Overview and Scope
Contract lifecycle management (CLM) is the process of systematically managing a contract from its initiation through execution, performance, compliance, and renewal or expiration. It involves the use of software to automate and streamline contract-related tasks, ensuring efficiency, reducing risks, and maintaining regulatory compliance throughout the contract’s entire lifecycle.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The contract lifecycle management market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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