Contract Lifecycle Management Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The contract lifecycle management market size has grown rapidly in recent years. It will grow from $1.34 billion in 2023 to $1.54 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The growth in the historic period can be attributed to increasingly stringent regulations, operational efficiency, the expansion of businesses across borders, and innovations in technology.
The contract lifecycle management market size is expected to see rapid growth in the next few years. It will grow to $2.71 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to digital transformation, enhanced data analytics, cost, and efficiency pressures, and integration with enterprise systems. Major trends in the forecast period include increased integration with AI and machine learning, expansion of cloud-based solutions, enhanced data analytics and reporting, and a focus on security and compliance.
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Scope Of Contract Lifecycle Management Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Contract Lifecycle Management Market Overview
Market Drivers –
The prevalence of remote work arrangements is expected to propel the growth of the contract lifecycle management market going forward. Remote work arrangements refer to employment setups where employees perform their job duties from a location outside of the traditional office environment, often from their homes, coworking spaces, or other remote locations. The remote work trend is rising due to advancements in technology, changing attitudes toward work-life balance, and the need for flexibility, efficiency, and cost savings for both employees and employers. Contract lifecycle management facilitates remote work by providing a centralized platform for efficient contract creation, collaboration, and management, ensuring seamless operations regardless of employees’ locations. For instance, in May 2022, according to a survey conducted among workers in England and Scotland by the Office for National Statistics, a UK-based non-ministerial department, the most popular hybrid work pattern anticipated by employees was working primarily from home and occasionally from their regular place of employment. This was noted by 42% of respondents, up from 30% in April 2021. By May 2022, there will be 24% of workers who work mixed shifts, up from 13% in early February 2022. Therefore, the prevalence of remote work arrangements is driving the growth of the contract lifecycle management market.
Market Trends –
Major companies operating in the contract lifecycle management market are increasing their focus on developing innovative solutions, such as contract lifecycle management applications, to gain a competitive edge in the market. A contract lifecycle management (CLM) application is a software solution designed to automate, streamline, and manage the entire lifecycle of contracts within an organization. For instance, in January 2024, Panoram, a UK-based software company, launched Panoram Contracts, a contract lifecycle management (CLM) application fully integrated with Microsoft 365 (M365). This new application operates within Microsoft Teams, Outlook, and Word, making use of familiar Microsoft apps and security features. The platform aims to simplify and streamline contract management processes, prioritizing usability and ease of use.
The contract lifecycle management market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment: On-Premise, Cloud-Based
3) By Industry: Healthcare And Life Science, Banking, Financial Services And Insurance (BFSI), Government, Energy And Utilities, Information Technology (IT) And Telecommunication, Legal And Compliance, Retail, Education, Other Industries
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Regional Insights –
North America was the largest region in the contract lifecycle management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the contract lifecycle management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the contract lifecycle management market are Koch Industries Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, Wolters Kluwer N.V., Docusign Inc., Coupa Software, Zycus, JAGGAER, Revitas, Icertis Inc., Nintex, PandaDoc, SirionLabs, ContractPodAi, Onit, Concord Software, Agiloft Inc., Gatekeeper, Ironclad, ContractWorks, CobbleStone Software, Symfact, Ultria, Aavenir, Outlaw, SimpliContract
Table of Contents
- Executive Summary
- Contract Lifecycle Management Market Report Structure
- Contract Lifecycle Management Market Trends And Strategies
- Contract Lifecycle Management Market – Macro Economic Scenario
- Contract Lifecycle Management Market Size And Growth
…..
- Contract Lifecycle Management Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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