The global contract lifecycle management market is expected to reach US$ 3,771.7 million by 2033, up from US$ 1,189.4 million in 2023. The market is expected to grow at a CAGR of 12.2% between 2023 and 2033.
Demand for contract lifecycle management systems will also be driven by the adoption of cutting-edge technologies such as IoT, AI, and machine learning. Contract lifecycle management solutions will see increased demand in 2023 and beyond due to their ability to focus on compliance with rules and regulations.
Globally, industries are getting more digitalized, with companies shifting from traditional manufacturing to digital manufacturing and applying cutting-edge technologies. As a result of the rapid adoption of cutting-edge technology, sales of contract lifecycle management solutions are predicted to skyrocket during the next 10 years.
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According to the FMI analysis, the adoption of contract lifecycle management systems for procurement business activities is expected to present a total incremental potential of around US$ 3771.7 Million from 2023 to 2032. The software category has remained to dominate the contract lifecycle management market research analysis over the predicted year.
Professional services revenue is likely to expand in sectors where contract lifecycle management technologies are widely deployed. The increased demand for risk and compliance assessment, implementation, and integration services provided by this segment would primarily fuel demand for professional services.
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 the cloud, electronic repository, and other infrastructure, to find the report.
Moreover, the 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 in the contract lifecycle management market will double their investments in these regions.
FMI’s business intelligence also highlights trend-setting insights into the competitive scenario of the 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, paperless 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.
Leading Key Players:
- 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
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Contract Lifecycle Management Market Outlook By Category
By Solution:
- Contract Lifecycle Management Software
- Contract Lifecycle Management Services
- Professional Services
- Risk & Compliance Assessment
- Implementation & Integration
- Support & Maintenance
- Managed Services
By Business Function:
- Legal
- Finance
- Procurement
- Sales
- Operations
- Human Resource
- Information Technology
By Industry:
- BFSI
- IT & Telecom
- Government & Public Sector
- Energy & Utilities
- Manufacturing
- Healthcare & Pharma
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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