The term contract lifecycle management (CLM) refers to all of the tasks necessary to oversee a contract from inception to conclusion. This also includes customer contact management, configuration, pricing, quotes, invoicing, and revenue recognition.
In comparison to US$ 1,189.4 million in 2023, the worldwide contract lifecycle management market is anticipated to reach US$ 3,771.7 million by 2033. The market is anticipated to grow at a CAGR of 12.2% from 2023 to 2033.
The demand for contract lifecycle management systems will also continue to be driven by the usage of cutting-edge technologies like IoT, AI, and machine learning. Due to their focus on legal and regulatory compliance, contract lifecycle management systems will become more popular in 2023 and beyond.
Globally, corporations are converting from conventional production to digital manufacturing and applying cutting-edge technology, and industries are becoming more digitalized. Due to the rapid use of cutting-edge technology, sales of contract lifecycle management solutions are anticipated to rise dramatically over the next 10 years.
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The FMI analysis predicts that from 2023 to 2032, the usage of contract lifecycle management systems for procurement business processes will present a total incremental potential valued at around US$ 3771.7 Million. The software sector has maintained its market dominance throughout the forecast period, according to the contract lifecycle management market research analysis.
Professional services revenue is anticipated to increase in sectors where contract lifecycle management technologies are widely deployed. Demand for professional services would primarily be driven by the growing demand for the risk & compliance assessment and implementation & integration services offered under this segment.
Contract Lifecycle Management Market Players to Double their Investments in Europe & East Asia
Rapid developments in new technologies such as hybrid cloud-based contract lifecycle management solutions, have made access to new markets easier and cost-effective. With the help of such contract lifecycle management solutions, one can manage contracts in real-time, providing more visibility, choice, and control over the cloud, electronic repository, and other infrastructure, finds the report.
Moreover, the economic growth of developing countries, such as Germany, France, China, and India, is complemented by the declining prices of enterprise applications and contract lifecycle management solutions in these regions. Thus, according to the study, the leading players of the contract lifecycle management market will double their investments in these regions.
FMI’s business intelligence also highlights trend-setting insights into the competitive scenario of the contract lifecycle management market along with differential strategies followed by the solution providers. Leading players in the contract lifecycle management market are providing cloud-based solutions integrated with advanced technologies, as cloud-based contract lifecycle management solution makes it an ideal, paperless way to share all the contracts with only the people they deem necessary.
For instance, in May 2018, Apttus launched Apttus Omni, a contract lifecycle management solution that can benefit business outcomes for enterprises by improving the efficiency of revenue, contract, and procurement operations across legal, sales, finance, operations, and other functional groups.
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Competitive Landscape
Contract lifecycle management key providers have focused on acquiring companies, which serve as catalysts to organic growth by adding complementary technology, expanding served market, and helping in enhancing domain expertise or market access. Through this business strategy, the key providers serve to expand its market and strengthen its competitive differentiations.
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Contract Lifecycle Management Market Outlook By Category
By Solution, Contract Lifecycle Management Market is segmented as:
By Business Function, Contract Lifecycle Management Market is segmented as:
By Industry, Contract Lifecycle Management Market is segmented as:
By Region, Contract Lifecycle Management Market is segmented as:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Contract Lifecycle Management Market review , outlook , forecast , demand , size , share , key trends , analysis , Research , overview
Jun 05, 2023
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