Contract Life Cycle Management Market Size to Hit USD 2953.4 Mn by 2027 Says Brandessence Market Research
LONDON, Aug. 25, 2022 /PRNewswire/ -- Contract Life Cycle Management Market is valued at USD 1468.2 Million in 2020 and expected to reach USD 2953.4 Million by 2027 with a CAGR of 10.5% over the forecast period. Increasing usage of cloud-based CLM software in lifecycle management solutions, growing demand of CLM transparency & efficiency in business contracts and the rising adoption of technology including artificial intelligence (AI) in contract lifecycle management are major factors anticipated to drive the growth of the Global Contract Lifecycle Management Market.
Increasing usage of cloud-based CLM software in lifecycle management solutions, growing demand of CLM transparency & efficiency in business contracts and the rising adoption of technology including artificial intelligence (AI) in contract lifecycle management are major factors anticipated to drive the growth of the Global Contract Lifecycle Management Market.
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Contract Life Cycle Management Market: Market Scope
The global contract life cycle management market is going to show a decent amount of growth in the coming years. The contract lifecycle management market is close to one fourth of the contract management market. The contract lifecycle management has been used for the management and tracking of every aspect of the contracts for their compliance, performances like the success factors. The contract lifecycle management solution manages a contract through every stage of the lifecycle of the document. The contract lifecycle management solutions are going to be witnessing a significantly higher demand during the coming years because of the increase in the adoption of the cloud- based contract management software, cloud-based contract repository software among the others.
The contract lifecycle management encompasses all the processes associated with the life cycle of every contractual agreement. It is going to help in ensuring the regulations, analyze the contracts reduce risks and audit the risks and also stay organized from the beginning to the end of the contract lifecycle. Furthermore, the efficient obligation as well as the compliance management solutions and record management solutions are going to help in saving time as well as cost of the organizations. This encourages the adoption of contract lifecycle management system.
Contract Life Cycle Management Market: Competitive Analysis
Some of the top companies in the market are Coupa Software Inc. (Exari), Infor, Newgen Software Technologies Limited, SAP SE, Infosys Limited, Information Services Group, Inc., Model N, Inc., Synertrade (Econocom Group), Corcentric, Ivalua Inc., Agiloft Inc., Apttus, CobbleStone Software and Conga. The global contract life cycle management key players are working hard to innovate with technologies and be better at their predictions. There are mergers and acquisitions taking place in the market and will be working towards the growth of the companies together with better products and services for the customers. The contract lifecycle management systems rely on innovation.
- CLM Matrix,
- IBM Corporation,
- Contract Logix, LLC,
- Newgen Software Technologies Limited,
- Coupa Software Inc.,
- SAP SEOracle Corporation,
- Determine (Corcentric, LLC),
- Icertis
- others
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Contract Life Cycle Management Market: Segmentation Analysis
The contract lifecycle management software segment will show the highest growth in the coming years. The demand for this is increasing exponentially with the generation of transaction ready contracts from the pre-approved templates as well as real-time collaborations for a faster turnaround of contracts. It further offers many benefits like the self-service contract creation, version controls and comparison tools for easing and tracking the contract negotiations, safeguarding of mails as well as attachments among others. These are benefits which drive the market for the contract lifecycle management software in the coming years. The tools help users for outlining the company's rules as well as policies. This has helped in the adoption as it eases the process and makes it less manual than the other processes. CLM Market Size will continue to grow with this adoption.
By Offerings
- Licensing & Subscription
- Services
By Enterprises Size
- Large Enterprises
- Small & Medium Enterprises (SMEs)
By Deployment
- Cloud-based
- On-Premise
By End-Users
- BFSI
- Retail And E-Commerce
- Healthcare
- Automotive
- Manufacturing
- Others
Contract Life Cycle Management Market: Key Drivers
The contract lifecycle management market size growth drivers are increase in the demand for the solutions for the improved security, unlimited storage of data and access to the stored data from anywhere. Further, the management providers also offer the various business functions such as the legal contract management, CLM software and contract intelligence which helps users for simplifying the processes and serving the needs for the customers. The smart businesses have been accelerating the machine learning, bots, artificial intelligence and advanced analytics for completely improving everything from the experience of the customer to the enterprise resource as well as the supply chain management, workforce, marketing, management sales among others.
Contract Life Cycle Management Market: Key Trends
Contract life cycle management trends suggest that these days the CLM vendors are offering the insights which are driven by the Artificial intelligence and this is helping the providers to not just identify the risks but also predict the trends and gain valuable insight into the behavior of clients as well as evaluating the different potential business scenarios. By the use of natural language processing algorithms and the neural network technology, the AI driven contract management reduces the amount of time that is spend on all the phases of contracting and it further improves the accuracy of these contracts and analysis of its contents.
The influence of the pandemic on the businesses has created further urgency to protect the costs and profits. The outbreak of coronavirus has brought in a surge in the demand for the worldwide lifecycle management as the result of lockdowns and corporate support with respect to work from home. The contract lifecycle management also plays a very important role in the improvement of the customer experience, booking revenues, reducing the spending of procurement and the back-office efficiency as well as governance.
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Contract Life Cycle Management Market: Regional Analysis
The most dominant market in the contract life cycle management market is the North American market and it is going to be dominant in terms of the revenue sales for the contract lifecycle management market. the greatest market share will be in the United States where over half of the revenue of the region will come from. The reason behind that is the presence of the important market players along with the favorable regulations for the health insurance. Further, the companies in the region invest heavily in the market and that is a major factor behind the growth of this market. Another region where the market is going to grow is the European region.
The growth is expected to take place particularly in the region of Germany with UK, Russia, Spain and France also contributing. The market is growing with there being a rapid development in the new technologies like the hybrid cloud solutions which have made the access to newer markets easier and more cost-effective. With the help of the innovations, it gets easier to manage the contracts in the real time where more visibility is provided along with control and choice over cloud, electronic repository and the other infrastructure. Therefore, because of the flexibility offered by the technologies, the established and growing vendors of the services may take advantage of the opportunities that are booming in Germany.
On Special Requirement Contract Life Cycle Management Market Report is also available for below region:
North America
- U.S., Canada
Europe
- Germany, France, U.K., Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
- South_Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA
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