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Contract Lifecycle Management Market Report 2024 | Share, Trends, Growth Demand, overview By 2033
Contract Lifecycle Management Market Report
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According to The Business Research Company's, The contract lifecycle management market size has grown rapidly in recent years. It will grow from $1.34 billion in 2023 to $1.54 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The growth in the historic period can be attributed to increasingly stringent regulations, operational efficiency, the expansion of businesses across borders, and innovations in technology.
The contract lifecycle management market size is expected to see rapid growth in the next few years. It will grow to $2.71 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to digital transformation, enhanced data analytics, cost, and efficiency pressures, and integration with enterprise systems. Major trends in the forecast period include increased integration with AI and machine learning, expansion of cloud-based solutions, enhanced data analytics and reporting, and a focus on security and compliance.
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Market Drivers and Trends:
The prevalence of remote work arrangements is expected to propel the growth of the contract lifecycle management market going forward. Remote work arrangements refer to employment setups where employees perform their job duties from a location outside of the traditional office environment, often from their homes, coworking spaces, or other remote locations. The remote work trend is rising due to advancements in technology, changing attitudes toward work-life balance, and the need for flexibility, efficiency, and cost savings for both employees and employers. Contract lifecycle management facilitates remote work by providing a centralized platform for efficient contract creation, collaboration, and management, ensuring seamless operations regardless of employees' locations. For instance, in May 2022, according to a survey conducted among workers in England and Scotland by the Office for National Statistics, a UK-based non-ministerial department, the most popular hybrid work pattern anticipated by employees was working primarily from home and occasionally from their regular place of employment. This was noted by 42% of respondents, up from 30% in April 2021. By May 2022, there will be 24% of workers who work mixed shifts, up from 13% in early February 2022. Therefore, the prevalence of remote work arrangements is driving the growth of the contract lifecycle management market.
Major companies operating in the contract lifecycle management market are increasing their focus on developing innovative solutions, such as contract lifecycle management applications, to gain a competitive edge in the market. A contract lifecycle management (CLM) application is a software solution designed to automate, streamline, and manage the entire lifecycle of contracts within an organization. For instance, in January 2024, Panoram, a UK-based software company, launched Panoram Contracts, a contract lifecycle management (CLM) application fully integrated with Microsoft 365 (M365). This new application operates within Microsoft Teams, Outlook, and Word, making use of familiar Microsoft apps and security features. The platform aims to simplify and streamline contract management processes, prioritizing usability and ease of use.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Koch Industries Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, Wolters Kluwer N.V., Docusign Inc., Coupa Software, Zycus, JAGGAER, Revitas, Icertis Inc., Nintex, PandaDoc, SirionLabs, ContractPodAi, Onit, Concord Software, Agiloft Inc., Gatekeeper, Ironclad, ContractWorks, CobbleStone Software, Symfact, Ultria, Aavenir, Outlaw, SimpliContract
Contract Lifecycle Management Market 2024 Key Insights:
• The contract lifecycle management market size is expected to see rapid growth in the next few years. It will grow to $2.71 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%.
• The Impact of Remote Work on Contract Lifecycle Management Market Growth
• Innovation In Contract Lifecycle Management Solutions
• North America was the largest region in the contract lifecycle management market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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