Global Contract Life Cycle Management is valued at USD 1468.2 Million in 2020 and expected to reach USD 2953.4 Million by 2027 with a CAGR of 10.5% over the forecast period.
Global Contract Lifecycle Management Market: Global Size, Trends, Competitive, Historical & Forecast Analysis To 2021-2027,Increasing usage of cloud-based CLM software in lifecycle management solutions, growing demand of CLM transparency & efficiency in business contracts and the rising adoption of technology including artificial intelligence (AI) in contract lifecycle management are major factors anticipated to drive the growth of the Global Contract Lifecycle Management Market.
Contract Life Cycle Management (CLM) implies efficiently managing contracts or agreements and connection between substances by appropriately planning all the contract management stages bringing about eliminating, reducing or relieving financial, legal and acquisition chances. A significant role played by contracts in any multi-party exchange, recording terms like basic dates, external/internal party information, pricing and signatories. Losing visibility to critical contracts and terms can cause missed deadlines, penalties, overpayment for services, timely payments collection from external vendors and far more which features a high impact on business operation and margin of profit. It is essential for companies across all industries to manage their contracts at an enterprise level. Contract life cycle management helps organizations lessen contract risks, ensure compliance with regulations, audit contracts for performance, and keep on organized from start to end. Active contract lifecycle management translates to cost and time investment funds for any association. CLM is essential for all modern organizations. The developing the contract lifecycle management process will permit to remain better coordinated and up-to-speed on company's contract performance. Also, effective contract management will improve governance and accountability, helping company to avoid missteps that would affect its future.
The Covid-19 pandemic has shown a positive impact on the growth of global contract lifecycle management market. During Covid-19 pandemic, various businesses shifted to online operations, the necessity for contract management tools is actually increased. As companies need to adopt an efficient contract lifecycle management process without any room for uncertainty during the Covid-19 pandemic which increased the demand for contract management tools. As legal professionals work remotely more frequently, the demand for contract lifecycle management tools to effectively manage contract processes would potentially complement the contract lifecycle management market growth post pandemic.
The global contract lifecycle management market is segmented on the basis of offerings, enterprise size, deployment mode, end-users and region & country level. On the basis of offerings, the market is segmented into licensing & subscription and services. On the basis of enterprise size, the global contract lifecycle management market is segmented into large enterprises and small & medium enterprises (SMEs). On the basis of deployment mode, the market is segmented into on-premise and cloud. On the basis of end-user, the global contract lifecycle management market is segmented into BFSI, retail and e-commerce, healthcare, automotive, manufacturing, and others.
Some of the key player’s for global contract lifecycle management market are
On June 2nd, 2020; Houston Onit, Inc. launched a new contract lifecycle management (CLM) Quick Start implementation package that allowed companies of all sizes to streamline the complete contract process decrease processing time and achieve higher contract agreement rates in less than 30 days. The new CLM Quick Start implementation package offered standard out-of-the-box functionality, quick time to value and a clear return on investment. This simplified implementation package gave business and legal team’s immediate access to award-winning contract lifecycle management technology, exposure to a robust workflow and automation platform and an upgrade path that can grow as they expand.
Increasing Usage of Cloud-Based CLM Software in Lifecycle Management Solutions, Growing Demand of CLM Transparency & Efficiency in Business Contracts and the Rising Adoption of Technology Including Artificial Intelligence (AI) in Contract Lifecycle Management are Driving the Market Growth
One of the major factors driving the growth of the global contract lifecycle management market is increasing usage of cloud-based software in lifecycle management solutions. As these tools can help legal teams get agreement workflows, enhancing their visibility into the contracting process, mitigating business risk and improving the organization’s contracting posture, all the while adding greater value to the business. Cloud based software also secures the collaboration between not only employees but also third parties to reduce risk and ensure compliance. For instance, in July 2019, GMG announced client software upgrade to offer fully digitized client lifecycle management solution.
In addition, growing demand for of CLM transparency and efficiency in business contracts is also supplementing driving the global contract lifecycle management market growth. A contract lifecycle management (CLM) solution that helps user safely manage start to finish contract processes for better execution and results. Many organizations are utilizing CLM Matrix to work on the effectiveness of their contract management program and simplify it for employees to complete all parts of the contract work processes. CLM software aids lawyers in locating similar contracts in the library for reference, which may be read virtually in Microsoft Word, PowerPoint, and Excel formats by which review time is saved businesses are allowed businesses to spot ambiguities. For example; as per the news published on January 9th, 2018, CobbleStone Software just declared its contract lifecycle management solution is currently accessible on mobile stages. The Contract Insight Mobile App will offer a consistent progress among office and Android or iOS gadgets for managing contracts from anyplace.
Furthermore, artificial intelligence is further augumenting the market growth. As artificial intelligence automates CLM which makes managing contracts simple, not just for legal departments but for businesses in general. Artificial intelligence helps to improve the bottom line is the number one priority for most businesses and Evisort’s CLM software makes this objective more achievable by automating contracting processes and also improve spend management through machine learning and AI. However, shortage of trained professionals and the significant risk of cyber-attack may hamper the growth of contract lifecycle management market. In spite of that, increasing demand for smart contracts automation of contract life-cycle management process using AI and Ml may offer more opportunities for the further growth of the global contract lifecycle management market.
North America is expected to dominate the global contract lifecycle management market due to integration of technologies such as IoT adoption of machine learning and artificial intelligence, rising investment in research & development activities in the field of contract management and presence of key players in this region. Artificial intelligence (AI) and machine learning are being rapidly adopted for a range of applications in the financial services industry in U.S. Technological advancements in U.S are also the supplementing the growth of the global contract lifecycle management market. For instance, as per the news published on October 23rd, 2021, Washington based Icertis; the contract intelligence organization launched the business sectors first industry vertical CLM solutions, conveying profound industry- explicit template configurations, terms/clause AI models, contracting processes, and business reports. Developing demand in research and development activities in the field of contract management is driving the development of the market in North America region. For example, in 2018, the Coupa Software Inc, one of the main market players in contract lifecycle management market have contributed 23.7% of their yearly income that is approximately USD 62 million in R & D activity.
Europe is second largest marketplace for the worldwide contract lifecycle management market due to increasing adoption of contract lifecycle management solution in small and medium enterprises and rising competition among leading market players in this region. For example; as per the news published on November 10th, 2021, U.K’s Newgen Software launched iBPS 5.0 SP2, companies will have accessed to a good broader suite of features for the Newgen Software platform. Such developments are augmenting the growth of the contract lifecycle management market in this region.
The regions covered in global contract lifecycle management market report are North America, Europe, Asia-Pacific, Latin America and Rest of the World. On the basis of country level, the market of global contract lifecycle management is subdivided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, Southeast Asia, Middle East, GCC (UAE, Saudi Arabia, Kuwait), Africa, etc.
|2015 - 2020
|2022 - 2028
|Market Size in 2020:
|USD 1468.2 Million
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2027:
USD 2953.4 Million
|Tables, Charts & Figures:
CLM Matrix, IBM Corporation, Contract Logix, LLC, Newgen Software Technologies Limited, Coupa Software Inc., SAP SEOracle Corporation, Determine (Corcentric, LLC), Icertis, others.
By Offerings, By Enterprises Size, By Deployment, By End-Users.
|North America, U.S., Canada, , Europe, Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe, Asia-Pacific, South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC, Latin America, Mexico, Colombia, Brazil, Argentina, Peru, Rest of South America, Middle East and Africa, Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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