MIDDLETON, Mass., Dec. 17, 2020 /PRNewswire/ -- Icertis, the contract intelligence company that pushes the boundaries of what's possible with contract lifecycle management (CLM), has been ranked by global advisory and consulting firm Quadrant Knowledge Solutions as the overall global Technology Leader in its report titled "SPARK Matrix™: Strategic Sourcing Application, 2020".
Quadrant Knowledge Solutions SPARK Matrix evaluation examined Icertis and 11 other vendors by evaluating the company's product portfolios, technology strategies, market presence, and customer value proposition. Quadrant Knowledge Solutions' SPARK Matrix provides a snapshot of the key market participants and a visual representation of their positioning. It also provides strategic insights on the ranking of participating vendors in relation to their competitors along several axis, representing a range of performance parameters, coinciding with technology excellence and customer impact.
Considering the impact of Covid-19, Quadrant research has revised the growth estimates and market forecast for the global strategic sourcing market. The global strategic sourcing market, which grew by 11.2% in 2019, is expected to grow at a compounded annual growth rate (CAGR) of 8.6% from 2020-2025. Quadrant analysts believe that technology investments will rise again from the year 2021 onwards, mainly driven by the pent-up demand and economic recovery for the key market. The global strategic sourcing market is valued at $1.23 billion in 2019 and is expected to reach $2.01 billion by 2025.
According to Akshaysingh Chandel, Analyst at Quadrant Knowledge Solutions "TheIcertis Contract Intelligence (ICI) platform, with its contract-centric sourcing application and robust functional capabilities, has secured strong ratings across the performance parameters of technology excellence and customer impact and has been positioned amongst the technology leaders in the 2020 SPARK Matrix of the strategic sourcing application market."
"The ICI Sourcing application offers configurable AI-embedded platform and provides out-of-the-box functionalities for various use-cases and offers various add-on apps to deliver industry-specific functionalities," adds Akshaysingh.
Icertis is a leading vendor of cloud-based contract lifecycle management software. The company's flagship product, the Icertis Contract Intelligence (ICI) platform, offers comprehensive CLM capabilities through its core platform and business applications, including the ICI Sourcing application. The ICI Sourcing application follows a contract-centric approach for compliance, risk mitigation, and supplier relationship management. It is seamlessly integrated with contract management and places contracts at the center of the sourcing process to improve compliance, minimize risk, and optimize supplier/vendor collaboration and relationships through contract visibility.
"We are thrilled our unmatched technology and dedication to sourcing has been recognized by Quadrant Knowledge Solutions," said Vivek Bharti, General Manager, Product Management, Icertis. "Organizations need to move faster than ever to source materials for their companies and contract-centric sourcing is a must have for companies to stay out in front. The ICI Sourcing App enables companies to save millions of dollars in leakage, speeds source-to contract, improves vendor relationships, and optimizes supply chain performance."
For more information on Icertis Contract Intelligence (ICI) platform: Link
With unmatched technology and category-defining innovation, Icertis pushes the boundaries of what's possible with contract lifecycle management (CLM). The AI-powered, analyst-validated Icertis Contract Intelligence (ICI) platform turns contracts from static documents into strategic advantage by structuring and connecting the critical contract information that defines how an organization runs. Today, the world's most iconic brands and disruptive innovators trust Icertis to govern the rights and commitments in their 7.5 million+ contracts worth more than $1 trillion, in 40+ languages and 90+ countries.
About Quadrant Knowledge Solutions
Quadrant Knowledge Solutions is a global advisory and consulting firm focused on helping clients in achieving business transformation goals with Strategic Business and Growth advisory services. At Quadrant Knowledge Solutions, our vision is to become an integral part of our client's business as a strategic knowledge partner. Our research and consulting deliverables are designed to provide comprehensive information and strategic insights for helping clients formulate growth strategies to survive and thrive in ever-changing business environments. For more available research, please visit https://quadrant-solutions.com/market-research/
Media Contacts: Riya Mehar Quadrant Knowledge Solutions [email protected] +91 90968 37104