According to the latest report by IMARC Group, titled "Contract Lifecycle Management Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global contract lifecycle management software market size reached US$ 1.9 Billion in 2022. Contract lifecycle management (CLM) software refers to a computer-operated tool that helps businesses to manage the entire lifecycle of their contracts, from creation to expiration. It automates the process of creating, negotiating, storing, and analyzing contracts. It is a crucial tool for companies in order to streamline their contract management process, improve compliance, reduce risk, and increase efficiency. Additionally, it aids companies in managing contracts with their customers, suppliers, employees, and other stakeholders. It also provides a central repository for all contracts, making it easy to search and retrieve documents. With the growing need to reduce the risk of errors, streamline operations, and save time and money, there has been a considerable increase in the demand for contract lifecycle management software across the globe.
Global Contract Lifecycle Management Software Market Trends:
The global market is primarily driven by the rising creation of stringent business regulations. Coupled with the growing focus on security due to the increasing incidences of data breaches and cyber attacks, this is providing an impetus to the demand in order to implement security measures, such as encryption and multi-factor authentication, to protect sensitive contract data. Since CLM software offers enhanced analytics and reporting capabilities that help businesses identify trends, track performance, and optimize their contract management processes, this is creating a positive market outlook. Apart from this, continual technological advancements and the rising integration of artificial intelligence (AI) and machine learning with CLM software are catalyzing the market on the global level. In line with this, the advent of cloud-based solutions that offer more flexibility, scalability, and cost-effectiveness while eliminating the need for on-premise hardware and maintenance is acting as a growth-inducing factor. Other factors, including rapid urbanization and digitization, continual developments in the information technology (IT) sector, and extensive research and research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 3.7 Billion by 2028, exhibiting a CAGR of 11.27% during 2023-2028.
- On the basis of the deployment mode, the market has been categorized into cloud-based and on-premises.
- Based on the CLM offerings, the market has been segmented into licensing and subscription and services. The licensing and subscription segment currently accounts for the largest market share.
- On the basis of the enterprise size, the market has been bifurcated into large and small and medium enterprises.
- Based on the industry, the market has been classified into automotive, electrical and electronics, pharmaceutical, retail and e-commerce, manufacturing, BFSI and others.
- On the basis of the regional insights, the market has been divided into North America, Europe, Asia Pacific, Latin America and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players 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).
|Base Year of the Analysis
||Deployment Model, CLM Offerings, Enterprise Size, Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||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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