Pune, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Contract Lifecycle Management (CLM) Software Market Size Analysis:
“According to SNS Insider Research, The Contract Lifecycle Management (CLM) Software Market Size was recorded at USD 1.72 Billion in 2023 and is expected to reach USD 5.10 Billion by 2032, growing at a CAGR of 12.85% over the forecast period 2024-2032.”
Market overview:
The global CLM Software Market has been growing at a rapid speed due to the increase in the need for the associated organizations to manage their contracts and maintain compliance. For instance, approximately 60% of organizations are using the CLM software for optimized performance CLM and optimize the annual losses by 2-4%. The market for CLM software is anticipated to increase as a result of the rising demand for cloud computing. A recent post by Edge Delta claims that 94% of businesses globally employ cloud computing, indicating that cloud computing has become ingrained in US corporations. Thanks to cloud-based CLM solutions, companies may now adopt a far more flexible pay-as-you-go model on the cloud instead of incurring the large upfront capital costs associated with on-premise licenses. This means that small businesses, which may lack the resources for on-premises systems now can get CLM solutions. These all factors are further creating a positive impact on the contract lifecycle management software market growth.
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Major Players Listed in this Report are:
- Conga
- Contract Logix LLC
- Coupa Software Inc.
- Icertis
- Oracle Corporation
- SAP SE
- IBM Corporation
- Determine Inc.
- DocuSign Inc.
- GEP Worldwide
- Corridor Company Inc.
- Other Players
Recent Developments:
- Sirion, the global leader in AI-powered Contract Lifecycle Management, today announced a strategic partnership in August 2024 with the leading consultancy Deloitte India to provide an integrated customer experience in implementing the Sirion CLM platform across the APAC region.
- In January 2024, Evisort (The AI for Contract Lifecycle Management & Analysis Provider) — Announced today the launch of its new product, Document X-Ray, giving organizations extended access to their agreements.
- Moreover, in February 2024, IntelAgree, an AI-powered contract lifecycle management software company today launched Saige Assist – a generatively-driven tool changing how companies interface with their contracts.
Contract Lifecycle Management (CLM) Software Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 1.72 Bn |
| Market Size by 2032 | US$ 5.10 Bn |
| CAGR | CAGR of 12.85% From 2024 to 2032 |
| Base Year | 2022 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
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Key Segment Analysis:
Based on Deployment Type, the Cloud-based CLM solutions dominated the market with more than 50% of the market share in 2023, due to their superior flexibility, scalability, and accessibility. These solutions are particularly popular among small and medium-sized enterprises (SMEs) due to their cost-effectiveness and subscription-based models. The cloud-based deployment minimizes IT overhead, simplifies updates, and reduces maintenance burdens, which makes it a preferred choice for many organizations.
Based on Enterprise Size small and medium-sized enterprises (SMEs) are projected to dominate the market with a holding share of more than 56%. These companies prioritize cost-effective solutions to optimize their limited contract management budgets. SMEs manage fewer contracts, allowing for manual supervision and cost savings on software, although they may lack aggressive contract management strategies due to the lower impact of postponing contracts. Large enterprises are increasingly adopting contract lifecycle management to automate structured processes, especially given their higher volume of collaborations and transactions compared to SMEs, aiming to enhance efficiency and reduce administrative costs.
Contract Lifecycle Management (CLM) Software Market key Segmentation:
By Component
- Software
- Services
By Organization Size
- Small and medium-sized enterprises
- large enterprises
By Deployment
- On-premises
- cloud
By End-use
- Retail & e-commerce
- BFSI
- Healthcare & life sciences
- Government
- Others
Regional Developments
The North American region held the dominant position with more than 36% of the revenue share in the contract Lifecycle management software market in 2023. Large businesses in a variety of industries are driving the region's growth because they need advanced CLM solutions for effectively handling their complex contract portfolios. Added to this, the strict adherence to regulatory compliance and increasing focus on data protection also fuel the growth of the market. Besides, better accessibility and scalability make cloud-based CLM solutions increasingly in demand, thereby expanding the market. Faster-paced retail and e-commerce industries in North America increase the need for effective supply chain management and product lifecycle tracking.
The Asia-Pacific contract management software market is projected to expand at a significant growth rate, driven primarily by the increasing demand for automated contract modifications, shifting impetus to cloud services, and integration of advanced technologies aimed at enhancing operational efficiency.
Regional Coverage:
• North America (US, Canada, Mexico)
• Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe])
• Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific)
• Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East])
• Africa [Nigeria, South Africa, Rest of Africa]
• Latin America (Brazil, Argentina, Colombia Rest of Latin America)
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Key Takeaways
- The CLM software market outlook remains positive due to growing demand for improved contract management efficiency and compliance solutions.
- Large enterprises form the bigger market share in the segment of the market by enterprise size, driven by their requirement for advanced, scalable, and customizable CLM solutions.
- North America will retain the largest share of the market, but Asia Pacific holds immense growth opportunities, although such is hindered by inadequate infrastructure.
- Recent developments include strategic partnerships and other recognitions in the industry that again pointed toward the dynamic nature and growing competitiveness in the CLM software market.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Contract Lifecycle Management Software Market Segmentation, by Organization Size
8. Contract Lifecycle Management Software Market Segmentation, by Deployment Type
9. Contract Lifecycle Management Software Market Segmentation, by Component
10. Contract Lifecycle Management Software Market Segmentation, by End-user
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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