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Contract Lifecycle Management (CLM) Software Market

Contract Lifecycle Management (CLM) Software Market Size, Share & Segmentation by Component (Software, Services, Consulting, Implementation, Support, and Maintenance), by Deployment Type (On-premises and Cloud), by Organization Size (SMEs and Large Enterprises), by Business Function (Legal, Sales, Procurement, Others), by Vertical (Government, Retail, and eCommerce, Healthcare and Life Sciences, BFSI, Transportation and Logistics, Telecom and IT, Manufacturing, Others) ,by Regions and Global Market Forecast 2022-2028

Report Id: SNS/ICT/2175 | July 2022 | Region: Global | 135 Pages

Contract Lifecycle Management (CLM) Software Market Overview:

The Contract Lifecycle Management (CLM) Software market size was valued at USD1.83 Bn in 2021 and is expected to reach USD3.27 Bn by 2028, and grow at a CAGR of 10.93 % over the forecast period 2022-2028.

Contract Lifecycle Administration (CLM) Software Market enables the effective management of a contract's complete lifecycle between two or more firms. The eight key steps include contract preparation, negotiation, approval, compliance and administration, repository, compliance optimization, retrieval and renewal, modifications, and dispose. CLM software ensures rule compliance, reduces contract risks, protects a company from non-compliance fines, and enhances decision-making.

Contract Lifecycle Management Software Market

It also helps the firm build partnerships with other businesses in order to expand its consumer base. As a result, CLM software is becoming increasingly popular around the world in the public, healthcare, industrial, and financial services sectors. The eight procedures include negotiation, contract writing, approval, compliance and administration, repository, compliance optimization, retrieval, renewal, amendments, and dispose.

The CLM program ensures that rules are followed and that contract expirations and renewals are addressed on time, preventing the company from losing commercial opportunities. Contract lifecycle management software assists the firm in establishing ties with other businesses in order to expand its client base. As a result, CLM software is becoming increasingly popular around the world in the public, healthcare, industrial, and financial services sectors.

MARKET DYNAMICS:

KEY DRIVERS:

  • Demand for Agile Contract Management is Growing.

  • Contract Lifecycle Management Software Adoption Driven by Changing Legal Compliances.

  • Increasing Complexity Contract Lifecycle Management (CLM) Software demand is being driven by the diversity of sales and licensing models.

OPPORTUNITIES:

  • Smart Contracts are becoming increasingly popular.

  • Contract Management Software Vendors Will Benefit from Automation of the Contract Management Process Using AI and MI.

CHALLENGES:

  • a scarcity of skilled labor.

  • Increased Cybersecurity Risk.

IMPACT OF COVID-19:

The COVID-19 epidemic has had a massive influence on people's lives all around the world. Every firm must fight on two fronts—health and economic—and must weather this period of forced recession. With the global economic crisis costing trillions of dollars, there is widespread concern that the recovery phase may last far into early next year. The unexpected emergence of the COVID-19 epidemic has increased demand for contract lifecycle management software, which supports corporations in remotely forging partnerships with other enterprises in order to extend their client base.

MARKET ESTIMATION:

Hospitals, like other major companies, handle a vast number of contracts, all of which must adhere to numerous compliance requirements and performance criteria. In hospitals, smart contract management software optimizes processes, saving time and reducing the danger of missing any critical stages. Contract Lifecycle Management software has also seen substantial technical advancement over the years. The most recent contract management software on the market is completely compliant with HIPAA and other international privacy and security regulations for patient information and other legal documents. This is pushing hospital use of contract lifecycle management software. One of the important areas for decreasing healthcare costs is the proper administration of crucial contract papers, patient information, and records with minimal human work. Furthermore, unanticipated costs associated with mistakes and rejections, as well as fines for data breaches and lawsuits, make it even more critical for healthcare businesses to handle their contracts and paperwork swiftly and effectively.

The market is divided into two segments depending on deployment: cloud-based and on-premise. Because of the widespread use of high-speed internet and the widespread acceptance of cloud services by mid-size organizations, the cloud is expected to develop faster throughout the projection period. The options on the worldwide market are divided into three categories: licenses, subscriptions, and services.

In comparison to large firms, SMEs have a lesser number of contracts to handle. As a result, there is a lack of proactive contract management because they can be postponed without considerable penalty. SMEs may supervise contracts manually with a relatively modest number of contracts, saving money on software expenditures. However, the number of new contracts will increase over time, while current contracts will be renewed on different terms or closed out. And it is at this point that the risks connected with an SME's contracts begin to increase fast. Contract lifecycle management software deployment is predicted to result in greater risk mitigation, lower administrative overhead, lower compliance costs, beneficial business outcomes, and increased business efficiency for small and medium-sized businesses.

KEY MARKET SEGMENTS:

On the basis of Component

  • Software

  • Services

  • Consulting

  • Implementation

  • Support and Maintenance

On the basis of Deployment Type

  • On-premises

  • Cloud

By Organization Size

  • SMEs

  • Large Enterprises

On the basis of Business Function

  • Legal

  • Sales

  • Procurement

  • Others

On the basis of Vertical

  • Government

  • Retail and eCommerce

  • Healthcare and Life Sciences

  • BFSI

  • Transportation and Logistics

  • Telecom and IT

  • Manufacturing

  • Others

Contract Lifecycle Management Software Market

REGIONAL ANALYSIS:

In terms of revenue sales for the contract lifecycle management industry, North America will be the dominating market in 2021. The presence of prominent companies in the country is a crucial element fueling the growth of the US industry. Key companies in the contract management software market in this nation invest considerably in research and development. Furthermore, favorable laws, such as the Health Insurance Portability and Accountability Act, have increased the usage of contract lifecycle management solutions in North America. Demand for contract lifecycle management is predicted to increase in Germany. Rapid advancements in new technologies, such as hybrid cloud solutions, have made it easier and more cost-effective to enter new markets. These advances enable real-time contract management, enabling greater visibility, choice, and control over the cloud, electronic repository, and other infrastructure.

REGIONAL COVERAGE:

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

KEY PLAYERS:

The major key players are Conga, CLM Matrix, Contract Logix, LLC, Coupa Software Inc., Gatekeeper, Icertis, Integreon, Inc., Newgen Software Technologies Limited, Oracle Corporation, Zycus Inc.

Contract Lifecycle Management (CLM) Software Market Report Scope:
Report Attributes Details
 Market Size in 2021

 US$ 1.83 Bn

 Market Size by 2028

 US$ 3.27 Bn

 CAGR 

 CAGR of 10.93% From 2022 to 2028

 Base Year

 2021

 Forecast Period

 2022-2028

 Historical Data

 2017-2020

 Report Scope & Coverage

Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook

 Key Segments

• By Component (Software, Services, Consulting, Implementation, Support, and Maintenance)
• By Deployment Type (On-premises and Cloud)
• By Organization Size (SMEs and Large Enterprises)
• By Business Function (Legal, Sales, Procurement, Others)
• By Vertical (Government, Retail, and eCommerce, Healthcare and Life Sciences, BFSI, Transportation and Logistics, Telecom and IT, Manufacturing, Others)

 Regional Analysis/Coverage

North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)

 Company Profiles

Conga, CLM Matrix, Contract Logix, LLC, Coupa Software Inc., Gatekeeper, Icertis, Integreon, Inc., Newgen Software Technologies Limited, Oracle Corporation, Zycus Inc.

 Key Drivers

• Demand for Agile Contract Management is Growing.
• Contract Lifecycle Management Software Adoption Driven by Changing Legal Compliances.

 Market Challenges

• a scarcity of skilled labor
• Increased Cybersecurity Risk

 


Frequently Asked Questions (FAQ) :

Ans: - The Contract Lifecycle Management (CLM) Software market size was valued at USD1.83 Bn in 2021. 

Ans: - Increased Cybersecurity Risk and a scarcity of skilled labor.

 Ans: - In terms of revenue sales for the contract lifecycle management industry, North America will be the dominating market in 2021.

 Ans. The primary growth tactics of Contract Lifecycle Management (CLM) Software market participants include merger and acquisition, business expansion, and product launch.

Ans: - Key Stakeholders Considered in the study are Raw material vendors, Regulatory authorities, including government agencies and NGOs, Commercial research, and development (R&D) institutions, Importers and exporters, etc.


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID 19 Impact Analysis

4.2 Impact of the Ukraine- Russia war

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

 

8. Contract Lifecycle Management (CLM) Software Market Segmentation, by Component

8.1 Software

8.2 Services

8.3 Consulting

8.4 Implementation

8.5 Support and Maintenance

 

9. Contract Lifecycle Management (CLM) Software Market Segmentation, by Deployment Type

9.1 On-premises

9.2 Cloud

 

10. Contract Lifecycle Management (CLM) Software Market Segmentation, by Organization Size

10.1 SMEs

10.2 Large Enterprises

 

11. Contract Lifecycle Management (CLM) Software Market Segmentation, by Business Function

11.1 Legal

11.2 Sales

11.3 Procurement

11.4 Others

 

12. Contract Lifecycle Management (CLM) Software Market Segmentation, by Vertical

12.1 Government

12.2 Retail and eCommerce

12.3 Healthcare and Life Sciences

12.4 BFSI

12.5 Transportation and Logistics

12.6 Telecom and IT

12.7 Manufacturing

12.8 Others

 

13. Regional Analysis

13.1 Introduction

13.2 North America

13.2.1 USA

13.2.2 Canada

13.2.3 Mexico

13.3 Europe

13.3.1 Germany

13.3.2 UK

13.3.3 France

13.3.4 Italy

13.3.5 Spain

13.3.6 The Netherlands

13.3.7 Rest of Europe

13.4 Asia-Pacific

13.4.1 Japan

13.4.2 South Korea

13.4.3 China

13.4.4 India

13.4.5 Australia

13.4.6 Rest of Asia-Pacific

13.5 The Middle East & Africa

13.5.1 Israel

13.5.2 UAE

13.5.3 South Africa

13.5.4 Rest

13.6 Latin America

13.6.1 Brazil

13.6.2 Argentina

13.6.3 Rest of Latin America

 

14. Company Profiles

14.1 Conga

14.1.1 Financial

14.1.2 Products/ Services Offered

14.1.3 SWOT Analysis

14.1.4 The SNS view

14.2 CLM Matrix

14.3 Contract Logix, LLC

14.4 Coupa Software Inc.

14.5 Gatekeeper

14.6 Icertis

14.7 Integreon, Inc.

14.8 Newgen Software Technologies Limited

14.9 Oracle Corporation

14.10 Zycus Inc.

 

15. Competitive Landscape

15.1 Competitive Benchmarking

15.2 Market Share analysis

15.3 Recent Developments

 

16. Conclusion

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