Contract Lifecycle Management Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
The global contract lifecycle management software market was worth US$ 1.1 Billion in 2018. Contract lifecycle management (CLM) software assists in efficiently managing the complete process of a contract signed between two or more organizations. It comprises of eight vital steps: contract drafting, negotiation, approval, compliance and administration, repository, compliance optimization, retrieval, and renewal, amendments and disposition. CLM software ensures adherence to regulations, mitigates risks associated with a contract, protects an organization from incurring a penalty for non-compliance and enhances their decision-making process. Apart from this, it also helps the organization in forming alliances with other firms in order to expand their consumer base. As a result, the demand for CLM software is rising in the public, healthcare, manufacturing and financial service sectors across the globe. Looking forward, the market value is projected to reach US$ 2.4 Billion by 2024, growing at a CAGR of around 14% during 2019-2024.
Global Contract Lifecycle Management Software Market Drivers:
CLM software helps lawyers in retrieving similar contracts from the library for reference purposes which can be viewed virtually in formats like Microsoft Word, PowerPoint and Excel. This reduces the time to review and enables organizations to identify loopholes in their system. This software also offers efficiency and transparency in reporting mechanisms and management controls, and allows organizations to ensure compliance with acts implemented by governing authorities. Moreover, the emergence of cloud-based CLM software is driving the demand for this solution across various industries as it offers an easy-to-use interface, provides seamless integration with popular CLM systems, enables dynamic workflow approvals and significantly reduces overall costs. In addition to this, it helps enterprises minimize infrastructural investments related to contract management. Due to rapid globalization, the requirement for a collaborative approach in handling projects and joint ventures has gained immense significance as it leads to better contract visibility for the concerned parties. On account of this, organizations are initiating large-scale collaborations to cope with constant alterations in their businesses which is expected to create a positive outlook for the CLM market.
Based on the deployment model, the market has been segmented into cloud-based and on-premises.
Based on the CLM offerings, the market has been segmented into licensing & subscription and services. Licensing & subscription currently accounts for the highest share.
Based on the enterprise size, the market has been segmented into large enterprise and small and medium enterprise.
Based on 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 segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
The competitive landscape of the market has also been examined with some of the key players being CLM Matrix, IBM Emptoris, Icertis, SAP, BravoSolution, Contracked, Contract Logix, Coupa Software, Determine, Easy Software, ESM Solutions, Great Minds Software, Infor, Ivalua, Optimus BT, Oracle, Symfact, SpringCM, Newgen Software and Zycus.
Key Questions Answered in This Report:
How has the global contract lifecycle management software market performed so far and how will it perform in the coming years?
What are the key regional markets in the global contract lifecycle management software industry?
What is the breakup of the global contract lifecycle management software market on the basis of deployment model?
What is the breakup of the global contract lifecycle management software market on the basis of CLM offerings?
What is the breakup of the global contract lifecycle management software market on the basis of enterprise size?
What is the breakup of the global contract lifecycle management software market on the basis of industry?
What are the various stages in the value chain of the global contract lifecycle management software market?
What are the key driving factors and challenges in the global contract lifecycle management software market?
What is the structure of the global contract lifecycle management software market and who are the key players?
What is the degree of competition in the global contract lifecycle management software market?
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