The latest report by IMARC Group, titled “Contract Lifecycle Management Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global contract lifecycle management software market size reached US$ 1.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.67 Billion by 2028, exhibiting a growth rate (CAGR) of 11.27% during 2023-2028.
Contract lifecycle management (CLM) software is a critical tool used by organizations to streamline and optimize the entire process of managing contracts, from their creation and negotiation to execution, performance monitoring, and renewal or termination. This software plays a pivotal role in enhancing operational efficiency and reducing risks associated with contract management. CLM software offers a centralized platform where businesses can create, store, and organize all their contracts digitally. This eliminates the need for paper-based documentation and manual processes, thus saving time and resources. Additionally, CLM software often includes features such as contract template libraries, automated approval workflows, and reminders for important contract milestones.
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Contract Lifecycle Management Software Market Trends and Drivers:
In an increasingly complex business environment, organizations deal with a growing number of contracts with varying terms and conditions. CLM software simplifies the management of these contracts by providing a centralized platform for their creation, tracking, and compliance, reducing the risk of errors and disputes. Additionally, manual contract management processes are time-consuming and resource-intensive. CLM software automates many of these tasks, leading to cost savings in terms of reduced administrative overhead, lower legal expenses, and improved resource allocation. Other than this, CLM software streamlines contract workflows, automates approval processes, and reduces the time it takes to negotiate and finalize contracts. This efficiency translates into increased productivity for contract managers and legal teams. Besides this, as businesses expand globally, they encounter contracts with international implications. CLM software can handle multiple languages, currencies, and legal frameworks, making it indispensable for companies with global operations. In line with this, CLM software collects and analyzes data on contract performance and vendor relationships. This data-driven approach enables organizations to make informed decisions, optimize contract terms, and identify opportunities for cost savings and revenue generation. Besides this, effective supplier and vendor relationships are crucial for many businesses. CLM software helps in managing supplier contracts, ensuring timely deliveries, and fostering collaboration, leading to improved supplier relationships. Moreover, the supplier and vendor relationships are crucial for many businesses. CLM software helps in managing supplier contracts, ensuring timely deliveries, and fostering collaboration, leading to improved supplier relationships.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Deployment Model:
- Cloud-Based
- On-Premises
Breakup by CLM Offerings:
- Licensing and Subscription
- Services
Breakup by Enterprise Size:
- Large Enterprise
- Small and Medium Enterprise
Breakup by Industry:
- Automotive
- Electrical and Electronics
- Pharmaceutical
- Retail and E-commerce
- Manufacturing
- BFSI
- Others
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape With Key Players:
- Wolters Kluwer N.V.
- IBM Corporation
- Icertis, Inc.
- SAP SE
- BravoSolution SPA
- Contracked BV
- Contract Logix, LLC
- Coupa Software Inc
- EASY SOFTWARE AG
- ESM Solutions Corporation
- Great Minds Software, Inc.
- Koch Industries, Inc.
- Ivalua Inc
- Optimus BT
- Oracle Corporation
- Symfact AG
- DocuSign, Inc
- Newgen Software Technologies Limited
- Zycus Infotech Private Limited
- Corcentric LLC (Determine)
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