Research Nester assesses the growth of the LATAM contract lifecycle management (CLM) market which is anticipated to be on account of the rising integration of AI into the business and rise in the new hiring in the region.
New York – February 16, 2023 - Research Nester’s recent market research analysis on “LATAM Contract Lifecycle Management (CLM) Market: Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the LATAM contract lifecycle management (CLM) market in terms of market segmentation by solution, business function, deployment, end user, enterprise size, and by region.
Growing Adoption of Artificial Intelligence by Organizations to Drive Growth of LATAM Contract Lifecycle Management (CLM) Market
The LATAM contract lifecycle management (CLM) market is estimated to grow majorly on account of the increased usage of AI technologies in the company and higher employee hiring in the region. About 29% of the local businesses have deployed these solutions, while almost 43% are considering employing the technology. Furthermore, In the second half of 2021, Latin American IT enterprises raised their global employment by 286%. Additionally, it revealed that Latin American specialists were in high demand across the globe.
Some of the major growth factors and challenges that are associated with the growth of the LATAM contract lifecycle management (CLM) market are:
- Surging Integration of Artificial Intelligence in the Business
- Increased Popularity of Natural Language Processing
- Growing Rate of Employment
- Alteration of Construction Contact Clauses
- Rising Foreign Trade and Investment
The rising concern for risks associated with data privacy present in the contract, the constrained budget of business for CLM software and the cloud-based CLM solutions are prone to cyber-attacks worldwide are some of the major factors anticipated to hamper the growth of the LATAM contract lifecycle management (CLM) market.
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By business function, the LATAM contract lifecycle management (CLM) market is segmented into legal, finance, procurement, sales, operations, human resources, and information technology. The legal segment is to garner the highest revenue of USD 133.20 Million by the end of 2035 by growing at a significant CAGR of 9.52% over the forecast period. Moreover, the segment generated a revenue of USD 41.31 Million in 2022. The segment growth is attributed to the rising number of startups and their higher growth to become upcoming unicorns.
By region, the Brazil contract lifecycle management (CLM) market is to generate the highest revenue of USD 282.10 Million by the end of 2035. The market in the region is expected to grow at a CAGR of 12.19% over the forecast period. Moreover, it garnered a revenue of USD 63.97 Million in 2022. This growth is anticipated by higher adoption of technology such as AI in the business, and rising foreign trade with other countries.
This report also provides the existing competitive scenario of some of the key players of the LATAM contract lifecycle management (CLM) market which includes company profiling of Invent Software, Infror, Wolters Kluwer N.V., Oracle, Agiloft Inc., IBM Corporation, Coupa Software Inc., SAP SE, and DocuSign, Inc.