ROCKVILLE, Md., March 15, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Contract Lifecycle Management market is projected to grow at a compound annual rate (CAGR) of 13.5% between 2022 and 2032. The market is expected to reach US$ 3 Bn by the end of 2032.
The demand for Contract Lifecycle Management is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 845 Mn by the end of 2022.
From 2017 to 2021, the market experienced impressive growth, registering a CAGR of 10%. As a result of the flexibility provided by such technologies, established contract lifecycle management software companies may capitalize on the brisk potential in countries such as Europe and East Asia.
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Furthermore, the integration of technologies such as IoT, machine learning, artificial intelligence, and others will result in the creation of a contract lifecycle management software market with higher capabilities and performance. Numerous financial, government, educational, and private sector entities have raised their need for global contract lifecycle management solutions as a result of the COVID-19 outbreak.
What are the Key Opportunities in the Contract Lifecycle Management Market?
Contract lifecycle management is becoming widely used by large firms because it enables them to automate organized and predetermined procedures. Furthermore, the number of partnerships and other transactions every year appears to be higher in major corporations than in small and medium-sized businesses.
According to the deployment model, the on-premise contract lifecycle management market would experience massive growth through 2032, owing to 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.
Contracts can underperform or become outdated, which is why it's critical to track contract performance over time. Customized contract reports based on specified criteria are an important aspect of any CLM process. Being able to produce contract reports based on commission rates, business region, or even renewal term lengths, for example, may provide you and your company with useful information into how your contracts are working.
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Key Segments Covered in the Contract Lifecycle Management Industry Survey
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
Competitive Landscape
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., and Apttus Corporation are the key competitors in the contract lifecycle market. These firms are pursuing aggressive expansion in order to build a foothold in regional and worldwide marketplaces. These players are also looking to expand geographically and acquire regional players.
- For example, in April 2019, Corcentric, a supplier of procurement and financial process automation solutions, acquired the entire asset portfolio of Determine, Inc., a global leader in Source-to-Pay and Enterprise Contract Lifecycle Management solutions. This purchase is crucial for the firm since it allows it to extend its offering of source-to-pay solutions for customers in the US and Europe. The united firm will be able to offer strategic sourcing and procurement consultancy, a single cloud platform for source-to-pay and contract lifecycle management, and complete payment and finance solutions to optimize working capital.
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Key players in the Contract Lifecycle Management Market
- 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
Key Takeaways from the Market Study
- Govt. & public sector to account for 1/3rd of contract lifecycle management solutions deployment
- 25% of CLM revenue expected to be generated by the healthcare & pharmaceutical sector
- By business function, information technology to experience an impressive surge of 14% CAGR
- North America to be the fastest expanding market, growing at a CAGR of 10%
- China to experience a CAGR of 9% with respect to CLM deployment through 2032
- Global contract lifecycle management market to reach US$ 845 Mn by 2022-end
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