Contract Lifecycle Management Market Size Estimation 2019 | Technological Advancement, Regional Analysis and Forecast to 2025
Category: #headlines  By Partha Ray  Date: 2019-12-17
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Contract Lifecycle Management Market Size Estimation 2019 | Technological Advancement, Regional Analysis and Forecast to 2025

The cloud-based deployment Model of contract lifecycle management market is estimated to grow at a significant CAGR over the forecast timeline. The market growth is attributed to the growing demand for CLM solutions among enterprises across various sectors to enable dynamic workflow approvals, reduce the time to review task activity, and reduce overall costs for enterprises. Additionally, it offers seamless integration with contract lifecycle management systems and easy-to-use interface, enabling enterprises to identify loopholes in the system.

The large enterprises are anticipated to hold a significant market share in the contract lifecycle management market over the forecast timeline due to the growing demand for compliance monitoring and end-to-end visibility among large enterprises. Large enterprises are integrating contract data into order management, purchasing, and invoicing systems to enhance automated contract compliance.

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The CLM market players are deploying advanced technologies, such as AI and advanced analytics, on digitized data to transform contracts from static documents into live contracts that are anticipated to interact with surrounding systems, humans, and other contracts. The market players are investing heavily in research & development to enhance the capabilities of contract lifecycle management software to cater to several business needs and decision making.

The contract lifecycle management market players are focusing on strategic acquisitions, mergers, and collaborations to further enhance the capabilities of their software and expand the customer base. For instance, in May 2019, Coupa Software acquired Exari that provides contract lifecycle management (CLM). This acquisition extends the Coupa Contract Management solution with advanced CLM capabilities, including the functionality for collaboration, contract creation, and discovery, enabling the companies to comprehensively manage the entire contract lifecycle and optimize client transactions.

The prominent contract lifecycle management market players are CLM Matrix, Contract Logix, LLC, Coupa Software Inc., Determine (Corcentric, LLC), IBM Corporation, Icertis, Infor, Ivalua Inc., Jaggaer, Newgen Software Technologies Limited, Optimus BT, Inc., Oracle Corporation, SAP SE, SpringCM, Symfact, and Zycus Inc.

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The rising need to reduce, eliminate, or mitigate risks related to legality, financing, and procurement is driving the contract lifecycle management market growth. Additionally, CLM software allows users to maintain documentation related to pricing, dates, and information regarding internal & external entities involved and signatories. The growing demand for a central repository for efficient contract lifecycle management software among enterprises across various sectors is proliferating the CLM market growth.

North America held a major share in 2018 and is expected to hold a dominant market share in the CLM market. The market growth is attributed to the presence of prominent market players in the region. Additionally, major players of various sectors are present in the region and are rapidly deploying contract lifecycle management, maximizing their profit margins during strategic alliances.

The Asia Pacific contract lifecycle management market is expected to grow significantly due to the evolving business operation methods and increasing software spending among enterprises present in the region. The prominent enterprises and new entrants in various sectors are rapidly adopting contract lifecycle management, reducing manual methods, and improving operational efficiency of businesses.

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About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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