According to Fact.MR’s most recent study, the contract lifecycle management industry would increase by 3.5x by 2032, reaching a worth of US$ 3 Bn. Rapid advancements in new technologies, such as hybrid cloud solutions, have made it easier and more cost-effective to enter new markets.
From 2017 to 2021, the market experienced impressive growth, registering a CAGR of 10%. As a result of the flexibility provided by such technologies, established contract lifecycle management software companies may capitalize on the brisk potential in countries such as Europe and East Asia.
Furthermore, the integration of technologies such as IoT, machine learning, artificial intelligence, and others will result in the creation of a contract lifecycle management software market with higher capabilities and performance. Numerous financial, government, educational, and private sector entities have raised their need for global contract lifecycle management solutions as a result of the COVID-19 outbreak.
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Contract Lifecycle Management Market Segmentation
Fact.MR has studied the Contract Lifecycle Management market with detailed segmentation on the basis of solution, business function, industry and key regions.
- CLM Software
- Risk & Compliance Assessment
- Implementation & Integration
- Support & Maintenance
- Human Resource
- Information Technology
- IT & Telecom
- Govt & Public Sector
- Energy & Utilities
- Healthcare & Pharmaceutical
- Life Sciences
- Real Estate
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
Key Takeaways from the Market Study
- Govt. & public sector to account for 1/3rd of contract lifecycle management solutions deployment
- 25% of CLM revenue expected to be generated by the healthcare & pharmaceutical sector
- By business function, information technology to experience an impressive surge of 14% CAGR
- North America to be the fastest expanding market, growing at a CAGR of 10%
- China to experience a CAGR of 9% with respect to CLM deployment through 2032
- Global contract lifecycle management market to reach US$ 845 Mn by 2022-end
Exari Coupa Software Inc., Infor, Newgen Software, SAP SE, Infosys Limited, Information Services Group, Inc., Model N, Inc., Synertrade (Econocom Group), Corcentric LLC (Determine), Ivalua Inc., Agiloft, Inc., and Apttus Corporation are the key competitors in the contract lifecycle market. These firms are pursuing aggressive expansion in order to build a foothold in regional and worldwide marketplaces. These players are also looking to expand geographically and acquire regional players.
- For example, in April 2019, Corcentric, a supplier of procurement and financial process automation solutions, acquired the entire asset portfolio of Determine, Inc., a global leader in Source-to-Pay and Enterprise Contract Lifecycle Management solutions. This purchase is crucial for the firm since it allows it to extend its offering of source-to-pay solutions for customers in the US and Europe. The united firm will be able to offer strategic sourcing and procurement consultancy, a single cloud platform for source-to-pay and contract lifecycle management, and complete payment and finance solutions to optimize working capital.
Contract Lifecycle Management Market: In-depth Analysis on Competitive Landscape
The report sheds light on leading manufacturers of the Contract Lifecycle Management market, along with their detailed profiles. Essential and up-to-date data information related to market players, who are principally engaged in the production of Contract Lifecycle Management, have been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permit report readers to take preemptive steps in advancing their businesses.
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