected to grow as a result of the growing requirement for software that ensures regulatory compliance in order to protect the organization from fines for non-compliance and to mitigate contract-related risks.
