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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 a growth rate (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 helps automate and streamline contract processes during key stages, including initiation, authoring, process and workflow, negotiation and approval, execution, ongoing management, and contract renewal. It is integrated with electronic signature (e-signature) tools that aid in creating an easy-to-use and secured central contract repository. It also provides email reminders and other alerts and analytics and reporting of contracts. At present, it finds extensive application in various end use industries, including automotive, electronics, healthcare, and e-commerce, for allowing organizations to minimize infrastructural investments related to contract management and improve the overall profitability.
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The increasing complexity of business operations represents one of the key factors driving the adoption of CLM software to minimize risks, design a better compliance management framework, and enhance the experience of the consumers. In addition, cloud-based CLM software is gaining immense traction in small and medium-scale enterprises (SMEs) as it allows self-service contract creation, manages templates and pre-approved alternative clauses, and provides real-time collaboration for a faster contract turnaround. It also includes version control and comparison tools to ease and track contract negotiations, safeguard emails and attachments, and reduce compliance risk by automating the contract approval process. Apart from this, the integration of artificial intelligence (AI), the internet of things (IoT), machine learning (ML), and voice activation features provide high accuracy and efficiency and eliminate the risks associated with contract lapsing. This, in confluence with rising focus of several organizations on large-scale collaborations to cope up with constant alterations in their businesses, is anticipated to offer lucrative growth opportunities to key market players operating in the industry.
IMARC Group provides an analysis of the key trends in each sub-segment of the global contract lifecycle management software market report, along with forecasts at the global and regional level 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:
The licensing and subscription segment currently accounts for the largest market share as it helps in protecting the rights of the parties involved in a clear and concise manner.
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 been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are Wolters Kluwer N.V., IBM Corporation, Icertis, Inc., SAP SE, BravoSolution SPA, Contracked BV, Contract Logix, LLC, Coupa Software Inc., EASY SOFTWARE AG, ESM Solutions Corporation, Great Minds Software, Inc., Koch Industries, Inc., Ivalua Inc., Optimus BT, Oracle Corporation, Symfact AG, DocuSign, Inc., Newgen Software Technologies Limited, Zycus Infotech Private Limited, and Corcentric LLC (Determine).
| 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 | Wolters Kluwer N.V., IBM Corporation, Icertis, Inc., SAP SE, BravoSolution SPA, Contracked BV, Contract Logix, LLC, Coupa Software Inc., EASY SOFTWARE AG, ESM Solutions Corporation, Great Minds Software, Inc., Koch Industries, Inc., Ivalua Inc., Optimus BT, Oracle Corporation, Symfact AG, DocuSign, Inc., Newgen Software Technologies Limited, Zycus Infotech Private Limited, and Corcentric LLC (Determine) |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 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
Wolters Kluwer N.V., IBM Corporation, Icertis, Inc., SAP SE, BravoSolution SPA, Contracked BV,
Contract Logix, LLC, Coupa Software Inc., EASY SOFTWARE AG, ESM Solutions Corporation,
Great Minds Software, Inc., Koch Industries, Inc., Ivalua Inc., Optimus BT, Oracle Corporation,
Symfact AG, DocuSign, Inc., Newgen Software Technologies Limited, Zycus Infotech Private
Limited, and Corcentric LLC (Determine).
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