Contract Lifecycle Management Market is Expected to be Worth US$ 3 billion by 2032 - Fact.MR Study

NEW YORK, Feb. 3, 2022 /PRNewswire/ -- A Market Research and Competitive Intelligence Provider: The global contract lifecycle management market is expected to be worth US$ 845 million in 2022, rising to approximately US$ 3 billion by 2032, with a CAGR of 13.5% during the forecast period.

The global use of cloud-based solutions, particularly among small and medium-sized organizations, has enabled global sales of contract-level management software. Lower prices for corporate apps and contract lifecycle management solutions are helping rising economies like China and India expand their economies.

As digitization and development in telecommunications continue to grow, the CLM market presents various potential opportunities. As a result, over the forecast period, the market is estimated to grow at a rate of more than 13%. With enhanced capabilities and performance, integration of technologies such as IoT, machine learning, artificial intelligence, and others is expected to propel the contract lifecycle management software market forward.

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North America leads the contract lifecycle management market in terms of sales revenue, owing to a growing number of IT and telecom companies promoting next-generation network (NGN) development.

In the coming years, the United States is projected to be a prominent market for long-term revenue development in the Contract Lifecycle Management business.

Large companies are increasingly using contract lifecycle management because it allows them to automate organized and established operations. Furthermore, the number of partnerships and other transactions in major organizations tends to be higher than in small and medium-sized businesses each year.

Because of the model's inherent benefits, such as the ability to manage everything in-house, control over security and backups, ensure organizational compliance, and avoid annual hosting charges, the on-premise contract lifecycle management market is expected to grow rapidly through 2032, according to the deployment model.

Key Takeaways:

• Government and the public sector will adopt 1/3 of contract lifecycle management technologies.
• The healthcare and pharmaceutical industries are estimated to provide 25% of CLM revenue.
• By business function, information technology is expected to grow at a 14% CAGR.
• North America is expected to be the fastest-growing market, with a CAGR of 10%.
• Through 2032, China's CLM deployment is expected to grow at a 9% CAGR.
• By 2022, the global contract lifecycle management market is expected to reach $845 million.

Growth Drivers:

• Rising investment in the field of contract lifecycle management is expected to propel the contract lifecycle management demand.
• Integration of technologies like IoT, machine learning, artificial intelligence to boost the contract lifecycle management market growth.

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Competitive Landscape:

Due to the presence of a considerable pool of well-established regional and international producers of contract lifecycle management systems, the international contract lifecycle management industry is fragmented. The sector is also fiercely competitive, with big players continually merging, acquiring, and forming alliances to strengthen their positions in the global market. The ongoing addition of new products to these companies' existing product portfolios is also expected to help them significantly in the near future.

• In May 2019, Coupa Software, a provider of business spending management (BSM), acquired Exari, a leading provider of contract lifecycle management.
• The acquisition has opened up new avenues for advanced CLM capabilities, such as contract development, collaboration, and discovery, allowing firms to manage the whole contract lifecycle and operationalize contracts against expenditure transactions.

Key Players in the Contract Lifecycle Management Market Include:

• Exari Coupa Software Inc.
• Infor
• Newgen Software
• SAP SE
• Infosys Limited
• Information Services Group, Inc.
• Model N Inc.
• Synertrade (Econocom Group)
• Corcentric LLC (Determine)
• Ivalua Inc.
• Agiloft Inc.
• Apttus Corporation

More Valuable Insights on Contract Lifecycle Management Market

Fact.MR provides an unbiased analysis of the contract lifecycle management market, presenting forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global contract lifecycle management market with a detailed segmentation on the basis of:

• By Solution
• CLM Software
• Contract Lifecycle Management Services
• Professional Contract Lifecycle Management
• Contract Lifecycle Risk & Compliance Assessment
• Contract Lifecycle Implementation & Integration
• Contract Lifecycle Support & Maintenance
• Managed Contract Lifecycle Management
• By Business Function
• CLM for Legal Functions
• CLM for Finance
• CLM for Procurement
• CLM for Sales
• CLM for Operations
• CLM for Human Resource
• CLM for Information Technology
• By Industry
• CLM for BFSI
• CLM for IT & Telecom
• CLM for Govt. & Public Sector
• CLM for Energy & Utilities
• CLM for Manufacturing
• CLM for Healthcare & Pharmaceutical
• CLM for Life Sciences
• CLM for Retail Industry
• CLM for Real Estate
• CLM for Other Industries

Key Questions Covered in Contract Lifecycle Management Market Report

• The report offers insight into the contract lifecycle management market demand outlook for 2022-2032.
• The market study also highlights projected sales growth for contract lifecycle management market between 2022 and 2032.
• Contract lifecycle management market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
• Contract lifecycle management market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.

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