Agreement Analytics Market Trends

Growth Drivers

• Growing Implementation of Big Data and Other Related Technologies - Growth in the business ecosystem has been stimulated by the increasing use of modern technologies including cloud, IoT, big data & analytics, mobility, and social media. These technologies have led to innovation and transformation. This real-time data processing can be used by advanced analytics tools to deliver timely insights for preventive measures. The increasing utilization of big data and associated technologies fosters a favorable atmosphere. The rising market acceptance of advanced analytics is fuelled by these technologies, which help organizations leverage the power of data, extract relevant insights, and drive data-driven decision-making.
• Growing Advancements in AI and ML Technologies - The capabilities of advanced analytics systems are constantly being improved by developments in AI and machine learning algorithms. Advancements in algorithms, automated model construction, and deep learning methodologies facilitate the extraction of more precise and practical insights from data, hence propelling the utilization of advanced analytics within enterprises. As AI and ML algorithms develop, more precise forecasts and insights from data are made possible. Furthermore, developments in AI and ML enable automated construction and optimization procedures. This helps enterprises save time and money by reducing the need for manual model development and tuning. Furthermore, developments in AI and ML enable customized experiences and recommendations to be provided by sophisticated analytics systems. Organizations are able to offer recommendations that are specifically personalized by analyzing past data, preferences, and use behavior.
• Growing Joint Ventures Between Key Players - As the world becomes more interconnected, the need to manage projects and work together in joint ventures has made contracts more visible to the parties involved. As a result, several businesses have implemented agreement analytics programs. For instance, in 2022 Ooredoo Group selected Icertis as a contract intelligence provider. In order to guarantee that all of the data are appropriately preserved throughout the organization, Ooredoo intends to use the contract intelligence CLM platform to create massive amounts of papers in an organized and connected manner. Therefore, the development of cloud-based agreement analytics is one of the major factors propelling the market for contract management software.

Challenges

• Concerns Related to Data Privacy and Security - Data losses and security breaches are more likely now that exabytes and petabytes of data are being managed inefficiently. In the current competitive industry, marketing teams need access to secure, up-to-date data in order to provide exceptional customer service. Businesses are using several touchpoints to collect data and measure it digitally. Public information about goods, services, and communication platforms is included in these data types. Thus, in order to keep customers' trust, vendors must guarantee the highest level of data security. Cybercriminals now have easy access to technologies that can be used to get passwords, secret questions, and passwords created using tokens. Strong hacks like this still make it difficult for advanced analytics to be widely used in data-intensive industrial sectors. Therefore, this factor is anticipated to hinder the market growth of agreement analytics.
• Complexity of the Data Ecosystem Leading to Data Breaches and Security Issues May hinder the Market Growth
• High Initial Costs with Installation, Deployment, or Maintenance May Hamper the Market Growth of the Agreement Analytics