IMARC Group has recently released a new research study titled “Contract Lifecycle Management (CLM) Software Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
How big is the contract lifecycle management market?
The global contract lifecycle management (CLM) software market size reached US$ 1.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.7 Billion by 2028, exhibiting a growth rate (CAGR) of 11.27% during 2023-2028.
What is contract lifecycle management (CLM)?
Contract lifecycle management (CLM) software assists in automating and streamlining contract processes during key stages, including authoring, initiation, process and workflow, negotiation and approval, execution, ongoing management, contract renewal, etc. It is usually integrated with electronic signature (e-signature) tools that help in creating an easy-to-use and secured central contract repository. In line with this, contract lifecycle management software offers email reminders and other alerts as well as analytics and reporting of contracts. Presently, it finds wide-ranging applications in several end-use industries, such as automotive, consumer electronics, healthcare, e-commerce, etc., for allowing organizations to reduce infrastructural investments related to contract management and enhance overall profitability.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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List of Major Key Players:
The major players in the market 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).
What are the major market drivers in the clm market?
The growing complexity of business operations is augmenting the adoption of CLM software to design a better compliance framework, minimize risks, improve the experience of the consumers, etc., which is primarily driving the contract lifecycle management software market. Additionally, the rising focus of numerous organizations on large-scale collaborations to cope with constant alterations in their businesses is further catalyzing the market growth.
Besides this, the inflating popularity of cloud-based CLM software in small and medium-scale enterprises (SMEs) as it manages templates and pre-approved alternative clauses, allows self-service contract creation, provides real-time collaboration for a faster contract turnaround, etc., is acting as another significant growth-inducing factor. Moreover, it also comprises version control and comparison tools to safeguard emails and attachments, ease and track contract negotiations, reduce compliance risk by automating the contract approval process, etc. Apart from this, the increasing integration of the internet of things (IoT), artificial intelligence (AI), machine learning (ML), voice activation features, etc., to offer high efficiency and accuracy is anticipated to fuel the contract lifecycle management software market over the forecasted period.
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Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Deployment Model:
- Cloud-Based
- On-Premises
Breakup by CLM Offerings:
- Licensing and Subscription
- Services
Breakup by Enterprise Size:
- Large Enterprise
- Small and Medium Enterprise
Breakup by Industry:
- Automotive
- Electrical and Electronics
- Pharmaceutical
- Retail and E-commerce
- Manufacturing
- BFSI
- Others
By Geography:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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