NEW
YORK, Aug. 9, 2024 /PRNewswire/ -- The global
contract life-cycle management (CLM) software
market size is estimated to grow by USD 4.82 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
23.75% during the forecast period. Pricing
strategies of vendors is driving market growth, with a
trend towards emergence of analytics in contract life-cycle
management. However, high implementation and maintenance cost
poses a challenge. Key market players include Contract Logix
Llc, Corcentric Inc., Coupa Software Inc., DocuSign Inc., ESM
Solutions Corp., Great Minds Software Inc., Icertis Inc., Infor
Inc., International Business Machines Corp., Ivalua Inc., JAGGAER
LLC, Newgen Software Technologies Ltd., Optimus BT Inc., Oracle
Corp., Robobai Pty Ltd., SAP SE, Scanmarket AS, Thoma Bravo
LP, Wolters Kluwer NV, and Zycus Inc..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Component (Software and
Services), Deployment (On-premise and Cloud-based), and Geography
(North America, Europe, APAC, Middle East and Africa, and South
America)
|
Region
Covered
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
Key companies
profiled
|
Contract Logix Llc,
Corcentric Inc., Coupa Software Inc., DocuSign Inc., ESM Solutions
Corp., Great Minds Software Inc., Icertis Inc., Infor Inc.,
International Business Machines Corp., Ivalua Inc., JAGGAER LLC,
Newgen Software Technologies Ltd., Optimus BT Inc., Oracle Corp.,
Robobai Pty Ltd., SAP SE, Scanmarket AS, Thoma Bravo LP,
Wolters Kluwer NV, and Zycus Inc.
|
Key Market Trends Fueling Growth
Contract life-cycle management software enables enterprises to
effectively manage and analyze all stages of their contracts and
compliance processes. With built-in analytics, organizations can
access historical data for comparisons, identify potential risks,
and estimate future performance within their supply chain. This
streamlines enterprise contract processes, shortens sales cycles,
and reduces costs. Ivalua's latest platform release, 178, showcases
their continued investment in research and development, with
innovations that enhance contract digitization and analytics. These
advancements will significantly contribute to the growth of the
contract life-cycle management market in the coming
years.
Contract Life-Cycle Management (CLM) software has become
essential for businesses to manage and streamline their contract
processes. According to statistical data, the market for CLM
software is growing, with trends indicating a preference for
solutions that cater to organizations of all sizes and various
industries, including Healthcare and Lifesciences. Notable vendors
in this space are Coupa, Icertis, Apttus, CobbleStone Software,
ContractsWise, Determine, and others. These solutions offer
benefits such as centralizing contract data for improved
visibility, productivity, and accessibility. They automate contract
creation, execution, administration, and approval workflows,
reducing errors and disputes. CLM software also mitigates risks,
enhances contract governance, and boosts operational efficiency.
With the increasing shift to remote work arrangements,
digitalization of contract processes is crucial, and CLM software
provides the framework for this. Key features include negotiation,
renewal, decision-making, quicker contract cycles, error reduction,
and notification systems. By automating and monitoring the contract
lifecycle, businesses can save time, reduce costs, and improve
overall contract management.
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Market Challenges
- The implementation of Contract Life-Cycle Management (CLM)
software in small and medium enterprises (SMEs) comes with
significant costs. These expenses include software licensing,
system design and customization, implementation, training, and
maintenance. For successful deployment, organizations need IT
personnel with the necessary skills. The process involves
self-assessment, planning, sufficient funding, a clear vision, and
collaboration among all managerial levels. Post-implementation,
continuous upgrades are essential to stay competitive. These
factors contribute to the high cost of CLM software, making it a
challenge for SMEs to adopt it.
- Contract Life-Cycle Management (CLM) software is essential for
businesses to efficiently manage their contracts from execution to
renewal. Challenges in execution, administration, and visibility
can slow down productivity. CLM software centralizes contract data,
making it accessible to relevant teams and mitigating risks.
Approval workflows and notifications streamline the process,
reducing errors and disputes. CLM software automates contract
governance, monitoring, and decision-making. It boosts operational
efficiency by minimizing contract-related issues and quickening
contract cycles. Digitalization and remote work arrangements are
becoming increasingly important, and CLM software enables
businesses to adapt. Mitigating risks is a key benefit, as CLM
software provides a systematic approach to contract negotiation,
renewal, and error reduction. Workflows and notification systems
ensure a smooth process, minimizing delays and increasing
productivity. CLM software is a valuable framework for businesses
seeking to streamline their contract management processes.
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challenges - Download a Sample Report
Segment Overview
This contract life-cycle management (clm) software market report
extensively covers market segmentation by
- Component
- 1.1 Software
- 1.2 Services
- Deployment
- 2.1 On-premise
- 2.2 Cloud-based
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Software- Contract Life-Cycle Management (CLM)
software is a vital tool for businesses to effectively manage their
contracts. This software assists legal professionals and other team
members in creating, negotiating, renewing, and collecting data on
existing business contracts. By ensuring the intent of every
contract within an organization is fully realized, CLM software can
maximize contract performance, enforce commercial terms, accelerate
cash flow and time-to-revenue, and minimize the risk of
non-compliance. Advanced CLM software offers features such as
auto-building contracts based on defined business rules and bulk
data upload, enabling faster time-to-revenue and reducing legal
operating expenses. Vendors in the market are adopting inorganic
strategies to enhance their offerings. For instance, SAP SE and
Icertis expanded their partnership in January 2022 to provide enhanced contract
management, increasing efficiency, minimizing risk, and making
agreements more reliable. In October
2023, Sirion, a leading AI-powered CLM provider, announced a
collaboration with IBM to embed Watsonx, redefining CLM for
enterprises. IBM also deployed Sirion's CLM to streamline its
order-to-cash and source-to-pay processes. These developments by
market vendors will drive the growth of the CLM software segment
and the market as a whole during the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global Vendor Management Software (VMS) market is
experiencing significant growth, driven by the increasing need for
efficient procurement and supplier management. This growth is
fueled by advancements in technology, such as AI and machine
learning, enhancing vendor selection, performance tracking, and
compliance management. Major players in the market include SAP,
Oracle, and Coupa Software, leading innovation and driving
competitive dynamics in the industry.
Research Analysis
The Contract Life-Cycle Management (CLM) software market caters
to organizations of all sizes, with a significant focus on the IT
sector and verticals like Healthcare and Lifesciences. CLM
solutions streamline the entire contract process from creation and
execution to administration and governance. These systems
centralize contract data, ensuring accessibility and reducing
errors and disputes. Statistical data suggests that the global CLM
market is growing steadily, driven by the increasing complexity of
contracts and the need for efficient contract management. CMI teams
benefit from CLM software by automating repetitive tasks, improving
contract compliance, and enhancing overall contract management
effectiveness. Solutions like Apttus, Agiloft, CLM Matrix,
CobbleStone Software, Conga, and others offer advanced features to
meet the diverse needs of businesses.
Market Research Overview
Contract Life-Cycle Management (CLM) software is a vital
solution for organizations of all sizes to manage and streamline
their contract processes. This software is essential in various
verticals, including the Healthcare and Lifesciences industry. CLM
software offers several benefits, such as centralizing contract
data, increasing accessibility, and mitigating risks through
digitalization. In the IT sector, CLM software is increasingly
being adopted for its productivity benefits. The software automates
contract creation, execution, and administration, reducing errors
and disputes. It also provides visibility into contract-related
issues, enabling quicker contract cycles and decision-making. CLM
software offers approval workflows, notifications, and contract
governance frameworks to ensure compliance and mitigate risks. It
also boosts operational efficiency by automating monitoring and
renewal processes. With the increasing trend of remote work
arrangements, CLM software is essential for ensuring a systematic
approach to contract management. Key features of CLM software
include automated workflows, notification systems, error reduction,
and quicker contract cycles. It also offers centralized contract
data, accessibility, and decision-making capabilities. By
implementing CLM software, organizations can improve operational
efficiency, reduce risks, and gain a competitive edge.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Component
-
- Deployment
-
- Geography
-
- North America
- Europe
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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