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Contract Lifecycle Management (CLM) software is a specialized tool designed to effectively oversee contracts and their associated activities. This software streamlines centralizes, and automates contract management processes, enabling organizations to efficiently control, maintain, and archive their contractual agreements. Additionally, CLM software empowers organizations to closely monitor contractual relationships and analyze contract-related data, ensuring awareness of potential risks, compliance issues, and opportunities for enhancement.
The Contract Lifecycle Management Software Market reached a valuation of USD 2.31 Billion in 2022. It is projected to experience substantial growth, with estimates indicating a progression from USD 2.53 Billion in 2023 to USD 6.15 Billion by 2030. This growth reflects a notable compound annual growth rate (CAGR) of 10.25% throughout the forecast period from 2023 to 2030.
Advanced Contract Automation: The development of advanced contract automation is poised to deliver substantial cost savings and enhanced process efficiency. This automation streamlines contractual processes, ensuring compliance and expediting contract completion while minimizing errors stemming from manual intervention. Consequently, there is a significant anticipated demand for advanced contract automation during the forecast period.
Increased Awareness of Efficient Contract Management: The growing recognition of the importance of efficient contract management systems is propelling the CLM software market. Organizations are actively seeking ways to streamline and automate their contract management processes, from initiation to execution, driving demand for contract lifecycle management software solutions.
In terms of deployment type, the cloud-based segment is expected to dominate revenue shares during the forecast period. The cloud-based solutions' popularity stems from their cost-effectiveness, scalability, and enhanced security features, making them a preferred choice for organizations and contributing significantly to segment growth.
North America is anticipated to make the most substantial contribution to overall revenue in the contract lifecycle management software market throughout the forecast period. This is attributed to the region's rapid adoption of new technologies, the presence of major industry players, and a heightened focus on digital transformation and cloud-based technology and applications within regional organizations.
Prominent players in the contract lifecycle management software market include Agiloft, Aviso, Brava Solution, Contract Express, Contract Logix, DocuSign, eOriginal, Exari, Icertis, and SAP. These companies are actively engaged in strategic initiatives such as partnerships, product launches, and acquisitions to fortify their product portfolios and expand their market presence.
The contract lifecycle management software market is intensely competitive, characterized by the presence of numerous major players. These companies are diligently concentrating on improving their products, forming strategic partnerships, and responding to customer demands to gain a competitive edge over their peers. As an illustration, in March 2020, Icertis introduced its Icertis Contract Intelligence (ICI) solution, designed to ensure compliance with GDPR privacy regulations and enable organizations to identify, monitor, and manage sensitive data.
In June 2019, eOriginal, Inc. announced a partnership with Nintex, a process automation firm, facilitating the digital transformation of intricate contract workflows and documents through eOriginal's Digital Transaction Management and Contract Governance Solutions.
In November 2018, Agiloft, Inc. unveiled its new user interface (UI) for its Contract Management Software Solution. This revamped UI offers an enhanced user experience, incorporating new features such as custom reports and dashboards, improved document search and workflow capabilities, and an upgraded collaboration interface.
Report Scope
The global Contract Lifecycle Management Software Market size is projected to hit at USD 6.15 Billion by 2030
The global Contract Lifecycle Management Software Market is projected to grow at a CAGR of 10.25% during the forecast period, 2023-2030.
Report Code :
RL65343
Published on :
Sept 2023
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