What is Contract Life Cycle Management Software Market?
Contract Lifecycle Management (CLM) automates and rationalizes contract processes in key phrases. These phases include initiation, authoring, process and workflow, negotiation and approval, execution, ongoing administration, and compliance (within the repository) and contract renewal. By creating a common language, core templates, uniform terms, and repeatable, consistent conditions, buyers and suppliers save time and reduce errors. Most contract management software provides a better overview of company expenses, more efficient contract processing, and lower administration costs. This is achieved by managing procurement and sales contracts, IP licenses and internal agreements, automating and accelerating the contract lifecycle management from start to finish, standardizing and controlling contract development, strengthening operational, contractual, and official compliance and creating contracts quickly and easily in advance approved templates and legal requirements.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Aaveneir (United States), Agiloft (United States), Apptus (United States), CLM Matrix (United States), CobbleStone Software (United States), Conga (United States), Concord (United States), ContractWorks (United States), ContractsWise (United Kingdom), Coupa (United States), Trackado (Sweden), Determine (United States), DocuSign (United States), IBM (United States), Synertrade (France), SAP Ariba (United States), Icertis (United States), GEP (United States) and HighQ (United Kingdom) |
The market study is being classified by Type (Cloud-Based and On-Premise), by Application (Food and Beverages, Consumer Goods, Retail and E-Commerce, Government and Others) and major geographies with country level break-up..
Aaveneir (United States), Agiloft (United States), Apptus (United States), CLM Matrix (United States), CobbleStone Software (United States), Conga (United States), Concord (United States), ContractWorks (United States), ContractsWise (United Kingdom), Coupa (United States), Trackado (Sweden), Determine (United States), DocuSign (United States), IBM (United States), Synertrade (France), SAP Ariba (United States), Icertis (United States), GEP (United States) and HighQ (United Kingdom) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are JAGGAER (United States) and Zycus (United States).
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Contract Life Cycle Management Software market throughout the forecasted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Contract Life Cycle Management Software market by Type, Application and Region.
On the basis of geography, the market of Contract Life Cycle 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Increasing Demand for Agile Contract Management and Changes in Compliance
- Increased Complexity Owing To Diversity in Sales and Licensing Models
- Efficiency and Transparency in Reporting Mechanisms and Management Controls
- Reduces the Time to Review and Enables Organizations to Identify Loopholes in Their System
Market Trend
- Due to rapid globalization, the requirement for a collaborative approach in handling projects and joint ventures has gained immense significance as it leads to better contract visibility for the concerned parties
Restraints
- Growing Intricacy of Malware Threats
- Presence of Major as Well as Emerging Players are Increasing the Competition
Opportunities
- The Rise in Consent of the Organizations to Ensure Compliance with Acts Implemented By Governing Authorities
- Increasingly Adopting Cloud-Based Systems Owing To Various Benefits
- The Emergence of Analytics in Contract Life Cycle Management
Challenges
Key Target Audience
Providers of Contract Life Cycle Management Software, End-Users, Potential Investors, Market Research Firms, Regulatory Bodies and Others