Contract Lifecycle Management Global Market Report 2024

The contract lifecycle management market size has grown rapidly in recent years. It will grow from $1.34 billion in 2023 to $1.54 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The growth observed in the historical period can be attributed to several factors, including increasingly stringent regulations, enhancements in operational efficiency, expansion of businesses across borders, and advancements in technology.

The contract lifecycle management market size is expected to see rapid growth in the next few years. It will grow to $2.71 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The anticipated growth in the forecast period can be attributed to digital transformation, improved data analytics, cost and efficiency pressures, and integration with enterprise systems. Key trends expected in this period include heightened integration with AI and machine learning, expansion of cloud-based solutions, enhanced data analytics and reporting capabilities, and a heightened focus on security and compliance.

The contract lifecycle management market is poised for growth, driven by the increasing prevalence of remote work arrangements. Remote work refers to employees carrying out their job responsibilities from locations outside the traditional office, such as homes or coworking spaces. This trend is on the rise due to technological advancements, evolving attitudes towards work-life balance, and the need for flexibility and efficiency. Contract lifecycle management plays a crucial role in facilitating remote work by offering a centralized platform for efficient contract creation, collaboration, and management, ensuring smooth operations regardless of employees' locations. For example, a survey conducted in May 2022 among workers in England and Scotland revealed a significant shift towards hybrid work patterns, with a growing number of employees preferring to work primarily from home and occasionally from their regular workplace.

Leading companies in the contract lifecycle management market are intensifying their efforts to develop innovative solutions to stay competitive. Contract lifecycle management applications automate and streamline contract processes within organizations. In January 2024, Panoram, a UK-based software company, introduced Panoram Contracts, a fully integrated contract lifecycle management application with Microsoft 365 (M365). This new application operates seamlessly within Microsoft Teams, Outlook, and Word, leveraging familiar Microsoft apps and security features to simplify contract management.

In May 2022, LexisNexis Legal & Professional, a US-based software company, acquired Parley Pro Inc. to enhance its CounselLink platform. By integrating Parley Pro's contract lifecycle management capabilities, LexisNexis aims to provide in-house attorneys with a comprehensive solution to streamline contract workflows, enhance negotiation processes, and leverage predictive analytics for valuable insights. Parley Pro Inc., a US-based software company, specializes in contract lifecycle management solutions and contract automation software.

Major companies operating in the contract lifecycle management market are Koch Industries Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, Wolters Kluwer N.V., Docusign Inc., Coupa Software, Zycus, JAGGAER, Revitas, Icertis Inc., Nintex, PandaDoc, SirionLabs, ContractPodAi, Onit, Concord Software, Agiloft Inc., Gatekeeper, Ironclad, ContractWorks, CobbleStone Software, Symfact, Ultria, Aavenir, Outlaw, SimpliContract.

North America was the largest region in the contract lifecycle management market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the contract lifecycle management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the contract lifecycle management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Contract lifecycle management (CLM) entails the systematic management of a contract from inception to execution, performance, compliance, and either renewal or expiration. It relies on software to automate and streamline contract-related tasks, ensuring efficiency, mitigating risks, and upholding regulatory compliance throughout the contract's lifecycle.

The primary components of contract lifecycle management encompass software and services. Software refers to digital tools and platforms tailored for managing contracts from creation to execution, renewal, and termination. Deployment options include on-premise and cloud-based solutions, catering to various industries such as healthcare, life sciences, banking, financial services, insurance (BFSI), government, energy, utilities, information technology (IT), telecommunications, legal and compliance, retail, education, among others.

The contract lifecycle management market research report is one of a series of new reports that provides contract lifecycle management market statistics, including the contract lifecycle management industry global market size, regional shares, competitors with the contract lifecycle management market share, detailed contract lifecycle management market segments, market trends, and opportunities, and any further data you may need to thrive in the contract lifecycle management industry. These contract lifecycle management market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The contract lifecycle management market includes revenues earned by entities by providing services such as contract authoring and creation, contract negotiation, and signature renewals and amendments. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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