What is the global market size of the Contract Lifecycle Management Software Market?

Global Contract Lifecycle Management Software Market size was valued at USD 1.18 billion in 2021 and is poised to grow from USD 1.33 billion in 2022 to USD 4.01 billion by 2030, growing at a CAGR of 13% in the forecast period (2023-2030).

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 News

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 Market Report Snapshots

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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).

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. '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'

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 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.

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.

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