Contract Lifecycle Management Software Market Report and Forecast 2023-2028

According to the report, the global contract lifecycle management software market attained a value of USD 2047.75 million in 2022. Aided by the growing need for efficient contract management across various industries, the market is projected to further grow at a CAGR of 17.0% between 2023 and 2028 to reach a value of USD 5243.78 million by 2028.

Contract lifecycle management (CLM) software refers to a comprehensive solution that assists organisations in managing their contracts throughout their lifecycle, from initiation to renewal or termination. CLM software streamlines the contract creation process, automates approval workflows, and ensures compliance with regulatory requirements. It also helps organisations track and monitor contract performance, identify potential risks, and optimise their contract management processes.

The growing need for efficient contract management across various industries is driving the global contract lifecycle management software market growth. CLM software helps organisations centralise contract data, automate approval workflows, and track contract milestones, enabling them to save time, reduce errors, and minimise risks associated with manual contract management.

The increasing adoption of cloud-based solutions is another key factor propelling the growth of the contract lifecycle management software market. Cloud-based CLM software offers several benefits, such as easy accessibility, scalability, and cost-effectiveness, making it an attractive option for organisations of all sizes. As more organisations migrate their contract management processes to the cloud, the demand for cloud-based CLM software is expected to surge.

Moreover, the growing focus on regulatory compliance and risk management is further fuelling the contract lifecycle management software market development. CLM software helps organisations maintain contract compliance by providing real-time visibility into contract terms and conditions, automating compliance checks, and generating compliance reports.

Additionally, the increasing demand for CLM software in the healthcare sector is positively impacting the contract lifecycle management software market. Healthcare organisations deal with a vast number of contracts, including those related to patient care, insurance, and vendor agreements. CLM software helps healthcare organisations streamline contract management processes, ensuring compliance with industry-specific regulations and improving overall operational efficiency.

Market Segmentation

The market can be divided based on deployment model, CLM offerings, enterprise size, industry, and region.

Market Breakup by Deployment Model

• Cloud-Based
• On-Premises

Market Breakup by CLM Offerings

• Licensing and Subscription
• Services

Market Breakup by Enterprise Size

• Large Enterprise
• Small and Medium Enterprise

Market Breakup by Industry

• Automotive
• Electrical and Electronics
• Pharmaceutical
• Retail and E-commerce
• Manufacturing
• BFSI
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global contract lifecycle management software companies. Some of the major key players explored in the report are as follows:

• SAP SE
• DocuSign
• Coupa Software Inc
• Agiloft Inc
• Icertis
• Others

*The publisher always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.