USD 1.18 billion
Contract Lifecycle Management Software Market Size, Share, Growth Analysis, By Component(Software and services), By Deployment(On-premise and cloud), By Organization size(Small and medium-size enterprises, and large enterprises), By End-use(Retail & e-commerce, BFSI, healthcare & life sciences, government), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35D2052 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
114
|Figures:
77
Contract Lifecycle Management Software Market Insights
Contract Lifecycle Management Software Market size was valued at USD 1.18 billion in 2019 and is poised to grow from USD 1.33 billion in 2023 to USD 4.01 billion by 2031, growing at a CAGR of 13% in the forecast period (2024-2031).
The contract lifecycle management (CLM) software aids in the organisation of the time-consuming and complex contractual negotiation process between buyers and suppliers. This software is usually used to handle the entire contract lifecycle, from the initial request for proposal (RFP) to subsequent renegotiations. Contract drafting, negotiation, approval, compliance and administration, repository, compliance optimization, retrieval and renewal, amendments and disposition are the eight critical steps. A contract lifecycle management (CLM) software ensures regulatory compliance, mitigates contract risks, protects an organisation from penalties for noncompliance, and improves decision-making. It also assists the organisation in forming alliances with other businesses in order to get a deeper consumer base. The global demand for the software is increasing in the public, healthcare, manufacturing, and financial services sectors, which will drive growth of the market during the forecast period. A lack of clarity, visibility, and transparency in the CLM process can complicate it and plague it with issues that only emerge during the execution stage, may hamper the global contract lifecycle management software market during the forecast period.
US Contract Lifecycle Management Software Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Software
Fastest Growth
Software
Growth Rate
13% CAGR
Global Contract Lifecycle Management Software Market ($ Bn)
Country Share for North America Region (%)
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Contract Lifecycle Management Software Market Segmental Analysis
Contract Lifecycle Management Software Marketis segmented based on the component, deployment, organization size, end-use, and region. Based on component, the Contract Lifecycle Management Software Market is segmented into software and services. Based on deployment, the Contract Lifecycle Management Software Market is segmented into on-premise, and cloud. Based on organization size, the Contract Lifecycle Management Software Market is segmented into small and medium-size enterprises, and large enterprises. Based on end-use, the Contract Lifecycle Management Software Market is segmented into retail & e-commerce, BFSI, healthcare & life sciences, government, and others. Based on region, Contract Lifecycle Management Software Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Contract Lifecycle Management Software Market Analysis by Component
Based on component, contract lifecycle management software market is segmented into software and services. During the forecast period, the software segment is expected to account for the majority of the contract management software market. Software enables the configuration of instructions, data, or programmes to productively operate contracts and perform specific tasks. Software applications include a variety of templates and clauses in place, allowing contracts to be assembled based on any contract criteria such as products, regions, and services. End users can also use advanced contract management software to auto-build contracts based on specific business requirements and bulk data upload. Such factors have influenced the use of software in contract management solutions.
Contract Lifecycle Management Software Market Analysis by Organization
Based on organization size, the contract lifecycle management software market is segmented into small and medium-size enterprises, and large enterprises. Small and medium-size enterprises is anticipated to hold major share during the forecast period. These enterprises have fewer than 1,000 employees. Because they have a limited budget to manage their contracts, these businesses maximise production while minimising costs. These companies require an affordable and effective solution to optimise their contracts. SMEs also manage fewer contracts. As a result, there is a scarcity of aggressive contract management because contracts can be postponed at little or no cost. If there are only a few contracts, SMEs can supervise them manually and save money on software. Contract management solutions are expected to improve risk management, minimise administrative costs, reduce the cost of compliance, and produce positive business outcomes for small and medium-sized businesses.
Contract lifecycle management is becoming more popular in large enterprises because it enables businesses to automate predefined and structured processes. Furthermore, collaborations and other transactions that occurs each year in large companies is greater than in small and medium-sized businesses.
Global Contract Lifecycle Management Software Market By Component
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Contract Lifecycle Management Software Market Regional Insights
North America was the primary driver of the global contract management software market in 2021, and is likely to dominate the market during the prediction period owing to the presence of popular and influential players in the region. North America's BFSI, IT, and healthcare sectors are well established, creating a large opportunity for contract management solution providers. Contracts must be kept in a systematic manner by organisations in North America. Furthermore, these end-users can improve the transparency of their construction contracts by implementing clear policies and utilising simple technologies. Furthermore, supportive legislation such as the Healthcare Insurance Portability and Accountability Act (HIPAA) encourages the use of contractual software solutions in the field.
The contract management software market in Asia Pacific is expected to expand significantly over the forecast period, owing to factors such as increased demand for automated contract modifications, a radical change toward cloud services, and enhanced efficiency through the integration of advanced technologies.
The contract lifecycle management software market in Germany is developing rapidly, with contract management technologies and methodologies promoting the European market growth.
Global Contract Lifecycle Management Software Market By Region
- Largest
- Fastest
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Contract Lifecycle Management Software Market Dynamics
Contract Lifecycle Management Software Market Driver
- The contract lifecycle management software improves the efficiency and transparency of the reporting mechanism, allowing organisations to fix problems in their system and flag problematic contracts before they are undertaken. This factor is expected to drive the contract lifecycle management market growth during the forecast period.
Contract Lifecycle Management Software Market Restraint
- Back filing is a critical concern when implementing contract lifecycle management. The repository accounts for the majority of the return on investment (ROI) for any contract. As a result, finding contracts and filing ROI becomes more difficult. As a result, the back filing issue could impede the implementation of contract lifecycle management.
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Contract Lifecycle Management Software Market Competitive Landscape
Global contract lifecycle management software market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Contract Lifecycle Management Software Market Top Player's Company Profiles
- SAP SE
- Oracle Corporation
- IBM Corporation
- Apttus Corporation
- Icertis Inc.
- Coupa Software Inc.
- Experian Plc
- Agiloft Inc.
- SpringCM Inc.
- Determine Inc.
- CobbleStone Software
- Contract Logix LLC
- Concord
- Ultria
- DocuSign Inc.
- Onit Inc.
- ContractWorks
- GEP Worldwide
- Corridor Company Inc.
- ContractSafe
Contract Lifecycle Management Software Market Recent Developments
- In November 2022, Contract Logix, a leading provider of data-driven contract management software, introduced new artificial intelligence (AI) capabilities for helping businesses accelerate digital contract transformation.
- In November 2022, Evisort, the no-code contract intelligence platform, becomes first AI-Native contract life cycle management company to achieve ISO 27001 and 27701 certifications.
- In October 2022, Icertis, the contract intelligence company, introduced contract intelligence solution for banking and financial services.
Contract Lifecycle Management Software Key Market Trends
- Contract lifecycle management vendors are working to develop software with additional functionality to meet the needs of consumers. They are also heavily investing in research and development. Furthermore, there is increased collaboration, artificial intelligence penetration, and a greater emphasis on risk analysis.
Contract Lifecycle Management Software Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global contract lifecycle management software market analysis, North America is constantly developing as a result of satisfactory regulations such as the Health Insurance Portability and Accountability Act (HIPAA), which has increased the region's adoption of contract lifecycle management software. Moreover, contract lifecycle management assists users in reducing, eliminating, or mitigating financial, legal, and procurement risks. It also allows users to keep track of dates, pricing, internal and external entities involved, and signatories, which will drive the market during the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 1.18 billion |
| Market size value in 2031 | USD 4.01 billion |
| Growth Rate | 13% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Contract Lifecycle Management Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Contract Lifecycle Management Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Contract Lifecycle Management Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Contract Lifecycle Management Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Contract Lifecycle Management Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Contract Lifecycle Management Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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