The global contract lifecycle management market revenue totaled ~US$ 936.4 Mn in 2021. The overall contract lifecycle management market is expected to reach ~US$ 2,413.9 Mn by 2029, growing at a CAGR of 12.2% for 2022 – 2029.
According to the report, an increased focus on identifying risks, predicting trends and gaining insights into client behaviors is contributing towards the growth of the contract lifecycle management market through 2029. Integration of advanced technologies such as artificial intelligence, machine learning, IoT and others will also continue to fuel the sales of contract lifecycle management solutions. Furthermore, ability of these solutions to focus on compliance of rules & regulations will boost the demand of contract lifecycle management solutions in 2023 and beyond.
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As IT and telecom industry continues to dominate the market, it is expected that multiple opportunities will be created for the key players in contract lifecycle management market in the near future.
Digitization of industries across the globe is increasing and companies are moving from traditional manufacturing to digital manufacturing and adopting advanced technologies. With rapid adoption of advanced technologies, sales of contract lifecycle management solutions is set for a massive upswing over the next decade.
According to the FMI report, the usage of contract lifecycle management solutions for procurement business functions is poised to offer a total incremental opportunity worth over ~ US$ 2413.9 Mn during the forecast period of 2022 to 2029. The software segment in contract lifecycle management market continues to steal the spotlight throughout the forecast period, unveils the contract lifecycle management market research study. Revenue generated by professional services is to increase in the regions where there is high usage of contract lifecycle management solutions. Demand for professional services will majorly be driven by the increasing requirement for risk & compliance assessment and implementation & integration services offered under this segment.
Contract Lifecycle Management Market Players to Double their Investments in Europe & East Asia
Rapid developments in new technologies such as hybrid cloud based contract lifecycle management solutions, have made access to new markets easier and cost-effective. With the help of such contract lifecycle management solutions, one can manage contracts in real time, providing more visibility, choice, and control over cloud, electronic repository, and other infrastructure, finds the report. Hence, through the flexibility offered by such technologies, established and growing vendors of contract lifecycle management software can take the advantage of the booming opportunities in regions such as Europe and East Asia.
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Moreover, economic growth of developing countries, such as Germany, France, China and India, is complemented by the declining prices of enterprise applications and contract lifecycle management solutions in these regions. Thus, according to the study the leading players of contract lifecycle management market will double their investments in these regions.
FMI’s business intelligence also highlights the trend setting insights into the competitive scenario of contract lifecycle management market along with differential strategies followed by the solution providers. Leading players in the contract lifecycle management market are providing cloud based solutions integrated with advanced technologies, as cloud based contract lifecycle management solution makes it an ideal, paper-less way to share all the contracts with only the people they deem necessary. For instance, in May 2018, Apttus launched Apttus Omni, a contract lifecycle management solution that can benefit business outcomes for enterprises by improving the efficiency of revenue, contract and procurement operations across legal, sales, finance, operations, and other functional groups.
By Solution, Contract Lifecycle Management Market is segmented as:
- Contract Lifecycle Management Software
- Contract Lifecycle Management Services
- Professional Services
- Risk & Compliance Assessment
- Implementation & Integration
- Support & Maintenance
- Managed Services
- Professional Services
By Business Function, Contract Lifecycle Management Market is segmented as:
- Legal
- Finance
- Procurement
- Sales
- Operations
- Human Resource
- Information Technology
By Industry, Contract Lifecycle Management Market is segmented as:
- BFSI
- IT & Telecom
- Government & Public Sector
- Energy & Utilities
- Manufacturing
- Healthcare & Pharma
- Life Sciences
- Retail
- Real Estate
- Others
By Region, Contract Lifecycle Management Market is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Key Questions Answered in the Report
- Which region is expected to showcase high growth in contract lifecycle management market?
- Who are some of the leading companies offering contract lifecycle management?
- How much is the global contract lifecycle management market worth?
- What are the key trends of contract lifecycle management industry?
- What are the top 5 countries driving demand?
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