Global Contract Lifecycle Management Market
Global contract lifecycle management market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 10.5% during the forecast period.
Global Contract Lifecycle Management Market
The report study has analyzed the revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers, and market disrupters in the report, and the same is reflected in our analysis.
Market Definition
Contract lifecycle management (CLM) is an end-to-end management of an organization’s contracts from creation, execution, renewal and expiry and performance. CLM simplifies organization’s various contract linked processes and workflows. It identifies possible issues, minimizes inefficiencies and reduces risks of an organization.
Market Dynamics
A surge in the implementation of CLM management solution in various organizations owing to its benefits such as efficiency and cost savings is the major driving factor behind the growth of the market. A rising demand for responsive contract management solutions, ever-varying legal compliances, growing trend of smart contract solutions, escalating demand for CLM software solutions and increasing adoption of AI and MI technology in CLM software solutions are expected to improve growth of the market during the forecast period. CLM provides some benefits such as high employee productivity, improved compliance, end-to-end visibility of contracts and improved contact efficiency, which are ultimately propelling the growth of the market.
However, challenges such as possible time delays, loss of service control, lack of technically skilled personnel’s and rising concerns regarding cyber-attacks is the major restraining factors that could hamper the growth of the market.
Global Contract Lifecycle Management Market: Segmentation Analysis
By component, software segment dominated the market in 2019 and is expected to maintain its dominance at a CAGR of XX% during the forecast period. Contract lifecycle management software is a system or tool which is created to automate the contract management of businesses, organizations, suppliers, and buyers. The CLM software manages the complete lifecycle of an organization’s contract from the proposal requests to the negotiations. A growing adoption of CLM software solutions in various end-user industries as it reduces the human error risks, provides absolute insight of the contracts, eliminates other potential risks and provides a platform for the strategic negotiations to improve business productivity, which is accredited to the growth of the market.
By enterprise size, small and medium enterprise segment dominated the market in 2019 and is projected to witness fast growth at CAGR of XX% during the forecast period. A surge in the adoption of CLM solutions in SMEs as it helps small organizations to audit contracts for performance, to ensure regulatory compliances, to eliminate contract risks and to stay organized from start to end is attributed to the growth of the market. CLM also helps SMEs to avoid common contract difficulties such as creation of timelines for each contract lifecycle management step, allocation of staff workloads and other resources and formation of a precise review trail for approvals, which further make them more demandable in the market.
Key Trends in Contract Lifecycle Management
Advanced technologies and innovations are converting contract lifecycle management from a process or solution into a resource of additional business values. The key trends which are impacting contract lifecycle management solution are as follows:
• Increasing focus on collaboration.
• Reducing risk and governance.
• Rising automation and data analysis.
Global Contract Lifecycle Management Market: Regional Analysis
Region-wise, North America held the largest market share in 2019 and is expected to continue its dominance at a CAGR of XX% during the forecast period. The US and Canada are dominating the market. The growth is attributed to the massive presence of various leading CLM software and services providers such as Oracle Corporation, SAP SE, Coupa Software Inc and many others.
An increasing adoption of CLM solutions in organization to eliminate manual management methods and to increase a business’ operational efficiency, well developed IT, BFSI and healthcare industry across the region and growing investment in research and development activities in the field of contract management are driving the growth of the market in NA region. For instance, in 2018, the Coupa Software Inc, one of the leading market players in CLM market have invested 23.7% of their annual revenue i.e. around USD 62 million in research and development activity.
The objective of the report is to present a comprehensive analysis of the Global Contract Lifecycle Management Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Contract Lifecycle Management Market dynamics, structure by analyzing the market segments and projects the Global Contract Lifecycle Management Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Contract Lifecycle Management Market make the report investor’s guide.
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Scope of Global Contract Lifecycle Management Market
Global Contract Lifecycle Management Market, By Component
• Software
• Services
Global Contract Lifecycle Management Market, By Enterprise Size
• Large Enterprise
• Small and Medium Enterprise
Global Contract Lifecycle Management Market, By Industry
• Automotive
• Electrical and Electronics
• Pharmaceutical
• Retail and e-commerce
• Manufacturing
• BFSI
• Others
Global Contract Lifecycle Management Market, By Region
• North America
US
Canada
• Europe
UK
France
Germany
Italy
Spain
Norway
Russia
• Asia Pacific
China
India
Japan
South Korea
Australia
Malaysia
Indonesia
• South America
Brazil
Mexico
Argentina
• Middle East and Africa
Global Contract Lifecycle Management Market, Key Players
• 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
• Zycus
• XX
• XX
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