Pune, India, Oct. 25, 2023 (GLOBE NEWSWIRE) -- Global Contract Lifecycle Management Solution Market size was valued at USD 1.33 billion in 2022 and is projected to reach USD 3.47 billion by 2030, exhibiting a CAGR of 13.0% during the forecast period. Fortune Business Insights presents this information in their report titled "Global Contract Lifecycle Management Solution Market Forecast, 2023-2030."
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Key Industry Development:
December 2022 - CobbleStone Software introduced an upgrade to its contract lifecycle management software. The upgrade will enable users to draft contracts in a seamless manner with contract data extraction resemblances and hands-on field recommendations.
Key Takeaways
- Contract lifecycle management market size in North America was USD 0.52 billion in 2022
- Adoption of Digital Identities Spurred Growth Potentials
- Cloud-based Solutions to Gain a Competitive Edge Due to Rising Security Concerns
- Legal & Compliance Dominates the Market Due to Large Volumes of Intricate Data across the Sector
Discover the Leading Players Featured in the Report:
“Companies leading the global Contract Lifecycle Management Solution Market are DocuSign, Inc. (U.S.), SirionLabs (U.S.), Icertis (U.S.), Agiloft Inc. (U.S.), Conga (U.S.), CobbleStone Software (U.S.), Ironclad, Inc. (U.S.), JAGGAER (U.S.), GEP (U.S.), Oracle (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 13.0% |
| 2030 Value Projection | USD 3.47 billion |
| Base Year | 2022 |
| Contract Lifecycle Management Solution Market Size in 2022 | USD 1.33 billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 117 |
| Segments covered | Component, Deployment, Enterprise Type, Industry and Geography |
Browse Complete Report Details: https://www.fortunebusinessinsights.com/contract-lifecycle-management-clm-solution-market-106472
Drivers and Restraints:
Market Value to Surge Driven by Escalating Investments in Legal Technologies
One of the vital factors propelling the Contract Lifecycle Management (CLM) solution market growth is the upsurge in government investments in legal technologies. Furthermore, the COVID-19 pandemic propelled the adoption of automated solutions.
However, the market expansion is likely to be restrained due to the migration cost of the software.
Segmentation
By Component
- Software
- Services
By Deployment Type
- On-premise
- Cloud-based
By Industry
- Healthcare & Life Science
- Banking, Financial Services and Insurance (BFSI)
- Government
- Energy and Utilities
- IT & Telecom
- Legal & Compliance
- Retail
- Education
- Others (Media & Entertainment, Manufacturing, and Others)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
North America to Emerge as a Leading Region Owing to the Presence of Major Players
The North America Contract Lifecycle Management (CLM) solution market share is estimated to exhibit considerable expansion over the study period. The rise is due to the presence of major industry participants in the region.
The Asia Pacific market is set to register appreciable growth throughout the projected period. This is due to the growing product adoption in various countries such as Japan, China, and India.
Quick Buy - Contract Lifecycle Management Solution Market Research Report:
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Competitive Landscape:
Leading Companies Ink Merger Agreements to Expand Product Reach
Major industry players are focused on the adoption of a series of strategic initiatives for the consolidation of their market position. Some of these steps include merger agreements, acquisitions, the formation of alliances, and the rollout of new products. Additional initiatives include an increase in research activities.
FAQs
How big is the Contract Lifecycle Management Solution Market?
The Contract Lifecycle Management Solution Market size was USD 1.33 billion in 2022. It is expected to reach USD 3.47 billion by 2030.
How fast is the Contract Lifecycle Management Solution Market growing?
The Contract Lifecycle Management Solution Market will exhibit a CAGR of 13.0% during the forecast period, 2023-2030.
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