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
Buy Now Report ID: 3633 | Published Date: Feb 07, 2023
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.
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The global contract lifecycle management (CLM) market is further classified on the basis of region as follows:
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.
Our in-depth analysis of the global contract lifecycle management (CLM) market includes the following segments:
By Deployment
By Enterprise Size
By Offering
By End User
Growth Drivers
Challenges
April 2019- Coupa announced that it entered in an agreement to acquire Exari, which is a leading provider of contract lifecycle management.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: The major factors driving market growth are the rapidly growing urbanization around the world and the rising requirement for a collaborative approach in handling projects.
Ans: The market is anticipated to attain a CAGR of ~11% over the forecast period, i.e., 2022 – 2030.
Ans: Risk of cyberattacks and lack of skilled professionals are estimated to hamper the market growth.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the increasing adoption of sophisticated technologies in several different industry verticals in the region.
Ans: The major players in the market are SAP SE, Coupa Software Inc., IBM Corporation, Corcentric, LLC, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by deployment, enterprise size, offering, end user, and by region.
Ans: The cloud-based segment is anticipated to hold largest market size and is estimated to grow at the highest CAGR over the forecast period and display significant growth opportunities.
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