Contract Lifecycle Management Market Growing Demand to Impact Revenue Share during 2021-2031 | SAP SE, Infosys Limited, Information Services Group, Inc., Model N, Inc

New York, Contract lifecycle management (CLM) is a system for managing the creation, execution, and maintenance of contracts. It can be used to automate and streamline the contract management process, from initial negotiation to final execution.

CLM software typically includes tools for contract creation, negotiation, approvals, and e-signatures. It may also include features for tracking contract performance, managing contract changes, and storing contract documents. CLM systems can help organizations to improve visibility into their contract portfolio, optimize contract terms, and reduce contract-related risks.

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Key Trends

There are a few key trends in Contract Lifecycle Management (CLM) technology. One is the move towards cloud-based solutions. This is driven by the need for flexibility and scalability that traditional on-premise solutions cannot provide. Cloud-based solutions also make it easier to share data and collaborate with others in the organization.

Another trend is the increasing use of artificial intelligence (AI) and machine learning. These technologies can help automate tasks such as contract analysis and contract drafting. This can help speed up the contract lifecycle and improve accuracy.

Finally, there is a trend towards mobile solutions. With more and more people working on the go, mobile CLM solutions make it easier to access and manage contracts from any location.

Key Drivers

The key drivers of the Contract Lifecycle Management market are the need for efficient contract management, the growing need for compliance with regulatory requirements, and the increasing adoption of cloud-based solutions.

The need for efficient contract management is driven by the increasing complexity of contracts, the need to manage large volumes of contracts, and the growing importance of contracts in the business. The growing need for compliance with regulatory requirements is driven by the increasing number of regulations and the need to manage risk. The increasing adoption of cloud-based solutions is driven by the need for flexibility and scalability.

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Market Segmentation

The Contract Lifecycle Management Market is segmented by solution, application, end-user, and region. By solution, the market is divided into software and services. By application, the market is classified into legal, finance, procurement and sales. By end-user, the market is bifurcated into IT & telecom, retail, government, and others. By region, the market is classified into North America, Europe, Asia-Pacific, and rest of the world.

Key Players

The key players in the Contract Lifecycle Management Market are Coupa Software Inc. (Exari), Infor, Newgen Software Technologies Limited, SAP SE, Infosys Limited, Information Services Group, Inc., Model N, Inc., Synertrade (Econocom Group), Corcentric, and Ivalua Inc.

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