LATAM contract lifecycle management (CLM) market is likely to grow at a CAGR of 10.66% over the forecast period, i.e., 2023-2035. The market generated a revenue of around USD 160 Million at the end of 2022. Moreover, the market is expected to produce revenue worth nearly USD 600 Million by the end of 2035. Market growth is majorly credited to higher foreign trade and the growing usage of artificial intelligence. Professionals from UNESCO and MIT collaborated to promote artificial intelligence in Latin America. In order to encourage the deployment of AI research efforts in those regions, this initiative brings together experts from governments, universities, enterprises, and NGOs from all around Latin America and the Caribbean. Moreover, Brazil shipped goods of USD 90 billion to China in 2022. In addition, OEC trade figures show that Brazil exported USD 241 million to Russia in December 2021 and bought USD 736 million from them in December 2022. Furthermore, higher use of natural language processing and a growing rate of employment is also expected to augment the market growth. In the second half of 2021, Latin America boosted their hiring by nearly 286% in the IT sectors.
The risk of security breaches that may bring vulnerabilities to the privacy of the sensitive data of the contract, growing cyber attacks on the cloud-based CLM solution and lack of enough budget for implementation the software, are the few factors that are expected to impede the market growth.
The LATAM contract lifecycle management (CLM) market is segmented by solution, business function, deployment, end user, and enterprise size. On the basis of business function market is further fragmented into legal, finance, procurement, sales, operations, human resources, and information technology. The legal segment is anticipated to garner the highest revenue of around USD 130 Million by the end of 2035. Additionally, the segment brought in USD 40 million in sales in 2022. This growth is on the account of the rise in the number of startups in the region that boosts the demand for legal contracts for the peaceful functioning of the company. The segment is to grow at a CAGR of over 10% over the forecast period.
On the basis of region, LATAM contract lifecycle management (CLM) market is analyzed by the markets of Brazil, Mexico, Argentina, Peru, Colombia, Chile, Rest of Latin America. The market in Brazil collected the highest revenue of about USD 60 Million in 2022. By the end of 2035, it is estimated to garner a revenue of around USD 300 million, by growing at a CAGR of approximately 12% over the forecast period. Factors such as higher bilateral trade of Brazil with other countries and increased use of AI technology in the business is expected to boost the market growth in the region.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the LATAM contract lifecycle management (CLM) market that are included in our report are Invent Software, Infror, Wolters Kluwer N.V., Oracle, Agiloft Inc., IBM Corporation, Coupa Software Inc., SAP SE, and DocuSign, Inc.
The risk of security breaches that may bring vulnerabilities to the privacy of the sensitive data of the contract, growing cyber attacks on the cloud-based CLM solution and lack of enough budget for implementation the software, are the few factors that are expected to impede the market growth.
The LATAM contract lifecycle management (CLM) market is segmented by solution, business function, deployment, end user, and enterprise size. On the basis of business function market is further fragmented into legal, finance, procurement, sales, operations, human resources, and information technology. The legal segment is anticipated to garner the highest revenue of around USD 130 Million by the end of 2035. Additionally, the segment brought in USD 40 million in sales in 2022. This growth is on the account of the rise in the number of startups in the region that boosts the demand for legal contracts for the peaceful functioning of the company. The segment is to grow at a CAGR of over 10% over the forecast period.
On the basis of region, LATAM contract lifecycle management (CLM) market is analyzed by the markets of Brazil, Mexico, Argentina, Peru, Colombia, Chile, Rest of Latin America. The market in Brazil collected the highest revenue of about USD 60 Million in 2022. By the end of 2035, it is estimated to garner a revenue of around USD 300 million, by growing at a CAGR of approximately 12% over the forecast period. Factors such as higher bilateral trade of Brazil with other countries and increased use of AI technology in the business is expected to boost the market growth in the region.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the LATAM contract lifecycle management (CLM) market that are included in our report are Invent Software, Infror, Wolters Kluwer N.V., Oracle, Agiloft Inc., IBM Corporation, Coupa Software Inc., SAP SE, and DocuSign, Inc.
Table of Contents
1. An Outline of the LATAM Contract Lifecycle Management (CLM) Market
3. Research Methodology & Approach
5. Forces of Market Constituents
25. Competitive Model: A Detailed Inside View for Investors
26. LATAM Contract Lifecycle Management (CLM) Market, Outlook & Projections, Opportunity Assessment, 2022 to 2035
27. Brazil Contract Lifecycle Management (CLM) Market, Outlook & Projections, Opportunity Assessment, 2022 to 2035
28. Mexico Contract Lifecycle Management (CLM) Market, Outlook & Projections, Opportunity Assessment, 2022 to 2035
29. Argentina Contract Lifecycle Management (CLM) Market, Outlook & Projections, Opportunity Assessment, 2022 to 2035
30. Peru Contract Lifecycle Management (CLM) Market, Outlook & Projections, Opportunity Assessment, 2022 to 2035
31. Colombia Contract Lifecycle Management (CLM) Market, Outlook & Projections, Opportunity Assessment, 2022 to 2035
32. Chile Contract Lifecycle Management (CLM) Market, Outlook & Projections, Opportunity Assessment, 2022 to 2035
33. Rest of LATAM Contract Lifecycle Management (CLM) Market, Outlook & Projections, Opportunity Assessment, 2022 to 2035
Companies Mentioned
- Invent Software
- Infror
- Wolters Kluwer N.V.
- Oracle
- Agiloft Inc.
- IBM Corporation
- Coupa Software Inc.
- SAP SE
- DocuSign Inc.
