Contract Lifecycle Management Software Market Size, Share, Price, Trends, Growth, Analysis, Report, Forecast 2022-2027
Global contract lifecycle management software market is expected to grow at a CAGR of 16.9% during the forecast period 2022-2027
WYOMING, UNITED STATES, Oct. 6, 2022 /EINPresswire.com/ — Expert Market Research’s new report “Global Contract Lifecycle Management Software Market Size Report and Forecast 2022-2027” provides an in-depth analysis of the global contract lifecycle management software market. contract lifecycle management software, assessing the market based on its segments such as deployment models, CLM offerings, company size, industries and major regions.
Contract Lifecycle Management Software Market Size, Trends, Industry Report, Key Player, Major Segments and Forecast
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Key highlights of the report include:
Market Overview (2017-2027)
Forecast CAGR (2022-2027): 16.9%
There is a growing application of contract lifecycle management software in the BFSI sector. This is due to the rapid digital transformation of banks, the growing penetration of AI and automation in financial institutions, and growing concerns about the risk of cheating caused by manual contract management. These factors are driving the growth of the contract lifecycle management software market.
Additionally, contract lifecycle management software brings visibility into contracts, which saves time and enhances customer security, thereby increasing the company’s reputation. This factor is expected to propel the growth of the contract lifecycle management software market over the forecast period.
Geographically, North America accounts for a large share of the market owing to the strong presence of major cloud-based technology vendors.
Contract Lifecycle Management Software industry definition and major segments
Contract lifecycle management software refers to a type of software used by companies to take control of company contracts and to reduce manual work. With this software, a company can create, negotiate, sign, renew or analyze a contract in order to avoid fraud or discrepancies.
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Based on deployment model, the market can be segmented into:
On the site
The market can be divided based on CLM offerings into:
License and subscription
On the basis of company size, the market is segmented into:
Small and medium-sized enterprise
The market can be broadly categorized based on industry into:
Electrical and Electronic
Retail and e-commerce
Regional contract lifecycle management software markets include:
Middle East and Africa
Contract Lifecycle Management Software Market Trends
Major trends in the contract lifecycle management software market include technological advancements and increasing investments by various industries such as automotive and manufacturing towards automation, to improve business profitability.
Meanwhile, industries such as pharmaceuticals frequently deal with medical professionals, suppliers and directly influence the health of the public. Hence, this industry is expected to witness an increase in the demand for contract lifecycle management software in the coming years.
Additionally, the growing adoption of cloud-based contract software by medium and large enterprises is likely to be a crucial trend in the market.
Main market players
Key players in the contract lifecycle management software market include SAP SE, DocuSign, Coupa Software Inc., Agiloft Inc., and Icertis, among others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest market updates along with their impact on the market. It also analyzes market demand, along with its price and demand indicators. The report also tracks the market based on SWOT and Porter’s Five Forces models.
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