Contract Lifecycle Management Market: Business Opportunities, Current Trends, Challenges & Global Industry Analysis & Forecast By 2030
The global contract lifecycle management market is expected to grow 3.5x between 2020 and 2030, with an impressive 13% CAGR. The coronavirus outbreak is likely to generate a number of growth opportunities for contract lifecycle management market players, with the digitization of contracting processes, and the need for analyzing protections associated to business disruptions arising from infectious disease.
“The growing requirement for temporary workers amidst automated technology use by MNCs, and changing consumer demands are critical factors that are likely to continue influencing the contract lifestyle management market through the forecast period,” says the FACT.MR study.
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Contract Lifecycle Management Market- Key Takeaways
- Cloud-based contract lifecycle management solutions are accounting for major revenue share, owing to cost-efficient, seamless integration and simplified interfaces, for loophole analysis.
- Large-scale enterprises are leading adopters of contract lifecycle management solutions, supported sustainability business efforts and incremental savings.
- Asia Pacific is lucrative market for contract lifecycle management, owing largely to growing software spend by large and medium scale enterprises.
Contract Lifecycle Management Market- Driving Factors
- Investments by businesses towards reducing procurement, finance, and legal risks in contracts is the primary driver for market growth.
- Deployment of advanced analytics and artificial intelligence technologies are bolstering adoption rates.
Contract Lifecycle Management Market- Key Restraints
- High costs of contract lifecycle management solutions are restricting the adoption of associated technology, particularly in the public sector.
- Back filing of return on investments is a major challenge for developers in the contract lifecycle management market.
COVID-19 Impact on Contract Lifecycle Management Market
The contract lifecycle management market is expected to witness major growth opportunities during the coronavirus crisis. Tight budgetary, legal, and procurement constraints during the pandemic, and growing requirement for easy access to contract clauses and language are supporting demand, especially in the life sciences and health care sectors. The demand for contract lifecycle management solutions is likely to continue rising even after the pandemic, supported by sustained increases by enterprises towards relevant software.
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Competitive Landscape
Apttuss Corp., Exari Coupa Software Inc., Agiloft Inc., Infor, Ivalua Inc., Newgen Software, Corcentric LLC, SAP SE, Synertrade, Infosys Ltd., Model N Inc., and Information Services Group are some of the leading contract lifecycle management market players.
Leading participants in the contract lifecycle management market have been investing increasingly towards product development and launch endeavors including the integration of new tech.
For example, Zycus has unveiled Zycus CLM Connect, a contract lifecycle management platform for direct management from the company’s Salesforce app. SirionLabs has revealed a number of artificial intelligence updates that are awaiting patents for contract lifecycle management applications. Agiloft Inc.,has revealed the receipt of US$ 45 million funding for automation of contract procurement and management solutions.
About the Report
This study offers readers a comprehensive market forecast of the contract lifecycle management market. Global, regional and country-level analysis of the latest industry trends impacting the contract lifecycle management market is covered in this FACT.MR study. The report offers insights on the contract lifecycle management market on the basis of mode of solution (CLM Software, services, professional, risk & compliance management, implementation and integration, support & maintenance, and managed), business function (legal, finance, procurement, sales, operations, human resource, and information technology) and industry (BFSI, IT & telecom, govt & public sector, energy & utilities, manufacturing, healthcare & pharmaceuticals, life science, retail, real estate, and others), across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, and MEA).
Media Release: https://www.factmr.com/media-release/1583/global-contract-lifecycle-management-market