Contract Lifecycle Management System Market Size, Share, Growth, and Industry Analysis, By Type (Portable Type and Desktop Type), By Application (Petrochemical, Automotive, Aerospace, Service, Healthcare, Chemicals and Advanced Materials, and Others) Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

Contract Lifecycle Management System Market Report Overview

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The global contract lifecycle management system market size was USD 1812.7 million in 2021 and is projected to touch USD 7745.9 million by 2031, exhibiting a CAGR of 15.5% during the forecast period.

A contract lifecycle management system's objective is to automate and simplify contract procedures at crucial points, such as authoring, process and workflow, ongoing management, negotiation and approval, execution, contract renewal, and contract initiation. The integration of this system with e-signature tools results in the creation of a user-friendly and secure central contract repository. As well as sending email reminders and other warnings, it also offers contract analytics and reporting. Currently, it is widely utilized to reduce infrastructure investments related to contract administration and increase profitability in a variety of end sectors, including automotive, electronics, healthcare, and e-commerce.

COVID-19 Impact:  Pandemic initiates remote work to stable market growth globally

The global COVID-19 pandemic has been unprecedented and staggering; with the contract lifecycle management system market. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The global contract lifecycle management market has confronted adverse consequences during the COVID-19 outbreak, including the world’s economy got a slowdown in the entire business industry. Mainly, owing to the international lockdown, the suspension of business operations has compelled organizations to review their legitimate businesses with contractors, customers, and insurers to work remotely. Resulted, it delayed the global contract lifecycle management market utterly. 

LATEST TRENDS 

"Increasing the Enactment CLM Technology Inflate Market Scope"

The cloud-based software is an ongoing trend among the (SMEs) small & medium scale enterprises. Due to its advanced feature which consents to self-service contract creation, manages templates and pre-approved alternative clauses, and provides real-time collaboration for a quicker contract reversal. It includes eight dynamic ladders for instance contract drafting, negotiation, approval, compliance and administration, repository, compliance optimization, retrieval, renewal, amendments, and disposition. Lately, the rising business operation intricacy denotes the driving factors, for example, implementation of the CLM system to decrease the risk factor, a better strategy for a better obedience management framework, developing of the consumers’ experience, and so on.

Contract Lifecycle Management System Market Segmentation

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• By Type

Based on type, the market is distributed into Cloud-based, On-premise.

• By Application

Based on application, the market is divided into BFSI, Manufacturing, Real Estate, Automotive, Pharmaceuticals & Healthcare, IT &Telecom, Retail, Government, and Others.

DRIVING FACTORS

"Significant Use of CLM technology Drive the Market Growth"

One of the main driving factors is its features which include the blend of artificial intelligence, the internet of things, machine learning, and voice activation features to deliver high precision and proficiency and eliminate the risks related to contract failure.

"Improve transparency of the Contract for Contractors Expand Market Progress "

Another driving factor is coordination in partnership in project management due to globalisation, which has improved the contractual transparency for all business partners. To adhere to faster modifications in their fields, industries are enhancing wide-ranging alliances, and are anticipated to offer profitable evolution opportunities to key market players functioning in the industry.

RESTRAINING FACTORS

"Risk of trailing company’s status to Limit Market Growth "

As the contract lifecycle management system is easily available and any company; Customer, business associate, and government entity can avail of its service. However, there is no certain option in CLM which fits for all companies, as a result, companies or organisations may face reputation damage from any slight CLM errors. For that reason, contract performances should be scrutinized from time to time. Hence, this factor can restrict the global contract lifecycle management system market growth.

Contract Lifecycle Management System Market Regional Insights

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"Expansion of Top Companies in North America expands market growth in the region "

The global contract lifecycle management system market share is mainly is led by North America. One of the major aspects is the presence of top key players in the region. North America is prevalent which provides greater opportunities for contract management solution providers. With the help of its, clear & simple policies, applying simple technologies, supportive laws, and so on encourage the contractual management system solutions in this region. Thus, these aspects are projected to provide flattering conditions for the growth of the global contract management system market in the future.

KEY INDUSTRY PLAYERS

"Advanced System development & Security to strengthen market evolution"

The key players have maintained an extensive position in the global contract management system market. A number of companies such as SAP, IBM, Oracle, DocuSign, Coupa, Model N, Apttus, Icertis, Conga, Aurigo, Determine, Concord, Optimus BT, Agiloft, Ultria, ContractRoom, ContractWorks, Cobble Stone and other distinguished companies performing the main role in the contract lifecycle management system market.

The key players keep investing in technological advancement, innovative solutions, investment in R&D, and implementing CLM systems in various business industries. Also, top key players retain the largest global contract lifecycle management system market growth. In addition, in 2018, Coupa invested around 62 million USD or 23.7% of Coupa’s annual revenue in research & development. Coupa, Apptus, and Docusign are U.S based companies that lead the largest market shares and are projected to enhance the market growth in the forecast period.

 List of Market Players Profiled 

• SAP
• IBM
• Oracle
• DocuSign
• Coupa
• Model N
• Apttus
• Icertis
• Conga
• Aurigo
• Determine
• Concord
• Optimus BT
• Agiloft
• Ultria
• ContractRoom
• ContractWorks
• CobbleStone
• Contract Logix
• Symfact

RECENT DEVELOPMENT

"In May 2021:"  Agiloft Ince introduced a new module for managing supplier information in the contract lifecycle management platform. As part of the new module, ongoing compliance and supplier onboarding are automated as well as sourcing cycle time is reduced

"In May 2019: " one of the leading companies, Exari, was acquired by Coupa. After Coupa's acquisition, it has improved its potential to perform well in new aspects such as contract authoring, collaboration, and research.

"In June 2019:" Microsoft and Icertis collaborated. to enhance blockchain-based contractual products. After the collaboration, contractual obligations and needs can be tracked through the Icertis Blockchain Framework.  Icertis will be able to extend blockchain technology to contractual administration with the integration of the Microsoft Azure Diamond Workspace for the ICM platforms.

REPORT COVERAGE 

The report covers the global contract lifecycle management system market size, share, growth rate, and previous and current market scenarios. Besides, the report gathers the market’s precise data and forecasts by market experts. Along with, an understanding of the study of this industry’s financial performance, investments, growth, and innovation marks, and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Applications and competitive landscape have also been analyzed in detail to provide a clear interpretation of the competitive landscape.

In this research report, various aspects have been mentioned based on research methodologies that describe price trend analysis of target companies, statistics, target competitors, and previous years’ records on the basis of market profit of the contract lifecycle management system market.

Additionally, the report concentrates on a comprehensive analysis of the “global contract lifecycle management system market” and makes forecasts about its expansion in the near future. Market research offers insights into all its features of all significant factors influencing the markets for instance small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players in detail and provides data on the market value, revenue demand, and others.

Moreover, the complications of post-pandemic international market restrictions are also stated in the report. Likewise, it contains information on a deep understanding of how the industry functions, which will help to set out more about strategy.