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.
Before the digital era, contracts were written and managed on paper manually. However, the introduction of CLM software has helped organizations in maintaining a record of dates, prices and information about internal as well as external entities. The application provides efficiency and transparency in the reporting mechanism which enables organizations to rectify loopholes in their system and flag problematic contracts before they are executed. It also allows lawyers to access the archive of similar agreements to utilize them for reference purposes. In addition to this, it helps organizations in ensuring compliance with regulations introduced by the governing bodies. As the cost of non-compliance is high, several companies are now relying on these applications to reduce the chances of incurring the penalties.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Contract Lifecycle Management Software Market 2020-2025 Analysis and Segmentation:
Insights on Market Segmentation:
Market Segmentation by Deployment Model:
Market Segmentation by CLM Offerings:
1. Licensing and Subscription
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Market Segmentation by Enterprise Size:
1. Large Enterprise
2. Small and Medium Enterprise
Market Segmentation by Industry:
2. Electrical and Electronics
4. Retail and E-commerce
Market Segmentation by Region:
1. North America
3. Asia Pacific
4. Middle East and Africa
5. Latin America
The competitive landscape of the market has also been examined with some of the key players being SAP, Zycus Icertis, Infor, CLM Matrix, IBM Emptoris, BravoSolution, Contracked, Contract Logix, Coupa Software, Determine, Easy Software, ESM Solutions, Great Minds Software, Ivalua, Optimus BT, Oracle, Symfact, SpringCM and Newgen Software.
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