Contract Lifecycle Management Market Opportunities and Strategies to 2033

This report describes and explains the contract lifecycle management market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global contract lifecycle management market reached a value of nearly $1.33 billion in 2023, having grown at a compound annual growth rate (CAGR) of 12.31% since 2018. The market is expected to grow from $1.33 billion in 2023 to $2.56 billion in 2028 at a rate of 13.88%. The market is then expected to grow at a CAGR of 13.53% from 2028 and reach $4.83 billion in 2033.

Growth in the historic period resulted from the increased prevalence of remote work arrangements, expanding globalization of supply chains, rising demand for luxury and personalized services and increasing industrialization. Factors that negatively affected growth in the historic period include high costs associated with implementing contract lifecycle management solutions.

Going forward, the rising urbanization, growing trend of outsourcing personal tasks and increasing awareness of time management benefits will drive the market. Factors that could hinder the growth of the contract lifecycle management market in the future include the limited availability of skilled personnel.

The contract lifecycle management market is segmented by component into software and services. The software market was the largest segment of the contract lifecycle management market segmented by component, accounting for 73.23% or $980.5 million of the total in 2023. Going forward, the services segment is expected to be the fastest growing segment in the contract lifecycle management market segmented by component, at a CAGR of 14.33% during 2023-2028.

The contract lifecycle management market is segmented by deployment into on-premise and cloud-based. The cloud-based market was the largest segment of the contract lifecycle management market segmented by deployment, accounting for 66.99% or $896.91 million of the total in 2023. Going forward, the cloud-based segment is expected to be the fastest growing segment in the contract lifecycle management market segmented by deployment, at a CAGR of 14.64% during 2023-2028.

The contract lifecycle management market is segmented by industry into healthcare and life sciences, banking, financial services and insurance (BFSI), government, energy and utilities, information technology and telecommunications, legal and compliance, retail and other industries. The banking, financial services and insurance (BFSI) market was the largest segment of the contract lifecycle management market segmented by industry, accounting for 21.88% or $293.02 million of the total in 2023. Going forward, the banking, financial services and insurance (BFSI) segment is expected to be the fastest growing segment in the contract lifecycle management market segmented by industry, at a CAGR of 15.74% during 2023-2028.

North America was the largest region in the contract lifecycle management market, accounting for 37.35% or $500.05 million of the total in 2023. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the contract lifecycle management market will be Asia-Pacific and Africa, where growth will be at CAGRs of 16.93% and 16.00% respectively. These will be followed by the Middle East and South America, where the markets are expected to grow at CAGRs of 15.46% and 14.48% respectively.

The global contract lifecycle management market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 82.72% of the total market in 2023. Icertis was the largest competitor with a 31.78% share of the market, followed by SirionLabs with 12.08%, Conga (Apttus Corporation) with 9.90%, DocuSign Inc. with 5.16%, GEP with 4.85%, Coupa Software Incorporated with 4.33%, Zycus Inc. with 4.27%, Agiloft Inc. with 4.08%, Evisort Inc. with 3.14% and LinkSquares with 3.14%.

The top opportunities in the contract lifecycle management market segmented by component will arise in the software segment, which will gain $883.7 million of global annual sales by 2028. The top opportunities in the contract lifecycle management market segmented by deployment will arise in the cloud-based segment, which will gain $879.17 million of global annual sales by 2028. The top opportunities in the contract lifecycle management market segmented by industry will arise in the banking, financial services and insurance (BFSI) segment, which will gain $315.45 million of global annual sales by 2028. The contract lifecycle management market size will gain the most in the USA at $315.53 million.

Market-trend-based strategies for the contract lifecycle management market include focus on developing innovative solutions, such as blockchain-enabled solutions to gain a competitive edge in the market, developing contract management functionalities with advanced capabilities, developing new contract lifecycle management applications to automate, streamline and manage the entire lifecycle of contracts within an organization and developing contract management solutions that comply with government regulations.

Player-adopted strategies in the contract lifecycle management market include focus on strengthening business operations through strategic partnerships and strategic acquisitions, strengthening business operations through new product developments and expanding operational capabilities through new product solutions.

To take advantage of the opportunities, the analyst recommends the contract lifecycle management companies to focus on innovative blockchain solutions, focus on advanced contract management technologies, focus on integration with existing platforms, focus on compliance integration in contract management solutions, focus on the fastest-growing services segment, expand in emerging markets, continue to focus on developed markets, focus on strategic pricing models, focus on effective digital campaigns, focus on strategic partnerships and focus on healthcare and life sciences verticals.