Contract Lifecycle Management Software Market Trends Analysis 2023-2028

What is the market size of CLM Software?

The global contract lifecycle management software market size reached US$ 1.9 Billion in 2022. Looking forward, the market is expected to reach US$ 3.7 Billion by 2028, exhibiting a growth rate (CAGR) of 11.27% during 2023-2028.

What is contract lifecycle management software?

Contract lifecycle management (CLM) software aids in the comprehensive oversight of contracts, spanning from their initiation to renewal. This encompassing process encompasses a sequence of stages, comprising negotiation, contract drafting, approval, compliance and administration, repository, compliance optimization, retrieval, renewal, amendments, and disposition. This software empowers organizations to take a proactive approach towards handling expirations and contract renewals, safeguarding them from missing out on business prospects and enabling more advantageous negotiation terms. Consequently, it finds extensive utilization across a global spectrum of sectors including public, healthcare, manufacturing, and financial services.

Contract Lifecycle Management Software Market Trends:

In the pre-digital era, contracts were manually written and managed on paper. Nevertheless, the emergence of CLM software has facilitated organizations in upholding records of dates, prices, and pertinent data regarding both internal and external entities. This application introduces enhanced efficiency and transparency into the reporting mechanism, enabling organizations to address system vulnerabilities and flag problematic contracts before their execution. Furthermore, it empowers legal professionals to access an archive of analogous agreements for reference purposes. Additionally, the software assists organizations in upholding compliance with regulations instituted by governing bodies. Given the substantial cost associated with non-compliance, numerous companies are now relying on these applications to mitigate the likelihood of incurring penalties.

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Who are the key players operating in the industry?

The report covers the major market players including:

• SAP SE (SAP.DE)
• Oracle Corporation (ORCL)
• Zycus Icertis,
• Infor,
• CLM Matrix,
• IBM Emptoris,
• Bravo Solution,
• Contracked,
• Contract Logix,
• Coupa Software,
• Determine,
• Easy Software,
• ESM Solutions,
• Great Minds Software,
• Ivalua,
• Optimus BT,
• Symfact,
• SpringCM
• Newgen Software.

Market Segmentation:

Market Breakup by Deployment Model:

• Cloud-Based
• On-Premises

Market Breakup by CLM Offerings:

• Licensing and Subscription
• Services

Market Breakup by Enterprise Size:

• Large Enterprise
• Small and Medium Enterprise

Market Breakup by Industry:

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

Market Breakup by Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

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