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The global contract lifecycle management (CLM) software market size reached US$ 1.70 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 3.30 Billion by 2027, exhibiting at a CAGR of 11.4% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Contract lifecycle management (CLM) software assists in efficiently managing the complete process of a contract signed between two or more organizations. It comprises of eight vital steps: contract drafting, negotiation, approval, compliance and administration, repository, compliance optimization, retrieval, and renewal, amendments and disposition. CLM software ensures adherence to regulations, mitigates risks associated with a contract, protects an organization from incurring a penalty for non-compliance and enhances their decision-making process. Apart from this, it also helps the organization in forming alliances with other firms in order to expand their consumer base. As a result, the demand for CLM software is rising in the public, healthcare, manufacturing and financial service sectors across the globe.
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Global Contract Lifecycle Management Software Market Drivers:
CLM software helps lawyers in retrieving similar contracts from the library for reference purposes which can be viewed virtually in formats like Microsoft Word, PowerPoint and Excel. This reduces the time to review and enables organizations to identify loopholes in their system. This software also offers efficiency and transparency in reporting mechanisms and management controls, and allows organizations to ensure compliance with acts implemented by governing authorities. Moreover, the emergence of cloud-based CLM software is driving the demand for this solution across various industries as it offers an easy-to-use interface, provides seamless integration with popular CLM systems, enables dynamic workflow approvals and significantly reduces overall costs. In addition to this, it helps enterprises minimize infrastructural investments related to contract management. Due to rapid globalization, the requirement for a collaborative approach in handling projects and joint ventures has gained immense significance as it leads to better contract visibility for the concerned parties. On account of this, organizations are initiating large-scale collaborations to cope with constant alterations in their businesses which is expected to create a positive outlook for the CLM market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global contract lifecycle management software market, along with forecasts at the global and regional from 2022-2027. Our report has categorized the market based on deployment model, CLM offerings, enterprise size and industry.
Breakup by Deployment Model:
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Based on the deployment model, the market has been segmented into cloud-based and on-premises.
Breakup by CLM Offerings:
Based on the CLM offerings, the market has been segmented into licensing & subscription and services. Licensing & subscription currently accounts for the highest share.
Breakup by Enterprise Size:
Based on the enterprise size, the market has been segmented into large enterprise and small and medium enterprise.
Breakup by Industry:
Based on the industry, the market has been segmented into automotive, electrical and electronics, pharmaceutical, retail and e-commerce, manufacturing, BFSI and others.
Regional Insights:
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Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Competitive Landscape:
The competitive landscape of the market has also been examined with some of the key players being CLM Matrix, IBM Emptoris, Icertis, SAP, BravoSolution, Contracked, Contract Logix, Coupa Software, Determine, Easy Software, ESM Solutions, Great Minds Software, Infor, Ivalua, Optimus BT, Oracle, Symfact, SpringCM, Newgen Software and Zycus.
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2021 |
| Historical Period | 2016-2021 |
| Forecast Period | 2022-2027 |
| Units | US$ Billion |
| Segment Coverage | Deployment Model, CLM Offerings, Enterprise Size, Industry, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Companies Covered | CLM Matrix, IBM Emptoris, Icertis, SAP, BravoSolution, Contracked, Contract Logix, Coupa Software, Determine, Easy Software, ESM Solutions, Great Minds Software, Infor, Ivalua, Optimus BT, Oracle, Symfact, SpringCM, Newgen Software and Zycus |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2299 Five User License: US$ 3399 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global contract lifecycle management software market was valued at US$ 1.70 Billion in 2021.
We expect the global contract lifecycle management software market to exhibit a CAGR of 11.4% during
2022-2027.
The rising adoption of contract lifecycle management software by several organizations for maintaining
a record of dates, prices, and information about internal as well as external entities, is currently driving
the global contract lifecycle management software market.
The sudden outbreak of the COVID-19 pandemic has led to the increasing demand for contract lifecycle
management software as it assists organizations in remotely forming alliances with other firms to
expand their consumer base.
Based on the deployment model, the global contract lifecycle management software market has been
divided into cloud-based and on-premises. Currently, cloud-based model holds the largest market share.
Based on the offerings, the global contract lifecycle management software market can be categorized
into licensing & subscription and services, where licensing & subscription exhibits a clear dominance in
the market.
Based on the enterprise size, the global contract lifecycle management software market has been
bifurcated into large enterprise and small and medium enterprise. Currently, large enterprise accounts
for the majority of the total market share.
Based on the industry, the global contract lifecycle management software market can be segmented
into automotive, electrical and electronics, pharmaceutical, retail and e-commerce, manufacturing, BFSI,
and others. Among these, the manufacturing sector currently exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East
and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global contract lifecycle management software market include CLM
Matrix, IBM Emptoris, Icertis, SAP, BravoSolution, Contracked, Contract Logix, Coupa Software,
Determine, Easy Software, ESM Solutions, Great Minds Software, Infor, Ivalua, Optimus BT, Oracle,
Symfact, SpringCM, Newgen Software, and Zycus.
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