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Contract Lifecycle Management (CLM) Market Segmentation by Deployment (On-Premise, and Cloud-Based); by Enterprise Size (Large, and Small and Medium Enterprise); by Offering (Licensing and Subscription, and Services); and by End User (Automotive, Electrical and Electronics, Pharmaceutical, Retail and E-commerce, Manufacturing, BFSI, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Contract Lifecycle Management Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

·   April 2019- Coupa announced that it entered in an agreement to acquire Exari, which is a leading provider of contract lifecycle management.

Global Contract Lifecycle Management (CLM) Market Highlights 2022 – 2030

The global contract lifecycle management (CLM) market is estimated to garner a sizeable revenue and grow at a CAGR of ~11% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the rapidly growing urbanization, and rising requirement for a collaborative approach in handling projects. According to the United Nations, 55 percent of the total world’s population resided in urban areas in 2018, which is expected to grow up to 68 percent by the end of 2050. Moreover, about 2.5 billion people are estimated to be added to urban areas by 2050.

Along with these, CLM software is increasingly being used by lawyers for retrieving contracts from the library for reference purposes, as it reduces the time to review and enables organizations to identify loopholes in their systems. The emergence of cloud-based CLM software among several industries such as automotive, aerospace and defense, and aviation for improving margins and reducing risks is another crucial factor projected to expand the market in the imminent time. Furthermore, increasing number of merger and acquisition activities globally to improve product portfolios is assessed to offer ample growth opportunities to the market in the near future.

CLM Market

The market is segmented by deployment into on-premise, and cloud-based, out of which, the cloud-based segment is anticipated to hold the largest share and observe the highest growth in the global contract lifecycle management (CLM) market. This can be accounted to the rise in implementation of cloud services by mid-size businesses, and penetration of high-speed internet. In addition, excellent scalability, access to automatic updates, and reduced IT costs provided by public cloud-based models are also predicted to drive growth to the market segment in the future. Moreover, on the basis of enterprise size, the segment for large enterprises is evaluated to occupy the most significant share during the forecast period, which can be credited to the largescale adoption of CLM to automate structured and predefined operations. The large number of ongoing collaborations and transactions in large enterprises is also a crucial factor considered to boost the segment’s growth in the future. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Research and Development Expenditure

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.

Global Contract Lifecycle Management (CLM) Market Regional Synopsis

On the basis of geographical analysis, the global contract lifecycle management (CLM) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing adoption of sophisticated technologies in several different industry verticals, and generation of huge amounts of data in the region. Apart from these, introduction of new trends in the automobile industry, namely autonomous cars, is also projected to fuel the region’s market growth in the coming years. Additionally, the market in North America is expected to acquire the largest share during the forecast period ascribing to the rising number of small and medium sized organizations, and growing investments by vendors to develop CLM software with enhanced capabilities in the region.  As per the data provided by the United States Census Bureau, there were around 6.1 million employer firms in the U.S. in 2018, with firms with less than 500 employees accounting for 99.7 percent of those businesses.

Contract Lifecycle Management (CLM) Market

The global contract lifecycle management (CLM) market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global contract lifecycle management (CLM) market includes the following segments:

By Deployment

  • On-Premise
  • Cloud-Based

By Enterprise Size

  • Large Enterprise
  • Small and Medium Enterprise

By Offering

  • Licensing and Subscription
  • Services

By End User

  • Automotive
  • Electrical and Electronics
  • Pharmaceutical
  • Retail and E-commerce
  • Manufacturing
  • BFSI
  • Others

Growth Drivers

  • Rapidly Growing Urbanization Around the World
  • Rising Requirement for a Collaborative Approach in Handling Projects

Challenges

  • Risk of Cyberattacks
  • Lack of Skilled Professionals

Top Featured Companies Dominating the Market

  • SAP SE
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Coupa Software Inc.
  • IBM Corporation
  • Corcentric, LLC
  • Wolters Kluwer ELM Solutions, Inc.
  • Oracle Corporation
  • Optimus BT, Inc.
  • Contract Logix, LLC
  • Newgen Software Technologies Limited
  • Ivalua, Inc.

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