CLM (Contract Lifecycle Management) Software Market to Grow at 11.27% CAGR by 2028 | IMARC Group

According to IMARC Group latest published report, titled "Contract Lifecycle Management Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," that the global contract lifecycle management (CLM) software market size reached US$ 1.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.7 Billion by 2028, exhibiting a growth rate (CAGR) of 11.27% during 2023-2028.

Year Considered to Estimate the Market Size:
Base Year of the Analysis: 2022
Historical Period: 2017-2022
Forecast Period: 2023-2028

Contract Lifecycle Management Software Market Trends:

Before the digital era, contracts were written and managed on paper manually. However, the introduction of CLM software has helped organizations in maintaining a record of dates, prices and information about internal as well as external entities. The application provides efficiency and transparency in the reporting mechanism which enables organizations to rectify loopholes in their system and flag problematic contracts before they are executed. It also allows lawyers to access the archive of similar agreements to utilize them for reference purposes. In addition to this, it helps organizations in ensuring compliance with regulations introduced by the governing bodies. As the cost of non-compliance is high, several companies are now relying on these applications to reduce the chances of incurring the penalties.

Covid-19 Scenario:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Competitive Scenario with Key Players:

The competitive landscape of the market has also been analyzed, with some of the key players being

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.

CLM Industry Definition and Application:

Contract lifecycle management (CLM) software helps in the management of contracts from the point of initiation to the process of renewal. It comprises various steps which include negotiation, contract drafting, approval, compliance and administration, repository, compliance optimization, retrieval, renewal, amendments, and disposition. It helps an organization to proactively address expirations and contract renewals, thereby saving the company from losing business opportunities and allowing them to negotiate in more favorable terms. As a result, it is widely used in the public, healthcare, manufacturing and financial service sectors worldwide.

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The report cover the below key market segments:

Market Segmentation by Deployment Model:

Cloud-Based
On-Premises

Based on deployment models, the market has been bifurcated into cloud-based and on-premises. Amongst these, the cloud-based deployment model dominates the market, holding the largest share.

Market Segmentation by CLM Offerings:

Licensing and Subscription
Services

On the basis of offerings, licensing and subscription represent the largest segment, accounting for the majority of the global market share, followed by services.

Market Segmentation by Enterprise Size:

Large Enterprise
Small and Medium Enterprise

The market has been segregated on the basis of enterprise sizes into large, and small and medium enterprises.

Market Segmentation by Industry:

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

Based on industries, the market has been classified into automotive, electrical and electronics, pharmaceutical, retail and e-commerce, manufacturing, BFSI, and others.

Market by Region:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

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