According to the latest report by IMARC Group, the global contract lifecycle management software market size is projected to reach US$ 3.30 Billion by 2027, expanding at a CAGR of 11.4% during 2022-2027.
Contract lifecycle management (CLM) software assist in efficiently managing the process of a contract signed between two or multiple organizations. In addition, it ensures adherence to regulations, minimizes the risks associated with a contract, safeguards the organization from incurring penalties for non-compliance and improves the overall decision-making process.
Some of the key players being SAP SE (SAP), Zycus Icertis, Infor, CLM Matrix, IBM Emptoris, BravoSolution, Contracked, Contract Logix, LLC, Coupa Software Inc (COUP.O), Determine, EASY SOFTWARE AG (ESY.F), ESM Solutions, Great Minds Software, Ivalua, Optimus BT, Oracle Corporation (ORCL), Symfact, SpringCM and NEWGEN SOFTWARE (NEWGEN.NS).
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Global Contract Lifecycle Management Software Market Trends:
The market is primarily driven by the increasing number of merger and acquisition (M&A) activities across the globe to improve product portfolios and expand business presence. For instance, CLM software helps lawyers retrieve similar contracts from the library. In addition, it allows organizations to ensure compliance with acts implemented by the governing authorities. Besides this, the emergence of cloud-based CLM software is escalating the demand for this solution across numerous industries as it offers an easy-to-use interface, enables dynamic workflow approvals and reduces overall costs. Furthermore, numerous organizations are participating in large-scale collaborations to cope with constant alterations in their businesses, thereby catalyzing the product demand. On account of these factors, the market is expected to witness positive growth in the upcoming years.
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Key Insights from the Report:
- Based on deployment models, the market has been bifurcated into cloud-based and on-premises. Amongst these, the cloud-based deployment model dominates the market, holding the largest share.
- On the basis of offerings, licensing and subscription represent the largest segment, accounting for the majority of the global market share, followed by services.
- The market has been segregated on the basis of enterprise sizes into large, and small and medium enterprises.
- Based on industries, the market has been classified into automotive, electrical and electronics, pharmaceutical, retail and e-commerce, manufacturing, BFSI, and others.
- Region-wise, the market has been segmented into Europe, Asia Pacific, North America, Middle East and Africa, and Latin America. At present, North America is the biggest market, holding the majority of the total market share.
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