Global Contract Lifecycle Management Software Market to Grow at a CAGR of 17% During 2024-2032, Driven by Growing Need for Businesses to Streamline their Operations

CLM (contract lifecycle management) software is widely adopted by legal and commercial teams to process a high volume of routine contracts. The growing demand for flexible contract management, the growing need for contract compliance, and the rapid adoption of AI/ML technologies are driving the demand for AI-enabled contract management software, across the globe. This aids the contract lifecycle management software market demand. With the business landscape evolving and becoming highly regulatory, there is a growing focus on compliance. CLM software helps businesses improve compliance by offering them more control and visibility over the company's contracts.

The growth in affordable corporate applications and CLM programs is driving economic growth in Asia Pacific countries such as China and India. Various features of CLM, including advanced data protection settings, configurable approval workflows, and the central contract repository support improved governance. CLM software is widely deployed in several sectors, including government, healthcare, information technology, and telecommunications.

In October 2023, Sirion, a leading provider of AI-powered contract lifecycle management (CLM), partnered with IBM Corporation (NYSE: IBM) to embed IBM Watsonx into its CLM platform. The new platform is designed to make contracting accessible to all members in an enterprise and allows them to mine insights from across contracts, enterprise data, and other data resources.

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Market Breakup by Deployment Model, CLM Offerings, Enterprise Size, Industry, and Region:

• The market is segmented based on deployment model into cloud-based and on-premises.

• By CLM offerings, the market is segmented into licensing and subscription and services.

• By enterprise size, the lifecycle management software market is segmented into large enterprise, and small and medium enterprise.

• By end-use industry, the market is segmented into automotive, electrical and electronics, pharmaceutical, retail and e-commerce, manufacturing, BFSI, and others.

• Region-wise, the global market for contract lifecycle management software can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Contract documents of businesses can contain several pages, and manually running through them can lead to critical errors. As a result, businesses are investing in CLM software to increase their efficiency by eliminating the drawbacks associated with traditional approaches to draft contracts.

• With frequently changing government regulations, legal teams have to continuously amend contracts with clauses influenced by the change. CLM software helps them automatically identify and amend the changes effortlessly.

• CLM software improves productivity by streamlining the contracting process for businesses. The time-saving benefits of CLM drive its adoption as it lets businesses save time on paperwork and lets employees focus on more vital business deals.

• Advancements in technology have led to the integration of AI in CLM software. Intelligent contract analytics and visual dashboards provide timely and actionable information to businesses while also significantly reducing contract management costs.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for contract lifecycle management software for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the deployment model, CLM offerings, enterprise size, industry, and major regions of contract lifecycle management software.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global contract lifecycle management software market are SAP SE, DocuSign, Coupa Software Inc., Agiloft Inc., Icertis, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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