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Contract Lifecycle Management Market

1/3rd of Contract Lifecycle Management Revenue to be Generated by Govt. & Public Sector Industry, Projects Fact.MR

Published : 18 Jan 2022 Industry: 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.

Furthermore, the integration of technologies such as IoT, machine learning, artificial intelligence, and others will result in the creation of a contract lifecycle management software market with higher capabilities and performance. Numerous financial, government, educational, and private sector entities have raised their need for global contract lifecycle management solutions as a result of the COVID-19 outbreak.

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.

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.

More Insights Available

Fact.MR, in its new offering, presents an unbiased analysis of the global contract lifecycle management market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.

The study indulges essential insights on the market on the basis of solution (CLM software, services, professional, risk & compliance assessment, implementation & integration, support & maintenance and managed), business function (legal, finance, procurement, sales, operations, human resource and information technology) and industry (BFSI, IT & telecom, govt. & public sector, energy & utilities, manufacturing, healthcare & pharmaceutical, life sciences, retail, real estate and others) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).

Fact.MR’s Domain Knowledge in Technology

Our ICT consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the ICT sector. Our expertise in recognizing the challenges and trends impacting the global ICT industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.

For more information, refer to our market research report or contact the PR author.

Santosh Kumar

Fact.MR

Sr. Consultant – ICT

E-mail: santosh@factmr.com

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Contract Lifecycle Management Market

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Contract Lifecycle Management Market Analysis by Solution (CLM Software, Services, Management, Support & Maintenance), by Business Function (Legal Functions, Finance, Procurement, Sales, Operations), by Industry & Regional Forecast 2022-2032