What is Contract Lifecycle Management Market?
Contracts are required in every business for buy side, sell side, employees, consultants and services. A contract Life cycle Management is implemented for improving cost saving and efficiency. It is a management of contract through award, compliance and renewal. Furthermore, it helps to automate the business processes. The steps include Capture, Track, Author, Create, Approve, Negotiate, Sign and Analyse. With the contract management it becomes easier to standardise the terms and conditions. Hence there is high demand for the contract life cycle management in organisations.
The market study is being classified by Type (Cloud based and On-premises), by Application (Attorneys, Paralegals, Procurement Professionals, Sales Operations Professionals and Other) and major geographies with country level break-up.
SAP (Germany), Agiloft (United States), IBM (United States), CobbleStone Systems (United States), Accelo (United States), Ultria (United States), ManageEngine (United States), CallidusCloud (United States), Contract Logix (United States) and Concord (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Octiv (United States), SpringCM (United States) and ContractZen (Finland).
Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Contract Lifecycle Management market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Contract Lifecycle Management market by Type, Application and Region.
On the basis of geography, the market of Contract Lifecycle Management 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 Need for Implementation of Automated Processes
- Minimization of Infrastructural Investments Related to Contract Management
Market Trend
- Rising Investments in Contract Lifecycle Management
- Adoption of Cloud Technology is Boosting the Growth of the Market
Restraints
- High Costs Associated with the Service
Opportunities
- Rising Demand of Automated Systems in Developing Countries
- Globalization Leading to Increasing the Complexity of the Contracts
Challenges
- High Competition Due to the Presence of Major Players
- Issues Related to the Loss of Service Control and time delay
Market Leaders and some development strategies
In 2019, Coupa Software, a leader in business spend management (BSM), announced that it has completed the acquisition of Exari, a leading provider of contract lifecycle management (CLM).
Key Target Audience
Manufacturers, Raw Material Suppliers, Distributors and Traders, Research Organisations, Government Agencies and Organisations