Global Contract Lifecycle Management Market Growth and Outlook:
Adoption of cloud-based solutions around the world are increasing, especially in small and medium enterprises, eventually supporting the sales of contract level management software at a global level. Economic growth within developing countries such as China and India is complemented by the declining prices of enterprise applications and contract lifecycle management solutions. Mounting digitalization and advancement in telecommunication has facilitated numerous growth opportunities for the CLM market. Thus the market is slated to grow at an impressive growth rate of over 13% during the forecast period.
Integration of technologies such as IoT, machine learning, artificial intelligence, and others are expected to steer development of the contract lifecycle management software market with greater capabilities and improved performance. Market players providing software integration with these technologies have reported enhanced customer satisfaction. Thus, it is expected that, the integration of advanced technologies will create new opportunities for regional vendors during the forecast period.
Global Contract Lifecycle Management Market Analysis by Solution:
The Contract Lifecycle Management (CLM) Software segment is dominating the market and is expected to strengthen its dominance across the forecast period. In terms of value, the CLM software segment is expected to expand at a CAGR of 12.5% during the forecast period. Increasing penetration of cloud based solutions in various developed and developing economies around the globe is driving growth for CLM software segment. The services segment is also expected to register high Y-o-Y growth rates throughout the forecast period.
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Global Contract Lifecycle Management Market Analysis by Business Function:
Adoption of contract lifecycle management software for various business applications is growing with an impressive growth rate of 13% over the forecast period. Contract lifecycle management software for legal and finance business segments shall gain popularity over the forecast period. In terms of revenue, the procurement segment is projected to be the most attractive in the global contract lifecycle management market expanding at a CAGR of 13.2% during the forecast period. The segment is expected to register high Y-o-Y growth rates throughout the forecast period.
Global Contract Lifecycle Management Market Share Analysis by Industry
Government and private sector institutions are anticipated to account for the maximum market share, owing to increasing demand of contract management solutions. Furthermore, the move towards digitalization has also resulted in mounting demand for contract management solutions over the forecast period.
Healthcare & pharmaceutical and IT & Telecom industries collectively accounted for a quarter of the market share. This is on the back of increasing demand for cloud computing services, backed by high concerns over data security. However, BFSI segment is expected to register stellar high Y-o-Y growth rates throughout the forecast period. In terms of value, this segment is expected to expand at a CAGR of 13.5%.
Global Contract Lifecycle Management Market Analysis by Region
North America and Europe were the dominant markets in the contract lifecycle management market in 2019 in terms of sales revenue, backed by increasing number of IT and telecom industry to facilitate development for NGN. In the coming years, countries in North America, such as the U.S. and Canada, are expected to be key markets for sustainable revenue generation from the Contract Lifecycle Management market. The East Asia region is expected to remain a key market in the global Contract Lifecycle Management market due to high adoption of the latest technologies by key industries. Significant market potential exists in countries such as Germany, U.K., China, Japan and France.
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Global Contract Lifecycle Management Market Analysis by Service Providers
Market Players associated with the provision of contract lifecycle management services are focusing on geographical expansion along with the acquisition of regional players to meet increasing demand by key end-users. In May 2019, Coupa Software, a business spending management (BSM) provider, acquired Exari, a leading provider of contract lifecycle management (CLM). The acquisition has opened new avenues for advanced CLM capabilities, including functionality for contract creation, collaboration, and discovery, which enables companies to comprehensively manage the entire contract lifecycle and operationalize their contracts against spending transactions. The acquisition is anticipated to strengthen the company’s vision of enabling businesses to manage all of their business spending comprehensively on the Coupa BSM Platform.
Analyst View Point:
“With the steady growth of the contract lifecycle management software market across developing regions, market participants are diversifying and strengthening their production and distribution base around the globe,” says the Fact.MR analyst.
COVID-19 Impact Insights
The outbreak of COVID-19 has resulted in burgeoning demand for global contract lifecycle management market, as a ripple effect of nation-wide lockdowns and encouragement of work from home by numerous corporations. Remote working arrangements have increased the threat of cyber-attacks, which is why the demand for contract life cycle management software has augmented. Such software helps safeguard virtual systems from possible attacks from hackers. Market participants are adopting a product diversification strategy to enhance their market presence. Moreover, emerging companies are significantly investing on new product development and launches for sustained growth.
Global Contract Lifecycle Management Market: Scope of Report
Fact.MR published an exclusive forecast report for contract lifecycle management market between 2020 and 2030. The foremost objective of this report on contract lifecycle management market is to pitch spearhead insights on market scenario, demand generators and technological advancements in the contract lifecycle management market. Also, the study on contract lifecycle management market addresses key dynamics, which are expected to diversify the sales and future prominence of contract lifecycle management market.
The report on contract lifecycle management market begins with an executive overview in which product definition has been provided. The report further proceeds with taxonomy of contract lifecycle management market elaborating on the key segments. Also, the report outlines visionary insights on dynamics within the contract lifecycle management market including drivers, restraints, opportunities and trends and pricing analysis along with the key buying factors for contract lifecycle management. Supply chain analysis and pricing analysis of contract lifecycle management market along with the difference between contract lifecycle management used as per applications have also been included in the report to help the readers clearly understand the product framework map in contract lifecycle management market.
Contract Lifecycle Management Market- Global Industry Analysis
The recent study by Fact.MR on the Contract Lifecycle Management market offers 10-year forecast from 2020-2030. The study analyzes crucial trends that are currently determining the growth of the Contract Lifecycle Management market. This report explicates on vital dynamics, such as drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the manufacturing of Contract Lifecycle Management. The study also provides dynamics that are expected to influence the future status of the Contract Lifecycle Management market over the forecast period.
A detailed assessment of value chain analysis, business executions, and supply chain analysis across regional markets have been covered in the report. A list of prominent companies operating in the Contract Lifecycle Management market enhance the reliability of this comprehensive research study.
Contract Lifecycle Management Market: Report Summary
The study offers a comprehensive analysis on diverse features including demand, product developments, policy & regulatory landscape, revenue generation, and sales in the Contract Lifecycle Management market across the globe.
A comprehensive estimate on the Contract Lifecycle Management market has also been considered through an optimistic scenario as well as conservative scenario regarding sales of Contract Lifecycle Management in the forecast period. Price point comparison by regions with global average price are also considered in the study.
Contract Lifecycle Management Market Segmentation
Fact.MR has studied the Contract Lifecycle Management market with detailed segmentation on the basis of solution, business function, industry and key regions.
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“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.”
Contract Lifecycle Management Market: Analysis on Market Size Evaluation
The study provides each market segment in terms of value (US$ Mn) analysis in the Contract Lifecycle Management market.
Market estimates at global and regional levels for Contract Lifecycle Management are available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent Contract Lifecycle Management market segments, along with the market attractiveness evaluation have been incorporated in the report. Another key feature of the Contract Lifecycle Management market report is the analysis of all key segments in terms of absolute dollar. Absolute dollar opportunity is critical in assessing the level of opportunity that a manufacturer can look to achieve as well as identify potential resources, from sales and delivery perspectives in the Contract Lifecycle Management market.
Contract Lifecycle Management Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which help deliver projections on regional markets. This chapter include regional macros (political economic, and business environment outlook), which are expected to have a momentous influence on the growth of the Contract Lifecycle Management market during the forecast period.
Country-specific valuations on demand for Contract Lifecycle Management have been offered for each regional market, along with market scope estimates and forecast, price index, and impact analysis of prominence in regions and countries. Regional markets Y-o-Y growth estimates have also incorporated in the report.
Detail breakup in terms of value for emerging countries have also been included in the report.
Contract Lifecycle Management Market: In-depth Analysis on Competitive Landscape
The report sheds light on leading manufacturers of the Contract Lifecycle Management market, along with their detailed profiles. Essential and up-to-date data information related to market players, who are principally engaged in the production of Contract Lifecycle Management, have been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permit report readers to take preemptive steps in advancing their businesses.
Company profiles have been combined in the report, which include essentials such as product portfolios, along with an all-inclusive SWOT analysis on each player. The company presence is mapped and presented through the matrix for all prominent players, thus, providing readers with actionable insights, which help in thoughtfully presenting market status, and predicting competition levels in the Contract Lifecycle Management market. Prominent companies operating in the global Contract Lifecycle Management market include 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.
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Contract Lifecycle Management Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2020 to 2030