About Contract Lifecycle Management Software
Contract lifecycle management (CLM) software assists in efficiently managing the complete process of a contract signed between two or more organizations. It comprises of eight vital steps: contract drafting, negotiation, approval, compliance and administration, repository, compliance optimization, retrieval, and renewal, amendments and disposition. Contract lifecycle management (CLM) is the management of an organization's contracts from initiation through execution, performance and renewal/expiry. Effective and proactive contract lifecycle management is achieved through the use of contract lifecycle management software.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future. Players are anticipated to focus on the development of new technology, which is likely to encourage the growth of the global market throughout the forecast period. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Contract Lifecycle Management Software market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
SAP SE (SAP) (Germany), Coupa Software (United States), Icertis (United States), Infor (United States), CLM Matrix (United States), IBM Emptoris (United States), Jaggaer (United States), Contract Logix, LLC (United States), Determine (United States) and EASY SOFTWARE AG (Germany) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are ESM Solutions, Great Minds Software, Ivalua and Optimus BT.
Segmentation Overview
AMA Research has segmented the market of Global Contract Lifecycle Management Software market by , Application (Automotive, Electrical and Electronics, Pharmaceutical, Retail and E-commerce, Manufacturing, BFSI and Others) and Region.
On the basis of geography, the market of Contract Lifecycle Management Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Deployment Mode, the sub-segment i.e. On-Premise will boost the Contract Lifecycle Management Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by CLM Offerings, the sub-segment i.e. Licensing and Subscription will boost the Contract Lifecycle Management Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Enterprise Size, the sub-segment i.e. SMEs will boost the Contract Lifecycle Management Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Complexity Due to Diversity in Sales and Licensing Models
Market Growth Drivers:
Emergence of Cloud-Based CLM Software and Changing Legal Compliance's Driving the Adoption of Contract Life-cycle Management Software
Challenges:
Back Filing is Hampering the Adoption of Contract Life cycle Management
Restraints:
Lack of Skilled Manpower and Increased Threat of Cyber attacks
Opportunities:
Increasing Demand for Smart Contracts and Automation of Contract Life-cycle Management Process Using AI and Ml
Market Leaders and their expansionary development strategies
In May 2019, Coupa completed the acquisition of one of the leading contract management players, Exari. This acquisition enhanced Coupa’s contract management solution capabilities. Some of the enhanced capabilities of Coupa’s contract management offerings are functionality for contract creation, collaboration, and discovery
Key Target Audience
Contract Life-cycle Management Software Providers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.