Global Contract Lifecycle Management (CLM) Software Market Size | Industry Trends Report 2020-2025
According to a new report by IMARC Group, the global contract lifecycle management software market was worth US$ 1.3 Billion in 2019. Looking forward, the market is expected to continue its moderate growth during the next five years. Contract lifecycle management (CLM) software helps in the management of contracts from the point of initiation to the process of renewal. It comprises various steps which include negotiation, contract drafting, approval, compliance and administration, repository, compliance optimization, retrieval, renewal, amendments, and disposition. It helps an organization to proactively address expirations and contract renewals, thereby saving the company from losing business opportunities and allowing them to negotiate in more favorable terms. As a result, it is widely used in the public, healthcare, manufacturing and financial service sectors worldwide. Market Trends: Before the digital era, contracts were written and managed on paper manually. However, the introdu...