LATAM Contract Lifecycle Management Market Size

LATAM Contract Lifecycle Management (CLM) Market size is estimated to surpass USD 580.58 Million, by growing at a CAGR of 10.66% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of LATAM contract lifecycle management (CLM) was USD 157.67 Million. The growth of the market can be attributed to the rising foreign trade and investment in the region, which prompts opportunities for new business and the need for legal contracts for maintaining peace and order among nations. According to UNCTAD's World Investment Report 2022, foreign direct investment (FDI) in Latin America and the Caribbean has recovered from the pandemic-caused decline, increasing by 56% to $134 billion in 2021. In addition to this, the recovery was credited to the launch of 317 greenfield projects in technology and communication.

In addition to these, factors that are believed to fuel the market growth of contract lifecycle management (CLM) in LATAM include the rising adoption of various advanced technology, such as AI, ML, and others. The integration of technology has boosted business expansion and opened the prospects of new business in the region. The technology adoption is further accelerated by government efforts put to advance it. For instance, UNESCO and MIT professionals partnered up to foster artificial intelligence in Latin America. This initiative brings together experts from government, academia, industry, and NGOs from all across Latin America and the Caribbean to explore the potential and hazards of AI in their nations, with the goal of stimulating the deployment of AI research initiatives in those regions.