Press release
Global Contract Lifecycle Management (CLM) Software Market: Cloud-based CLM to Gain Popularity
The global contract lifestyle management software market is driven by an easy to use interface, making it estates a new report published by MarketResearchReports.biz. The report is titled “Global Contract Lifecycle Management (CLM) Software Market Size, Status and Forecast 2022.” The demand for CLM is also increasing on account of the use of web-enabled editor, which enables companies to customize templates as per their wish. Thus, companies can present a professional image to clients as these templates allow sales users to create consistent contracts.
Of the two main types of contract lifestyle management software, cloud-based contract lifestyle management software and web-based contract lifestyle management software, cloud based CLM is gaining traction in recent times. This is because, cloud based contract lifestyle management software allows dynamic workflow approvals. A case in point would be contacts that have non standard terms and conditions. These are automatically routed to the appropriate approvers i.e. finance managers or legal managers for amendments. The contract lifestyle management software then ensures that before coming up with the final version, all contracts are met with the required standards.
The deployment of contract lifestyle management software is helping lawyers to view documents in various formats such as Powerpoint, Word, Excel, and Image. This is helping them to pull up similar contracts from the library for reference, which is essential for lawyers as it reduces their review time and contract cycle times. In addition to this, contract lifestyle management software streamlines the entire process of CLM and allows organizations to identify loopholes in their system. This helps them save huge amount of money. All these factors are anticipated to propel the growth of the CLM market in the years to come, states the lead author of this report.
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The report segments the global contract lifestyle management software market on the basis of application into attorneys, paralegals, procurement professionals, and sales operations professionals. On the basis of geography, the market is segmented into Asia Pacific, Europe, North America, and the Rest of the World. Of these, North America is anticipated to lead in the contract lifestyle management software market. The growing regulatory legislations in various industries is pushing the adoption of contract lifestyle management software for addressing the need for compliance.
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On the basis of end user, the market is segmented into financial services, healthcare, public sector, and manufacturing. Of these, the public sector is leading in the contract lifecycle management software. CLM software has helped the public sector to mitigate risks, reduce overhead cost, and ensure compliance.
Some of the key players profiled in the report are: Accelo, Ultria, Determine, SAP, Agiloft, IBM, CobbleStone Systems, Contract Logix, ManageEngine, SpringCM, CallidusCloud, Concord, ContractWorks, Octiv, ContractZen, and Apttus.
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