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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Contract Lifecycle Management Software Market Size
The global contract lifecycle management software market attained a value of USD 2.40 billion in 2023. The market is expected to grow at a CAGR of 17% between 2024 and 2032 to reach almost USD 9.84 billion by 2032.
Key Takeaways:
- CLM software boosts efficiency by automating and streamlining contract processes across initiation, drafting, workflow management, negotiation, approval, execution, oversight, compliance, and renewal stages.
- CLM software is widely used in BFSI sector. India's vast network of 160,000+ bank branches drive global contract lifecycle management software market growth.
- The presence of 3,09,83,113 enterprises in Europe as reported by Eurostat in 2021 is fuelling the global contract lifecycle management software market.
As per the contract lifecycle management (CLM) software market report, CLM software enhances efficiency by automating and simplifying contract processes across essential stages such as initiation, drafting, workflow management, negotiation, approval, execution, ongoing oversight, compliance within the repository, and contract renewal. Buyers and suppliers benefit from time savings and error reduction by establishing a shared language, utilising core templates, unified terms, and consistent conditions.
The primary goal of most contract management software is to offer improved visibility into corporate spending, enhance efficiency throughout the contract lifecycle, and reduce administrative expenses. For example, contract lifecycle management software is extensively utilised within the BFSI sector. In India, there are over 160,000 bank branches, roughly equating to about 15 branches per 100,000 people, as reported by the National Investment Promotion and Facilitation Agency, thus, boosting the global contract lifecycle management software market growth.
Contract Lifecycle Management Software Market Report Snapshots
Contract Lifecycle Management Software Market Size
Contract Lifecycle Management Software Market Trends
Contract Lifecycle Management Software Companies
Contract Lifecycle Management Software Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The contract lifecycle management software market attained a value of USD 2.40 billion in 2023.
The market is projected to grow at a CAGR of 17% between 2024 and 2032.
The revenue generated in the market is expected to reach USD 9.84 billion in 2032.
The Contract Lifecycle Management (CLM) market benefits from improvements in healthcare, government services, regulatory partnerships, and optimizing tasks related to contracts.
Based on the deployment model, the market is bifurcated into cloud-based and on-premises.
Key players in the industry are Concord Worldwide Inc, Deltek Inc., SAP SE, Conga, Ironclad, Inc., Icertis, DocuSign, Inc., Oracle Corporation, Contracts 365, Inc., Coupa Software Inc., Agiloft Inc., Newgen Software Technologies, and others.
The major market areas include North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
The different types of offerings in the CLM market include licensing and subscriptions and services.
The different enterprises in the market are small and medium-sized enterprises and large enterprises.
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