In comparison to USD 1,189.4 million in 2023, the global contract lifecycle management market revenue is anticipated to reach US$ 3,771.7 million by 2033. A CAGR of 12.2% is predicted for the market between 2023 and 2033.
By using digitalization, contract life cycle management (CLM) automates and streamlines the contracting process. As the name implies, it begins with preauthorization and lasts up to expiry or renewal.
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Drivers
- Growing complexity and volume of contracts in organizations
- Increasing need for contract management process automation and digitalization
- Growing adoption of cloud-based solutions among small and medium-sized enterprises (SMEs).
- Rising demand for effective risk management and compliance with regulatory requirements
- Enhance compliance through automated tracking, regulated processes, and a complete audit trail
- Cost savings and operational efficiency achieved through streamlined contract processes
- E-signature eliminates the need for sending and signing numerous copies of contracts, saving time and money
Trends
- Utilization of machine learning and artificial intelligence for contract assessment
- Transition to cloud-based CLM solutions to enable remote access and cut infrastructure expenses
- Contract lifecycle management incorporation with other systems of businesses including CRM and ERP
- Expansion of CLM solutions beyond conventional contract management to include supplier management and procurement
- Shift toward flexible and customizable CLM solutions as well as mobile CLM applications
Opportunities
- Growing demand for CLM products tailored to particular industries
- Integration of blockchain technology to manage contracts in a safe and transparent manner
- Increasing demand in the government, healthcare, and educational sectors.
- Leverage analytics and data visualization tools to acquire insights about contract performance and spot opportunities for improvement
- Incorporate natural language processing and other advanced technologies to advance the precision and effectiveness of contract management
Key Takeaways:
- The United States held an 18.1% share of the global contract lifecycle management sector in 2022.
- Exhibiting a CAGR of 15.8% over the forecast period, the contract lifecycle management market in India is predicted to develop significantly.
- The contract lifecycle management industry in Germany accounted for an 8.6% share of the global market in 2022.
- Based on business function, the finance segment dominated the market and accounted for 17.2% of the global market in 2022.
- Based on industry, the government and public sector segment held a market share of 15.4% in 2022.
Competitive Landscape:
Software and service providers operating in the contract lifecycle management market assist firms in managing their contracts at every stage of their lifespan. These services include contract drafting, negotiation, storage, tracking, analysis functionalities, and others. These service providers deal with companies of all sizes and in various sectors. They assist them in lowering risk, enhancing compliance, and enhancing contract visibility and control.
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
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Recent Developments:
- Icertis announced Icertis Matter Management in May 2022, founded on the ICI Platform for Icertis Contract Intelligence.
- DocuSign released DocuSign CLM Essentials, an updated version of their contract lifecycle management software, in April 2022. With this launch, the business seeks to attract small and emerging organizations and departments.
- Coupa received Federal Risk Authorization Management Program approval to serve the public sector in March 2022. The FedRAMP has granted Coupa Moderate Authorization.
- Microsoft and Icertis worked together in June 2019 to improve contractual solutions based on blockchain. Tracking contractual requirements and responsibilities is possible with the help of the Icertis Blockchain Platform.
- Exari, an eminent supplier of contract lifecycle management, was acquired by Coupa Software, a capital spending Management Company, in May 2019.
Contract Lifecycle Management Market Segmentation
By Solution:
- Contract Lifecycle Management Software
- Contract Lifecycle Management Services
- Professional Services
- Risk & Compliance Assessment
- Implementation & Integration
- Support & Maintenance
- Managed Services
- Professional 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
- Life Sciences
- Retail
- Real Estate
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa
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