The latest report by IMARC Group, titled “Contract Lifecycle Management Software Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global contract lifecycle management software market reached a value of US$ 1.9 Billion in 2022. Contract lifecycle management (CLM) software is used to automate and streamline contract processes during crucial stages. It includes various steps, such as negotiation, retrieval and renewal, approval, contract drafting, compliance and administration, repository, compliance optimization, amendments, and disposition. It ensures that organizations adhere to regulations while mitigating the risks associated with the contract. It also eliminates the risk of incurring penalties due to non-compliance with regulations and facilitates the decision-making process. Owing to these properties, CLM software is gaining traction across the globe.

Global Contract Lifecycle Management Software Market Trends:

The market is primarily driven by the increasing complexity of business operations. CLM software is widely adopted to design a better compliance management framework, minimize risks, and enhance the experience of consumers. In addition, the rising product adoption across small and medium-scale enterprises (SMEs) represents another major growth-inducing factor. Besides this, several organizations are focusing on large-scale collaborations to cope-up with constant alterations in their businesses. This, coupled with the integration of the internet of things (IoT), machine learning (ML), artificial intelligence (AI), and voice activation features that eliminate the risks associated with contract lapsing, is escalating the demand for CLM software across the globe. Looking forward, IMARC Group expects the market to reach US$ 3.7 Billion by 2028, exhibiting a CAGR of 11.27% during 2023-2028. 

Market Summary:

• Based on the deployment model, the market has been categorized into cloud-based and on-premises.
• On the basis of CLM offerings, the market has been segregated into licensing and subscription, and services.
• Based on the enterprise size, the market has been bifurcated into large, and small and medium enterprises.
• On the basis of the industry, the market has been segmented into automotive, electrical and electronics, pharmaceutical, retail and e-commerce, manufacturing, BFSI, and others.
• Region-wise, the market has been divided into Europe, Asia Pacific, North America, Middle East and Africa, and Latin America.
• The competitive landscape of the market has been examined in the report, with some of the key players being 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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