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.
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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.
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.
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:
Our in-depth analysis of the global contract lifecycle management (CLM) market includes the following segments:
FREQUENTLY ASKED QUESTIONS
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.
The market is anticipated to attain a CAGR of ~11% over the forecast period, i.e., 2022 – 2030.
Risk of cyberattacks and lack of skilled professionals are estimated to hamper the market growth.
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.
The major players in the market are SAP SE, Coupa Software Inc., IBM Corporation, Corcentric, LLC, and others.
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.
The market is segmented by deployment, enterprise size, offering, end user, and by region.
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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