Pune, India, March 06, 2023 (GLOBE NEWSWIRE) -- The global contract lifecycle management solution market size stood at USD 1.33 billion in 2022. The market is projected to grow from USD 1.47 billion in 2023 to USD 3.47 billion by 2030, exhibiting a CAGR of 13.0% over the estimated period. The surge can be attributed to increasing government investments in legal technologies and the growing complexity of business operations. Fortune Business Insights™ provide this information in its research report, titled “Contract Lifecycle Management (CLM) Solution Market Forecast, 2023-2030”.
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Key Industry Development:
December 2022 – CobbleStone Software introduced an upgrade to its contract lifecycle management software. The upgrade will enable users to draft contracts in a seamless manner with contract data extraction resemblances and hands-on field recommendations.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 13% |
| 2030 Value Projection | USD 3.47 Billion |
| Base Year | 2022 |
| Contract Lifecycle Management Size in 2022 | USD 1.33 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 117 |
| Segments covered | Component, Deployment, Enterprise Type, Industry and Geography |
Key Takeaways
- Contract lifecycle management market size in North America was USD 0.52 billion in 2022
- Major driving factors include improved efficiency and reduced costs
- By Deployment, cloud segment holds the maximum market share
- Global demand is driven by the growing need for compliance and risk management
- The legal & compliance industry will drive the market in the forecast period, 2023-2030
Drivers and Restraints:
Market Value to Surge Driven by Escalating Investments in Legal Technologies
One of the vital factors propelling the Contract Lifecycle Management (CLM) solution market growth is the upsurge in government investments in legal technologies. Furthermore, the COVID-19 pandemic propelled the adoption of automated solutions.
However, the market expansion is likely to be restrained due to the migration cost of the software.
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Segments:
Software Segment to Register Substantial Demand Owing to COVID-19 Pandemic
On the basis of component, the market for Contract Lifecycle Management (CLM) solution is fragmented into software and services. The software segment is slated to record appreciable expansion throughout the estimated period. The growth is due to the escalated product adoption for increased remote collaboration.
Cloud-based Solutions to Gain Prominence Owing to Growing Security Concerns
By deployment, the market for Contract Lifecycle Management (CLM) solution is segmented into cloud-based and on-premise. The cloud-based segment is estimated to depict substantial growth over the projected period. The surge can be credited to the increase in digital startups and rising adoption of cloud computing services.
SMEs to Exhibit Appreciable Expansion Driven by Advantage of Improved Business Efficiency
Based on enterprise type, the market is subdivided into SMEs and large enterprises. The SMEs segment is poised to record a commendable surge throughout the forecast period. The expansion is due to various advantages such as better risk mitigation, reduction of cost compliance, and the improvement of business efficiency.
Legal & Compliance Dominates the Market Due to Large Volumes of Intricate Data across the Sector
On the basis of industry, the market for contract lifecycle management (CLM) solution is fragmented into healthcare & life science, BFSI, energy & utilities, government, IT & telecom, retail, legal & compliance, education, and others. Of these, the legal & compliance segment is expected to depict considerable growth throughout the estimated period. CLM solutions in the legal & compliance segment provide experts to effortlessly view, manage, and compare transactions even down to the clause level.
Based on geography, the market has been analyzed across North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
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Regional Insights:
North America to Emerge as a Leading Region Owing to the Presence of Major Players
The North America Contract Lifecycle Management (CLM) solution market share is estimated to exhibit considerable expansion over the study period. The rise is due to the presence of major industry participants in the region.
The Asia Pacific market is set to register appreciable growth throughout the projected period. This is due to the growing product adoption in various countries such as Japan, China, and India.
Competitive Landscape:
Leading Companies Ink Merger Agreements to Expand Product Reach
Major industry players are focused on the adoption of a series of strategic initiatives for the consolidation of their market position. Some of these steps include merger agreements, acquisitions, the formation of alliances, and the rollout of new products. Additional initiatives include an increase in research activities.
List of Key Players Mentioned in the Report:
- DocuSign, Inc. (U.S.)
- SirionLabs (U.S.)
- Icertis (U.S.)
- Agiloft Inc. (U.S.)
- Conga (U.S.)
- CobbleStone Software (U.S.)
- Ironclad, Inc. (U.S.)
- JAGGAER (U.S.)
- GEP (U.S.)
- Oracle (U.S.)
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Major Table of Contents:
- Global Contract Lifecycle Management (CLM) Solution Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Component (USD)
- Software
- Services
- By Deployment (USD)
- Cloud-based
- On-premise
- By Enterprise Type (USD)
- Large Enterprises
- SMEs
- By Industry (USD)
- Healthcare & LifeScience
- Banking, Financial Services and Insurance (BFSI)
- Government
- Energy and Utilities
- IT & Telecom
- Legal & Compliance
- Retail
- Education
- Others (Media & Entertainment, Manufacturing, etc.)
- By Country (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Contract Lifecycle Management (CLM) Solution Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Component (USD)
- Software
- Services
- By Deployment (USD)
- Cloud-based
- On-premise
- By Enterprise Type (USD)
- Large Enterprises
- SMEs
- By Industry (USD)
- Healthcare & LifeScience
- Banking, Financial Services and Insurance (BFSI)
- Government
- Energy and Utilities
- IT & Telecom
- Legal & Compliance
- Retail
- Education
- Others (Media & Entertainment, Manufacturing, etc.)
- By Country (USD)
- United States
- Canada
- Mexico
- South America Contract Lifecycle Management (CLM) Solution Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Component (USD)
- Software
- Services
- By Deployment (USD)
- Cloud-based
- On-premise
- By Enterprise Type (USD)
- Large Enterprises
- SMEs
- By Industry (USD)
- Healthcare & LifeScience
- Banking, Financial Services and Insurance (BFSI)
- Government
- Energy and Utilities
- IT & Telecom
- Legal & Compliance
- Retail
- Education
- Others (Media & Entertainment, Manufacturing, etc.)
TOC Continued…!
FAQs
How big is the contract lifecycle management market?
The global contract lifecycle management market size was USD 1.33 billion in 2022. It is expected to reach USD 3.47 billion by 2030.
How fast is the contract lifecycle management market growing?
The contract lifecycle management market will exhibit a CAGR of 13% during the forecast period, 2023-2030
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