Richmond, Nov. 27, 2023 (GLOBE NEWSWIRE) -- According to a research report "Contract Lifecycle Management Solution Market, by Solution (Contract Lifecycle Management Software, Contract Lifecycle Management Services {Professional Services [Risk & Compliance Assessment, Implementation & Integration, Support & Maintenance], Managed Services}), Business Function (Legal, Finance, Procurement, Sales, Operations, Human Resource, Information Technology), Industry (BFSI, IT & Telecom, Government & Public Sector, Energy & Utilities, Manufacturing, Healthcare & Pharma, Life Sciences, Retail, Real Estate, Others), and Region.
Global Contract Lifecycle Management Solution Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 1.4 Billion |
| Market size value in 2030 | USD 3.4 Billion |
| CAGR (2023-2030) | 13.4% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Solution, Business Function, Industry and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Contract Lifecycle Management Solution Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
A contract lifecycle management (CLM) solution primarily caters to the needs of general counsel, responsible for ensuring that contracts protect and uphold the interests of their organizations, and C-level executives tasked with transforming deals into contracts. This solution assists businesses in creating and managing contracts that define their relationships with partners, consumers, suppliers, and workforces. The market is anticipated to grow due to the escalating complexity of business operations and increased government investments in legal technologies. Contracts play a pivotal role in business, with Gartner indicating that 60%-80% of all business-to-business deals are governed by contracts. The proliferation of contracts across various enterprises has made managing and tracking compliance increasingly complex and risky. This has led organizations to recognize the necessity of integrating advanced technologies like artificial intelligence into contract lifecycle management tools. The adoption of automated CLM solutions is poised to become indispensable for end-use organizations seeking to expand their presence. The positive impact of e-signature tools further contributes to the growth of the global Contract Lifecycle Management solution market. Additionally, the adoption of CLM for contract approval post-signature and the increasing presence of small and medium-sized software providers in the market are driving market growth. However, the current lack of skilled contract professionals is expected to pose a challenge to market growth.
Major vendors in the global contract lifecycle management solution market:
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, Conga, Contract Logix, LLC, Icertis, iContracts, Inc., Jaggaer, SecureDocs, Inc., Symfact, Ultria, Zycus Inc., GEP, ASC Networks Inc., Concord, SpringCM, SpringCM, Trackado and Others.
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Increasing government investments in legal technologies to drive market growth
Before the onset of the pandemic crisis, businesses perceived contract management solutions as a 'nice-to-have' rather than a necessity. Large-scale organizations dealt with a higher volume of contracts, while smaller businesses managed relatively smaller contracts. Legal experts dedicated significant time to the manual management and streamlining of these contracts. The inherent risks associated with manual processes, including human errors, posed substantial financial losses for businesses. Additionally, some organizations only utilized CLM software for specific aspects of their contract processes. However, the pandemic crisis prompted a shift in companies' operations, compelling legal experts to embrace automated solutions. Witnessing the increasing adoption of CLM solutions, there was a rapid surge in government and venture capital investments. As an illustration, the State of Legal Function survey highlighted a significant anticipated growth in the legal tech budget by the year 2025. Consequently, the substantial increase in government and venture capital investments by stakeholders in the Contract Lifecycle Management (CLM) solution market signifies a promising trajectory for healthy growth.
Market Dynamics
Drivers:
- Rising acceptance of cloud-based contract management solutions
- Increasing government investments in legal technologies to drive market growth
- Increasing complexity owing to diversity in sales and licensing models
Opportunities:
- Growth of small and medium-sized software providers
- Adoption of CLM solutions in government and public sector organizations
- Integration of artificial intelligence (AI) and advanced technologies
Growth of small and medium-sized software providers
The Contract Lifecycle Management solution market is witnessing increased participation from small and medium-sized software providers, contributing to the overall market growth. As businesses, irrespective of their size, recognize the importance of effective contract management, there is a rising demand for CLM solutions tailored to the specific needs of smaller enterprises. The growing number of small and medium-sized players entering the market brings diversity and innovation, providing organizations with a range of options to choose from. This diversity not only fosters healthy competition but also promotes the development of specialized CLM solutions that cater to the unique requirements of smaller businesses. As a result, the market benefits from a broader spectrum of offerings, promoting wider adoption across different segments and industries.
The market for Contract Lifecycle Management Solution is dominated by North America.
In 2023, North America is poised to take the lead in the Contract Lifecycle Management Solution market, with the United States projected to dominate the regional landscape, the predominant factor influencing this growth is the presence of key regional players actively driving advancements. Major companies in the regional contract lifecycle management landscape, such as Icertis, Coupa, Apttus, Zycus, and SAP SE, are heavily investing in research and development endeavors. Their strategic focus is on integrating state-of-the-art technological features into their products to enhance overall customer experience.
Contract lifecycle management (CLM) software has found widespread adoption across diverse industries, including healthcare, IT & Telecom, Banking Financial Services and Insurance (BFSI), government, and others. Notably, the BFSI sector emerges as the primary adopter of CLM software in the United States, driven by the intricate and prolonged contract processes inherent in the sector. Companies operating in this space have witnessed a surge in customer demand for their contract lifecycle management services. For instance, Apttus's Conga Contract Intelligence and Conga software exhibited heightened dynamism and innovation in April 2022. These solutions incorporate cutting-edge technologies such as machine learning and artificial intelligence, aligning with the industry's evolving needs and technological advancements.
Further, substantial growth is anticipated in Asia Pacific in the forthcoming years, driven by the widespread adoption of Contract Lifecycle Management (CLM) solutions in countries like India, China, and Japan. Small and medium-sized enterprises (SMEs) in these nations have demonstrated significant growth in the implementation of cloud-based solutions, aiming to enhance contract processes and streamline business complexities. Additionally, favorable government regulations supporting robust IT infrastructure have played a pivotal role in stimulating market growth within the region. The surge in digitalization initiatives across the Asia Pacific region has further fueled the demand for cloud-based CLM software, with organizations increasingly recognizing the benefits of automating the contract lifecycle process to gain a competitive edge.
The government & public sector segment is anticipated to hold the largest market share during the forecast period
On the basis of industry, the market is divided into BFSI, IT & telecom, government & public sector, energy & utilities, manufacturing, healthcare & pharma, life sciences, retail, real estate and others. In 2022, The government and public sector are witnessing an increased demand for contract management systems, driven by the global shift toward digitalization. Within the realm of the government and public sector, various types of agreements, spanning construction, services, and procurement, necessitate the management of a substantial volume of contracts. To effectively handle this multitude of contracts, a robust and scalable Contract Lifecycle Management (CLM) system becomes imperative. The CLM system serves as a fully integrated solution that optimizes both procurement and payment processes. By eliminating disconnected operations and executing tasks with minimal steps, it facilitates efficiency in the government and public sectors. Additionally, CLM brings forth an array of features, including standardized contract processes, the streamlining of acquisition procedures, support for intelligence-driven decision-making, and the assurance of accountability and transparency. The incorporation of these features is poised to drive market growth significantly throughout the forecast period.
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