Worldwide Contract Lifecycle Management Market Size Is Estimated To Be Valued At US$ 845 Million In 2022

Technology

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.

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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

“Machine learning, artificial intelligence, bots, contract lifecycle management, and sophisticated analytics are being used by enterprises to enhance workforce management, widening prospects for CLM solutions,” says a Fact.MR analyst.

Key Segments Covered in Contract Lifecycle Management Industry Report

  • By Solution

    • CLM Software
    • Contract Lifecycle Management Services
    • Professional Contract Lifecycle Management
    • Contract Lifecycle Risk & Compliance Assessment
    • Contract Lifecycle Implementation & Integration
    • Contract Lifecycle Support & Maintenance
    • Managed Contract Lifecycle Management
  • By Business Function

    • CLM for Legal Functions
    • CLM for Finance
    • CLM for Procurement
    • CLM for Sales
    • CLM for Operations
    • CLM for Human Resource
    • CLM for Information Technology
  • By Industry

    • CLM for BFSI
    • CLM for IT & Telecom
    • CLM for Govt. & Public Sector
    • CLM for Energy & Utilities
    • CLM for Manufacturing
    • CLM for Healthcare & Pharmaceutical
    • CLM for Life Sciences
    • CLM for Retail Industry
    • CLM for Real Estate
    • CLM for Other Industries

Competitive Landscape

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.

 

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