Reports
Sale
Global Contract Lifecycle Management Software Market Size: By Deployment Model: Cloud-Based, On-Premises; By CLM Offerings: Licensing and Subscription, Services; By Enterprise Size: Large Enterprise, Small and Medium Enterprise; By Industry: Automotive, Others; Regional Analysis; Competitive Landscape; 2024-2032
Global Contract Lifecycle Management Software Market Outlook
The global contract lifecycle management software market size attained a value of USD 2.40 billion in 2023. The market is expected to grow at a CAGR of 17% between 2024 and 2032 to reach almost USD 9.84 billion by 2032.
Key Takeaways:
- CLM software boosts efficiency by automating and streamlining contract processes across initiation, drafting, workflow management, negotiation, approval, execution, oversight, compliance, and renewal stages.
- CLM software is widely used in BFSI sector. India's vast network of 160,000+ bank branches drive global contract lifecycle management software market growth.
- The presence of 3,09,83,113 enterprises in Europe as reported by Eurostat in 2021 is fuelling the global contract lifecycle management software market.
As per the contract lifecycle management (CLM) software market report, CLM software enhances efficiency by automating and simplifying contract processes across essential stages such as initiation, drafting, workflow management, negotiation, approval, execution, ongoing oversight, compliance within the repository, and contract renewal. Buyers and suppliers benefit from time savings and error reduction by establishing a shared language, utilising core templates, unified terms, and consistent conditions.
The primary goal of most contract management software is to offer improved visibility into corporate spending, enhance efficiency throughout the contract lifecycle, and reduce administrative expenses. For example, contract lifecycle management software is extensively utilised within the BFSI sector. In India, there are over 160,000 bank branches, roughly equating to about 15 branches per 100,000 people, as reported by the National Investment Promotion and Facilitation Agency, thus, boosting the global contract lifecycle management software market growth.
BANKING INDUSTRY IN INDIA, IN 2022
Key Trends and Developments
The global contract lifecycle management software market is expanded by increasing use in healthcare sector, regulatory agreements, and contract task optimisation.
January 2023
Evisort had introduced Document X-Ray, a Gen AI Custom Model Builder, which transformed users' contract inquiries into custom AI models for automatic data entry into any agreements.
January 2023
SpotDraft had introduced VerifAI, an innovative AI add-in for Microsoft Word, aimed at aiding lawyers in contract review. The tool checked contracts based on guidelines and responded to various contract-related inquiries.
May 2023
At the PTC LiveWorx conference, eQ Technologic and iBase-t collaborated on a Closed Loop Manufacturing solution, linking iBase-t's Solumina MES with PLM and ERP systems.
March 2023
ContractPodAi, a leading CLM platform provider, introduced Leah, a Generative AI Legal Services hub using OpenAI's GPT-4, now accessible independently for legal tasks.
Increasing use in healthcare services
Healthcare contract lifecycle management software aids healthcare institutions in managing regulatory responsibilities, spanning from contract creation to execution and beyond. It provides valuable analytics, empowering healthcare professionals to make informed decisions, and fosters collaboration among diverse departments and stakeholders.
Regulatory agreements
CLM software supports organisations in regulatory compliance with automated checks, version control, and audit trails. It guarantees contracts align with legal standards and adapt to regulatory updates, preventing penalties and promoting ethical conduct. Moreover, it simplifies compliance reporting through document generation and report creation.
Contract task optimisation
CLM software improves effectiveness by streamlining contract procedures, automating workflows, and minimising manual involvement. This leads to significant cost savings by reducing administrative costs, minimising errors, and expediting contract timelines. Additionally, it identifies opportunities for cost savings, such as renegotiating supplier terms or optimising pricing structures.
Public sector services
CLM enables contracting officers to attain operational excellence in federal procurement by automating the complete contracting process. This encompasses activities such as acquisition planning, requisition generation, solicitation, offer submission, contract awarding, administration, and closure.
Global Contract Lifecycle Management Software Market Trends
As per the contract lifecycle management software market study, the significant return on investment (ROI) linked with implementing CLM software presents an attractive option for organisations aiming for efficient contract management. Furthermore, the growing focus on streamlining contract tasks with CLM software enables organisations to enhance productivity and refine their contract processes for increased competitiveness, thereby fuelling the contract lifecycle management software market expansion.
CLM software seamlessly incorporates legal and business requirements into contracts, mitigating the risk of misunderstandings and disputes. Additionally, it enhances transparency and accountability, serving as an asset for companies grappling with intricate modern contracts.
Market Segmentation
Global Contract Lifecycle Management Software Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Deployment Model
- Cloud-Based
- On-Premises
Market Breakup by CLM Offering
- Licensing and Subscription
- Services
Market Breakup by Enterprise Size
- Large Enterprise
- Small and Medium Enterprise
Market Breakup by Industry
- Automotive
- Electrical and Electronics
- Pharmaceutical
- Retail and E-commerce
- Manufacturing
- BFSI
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Based on deployment, the cloud-based model is boosting the contract lifecycle management software market growth due to its cost-effectiveness
Cloud-based contract lifecycle management offers improved access and insights into contract data while strengthening security and centralisation. It allows for remote access and real-time data capture without limitations.
On-premises computing provides complete infrastructure control, enabling customisation to fulfil industry requirements for optimal performance and flexible configurations.
According to CLM offering, the global contract lifecycle management software market share is lead by licensing and subscription models
Licensing and subscription entail legal permissions for software or service usage, typically stipulated in contracts, with regular payments for access. It ensures efficient management of such agreements, fostering transparency and accountability.
CLM services comprise professional offerings aiding implementation, customisation, and maintenance, including consulting, training, and integration services.
Large enterprises hold a dominant position in the market due to their extensive operations and significant workforce size
Large enterprises require sophisticated CLM solutions to manage numerous contracts, complex agreements, and compliance requirements. They prioritise scalability, integration with ERP and CRM systems, and customisation.
Conversely, small and medium enterprises, with limited resources, favour cloud-based CLM for affordability and efficiency, seeking user-friendly solutions to streamline contract processes and reduce manual work.
The manufacturing sector holds a prominent position in the global contract lifecycle management software market, primarily because of its intricate supply chain and procurement requirements
In manufacturing, CLM solutions are crucial for supplier contract management, compliance, and procurement optimisation.
Automotive firms utilise CLM software for supply chain contract management with suppliers, distributors, and dealerships. Likewise, in electrical and electronics, CLM aids in managing supplier contracts for components and raw materials, ensuring product specifications and supply chain adherence.
Pharmaceutical companies rely on CLM software to comply with stringent regulations in research, development, and supplier contracts while protecting data privacy. Retailers and e-commerce businesses use CLM for vendor contracts, performance tracking, and pricing compliance. In BFSI, CLM manages contracts with individuals, partners, and regulators, reducing risks and ensuring compliance.
Competitive Landscape
The competitiveness within the global contract lifecycle management software market arises from the manufacturing and automotive sector, software and services, and economic growth.
SAP SE was founded in 1972 and is based in Germany. SAP Modules constitute business management software designed for collecting, storing, managing, and interpreting data across various functional domains, including financial accounting, human resources, and customer relationship management.
DocuSign, Inc. was founded in 2003 and is based in the United States. DocuSign eSignature serves as electronic document signing software enabling swift and secure online approval collection, ensuring legal validity. It replaces time-consuming manual signing procedures, enhancing agreement efficiency and productivity to the fullest.
Coupa Software Inc. was founded in 2006 and is based in the United States. Coupa provides an e-invoicing module to improve user experience, enabling companies to electronically receive and process invoices. This diminishes reliance on paper-based methods and manual data input. Additionally, the BSM provider offers a payments hub solution.
Agiloft Inc. was founded in 1990 and is based in the United States. Agiloft specialises in creating contract lifecycle management (CLM) software, with a focus on delivering efficient solutions for purchasing, legal operations, and sales cycles. They aim to substantially reduce compliance risk through this offering.
Other global contract lifecycle management software market key players are Concord Worldwide Inc., Deltek Inc., Conga, Ironclad, Inc., Icertis, Oracle Corporation, Contracts 365, Inc., Newgen Software Technologies, and others.
Global Contract Lifecycle Management Software Market Analysis by Region
North America leads the market with a significant share due to its large enterprises needing advanced CLM solutions for complex contracts.
Europe sustains a robust market presence, driven by rising demand for CLM solutions to streamline complex contracts, ensure regulatory compliance, and improve operational efficiency. Increasing enterprises in the EU is boosting the product demand.
ENTERPRISE STATISTICS BY SIZE CLASS IN THE EUROPEAN UNION IN 2021
| Enterprises Number | Persons Employed | Net turnover- million euros |
| 3,09,83,113 | 15,61,24,230 | 3,23,48,400 |
Asia Pacific is prominent with numerous CLM software providers, including established companies and startups. Further, the Middle East and Africa is witnessing growth driven by interest in cloud-based CLM solutions. Latin America's established business sectors contribute to its promising growth in the CLM software market.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Deployment Model |
|
| Breakup by CLM Offerings |
|
| Breakup by Enterprise Size |
|
| Breakup by Industry |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Contract Lifecycle Management Software Market Analysis
8.1 Key Industry Highlights
8.2 Global Contract Lifecycle Management Software Historical Market (2018-2023)
8.3 Global Contract Lifecycle Management Software Market Forecast (2024-2032)
8.4 Global Contract Lifecycle Management Software Market by Deployment Model
8.4.1 Cloud-Based
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 On-Premises
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Contract Lifecycle Management Software Market by CLM Offering
8.5.1 Licensing and Subscription
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Services
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Contract Lifecycle Management Software Market by Enterprise Size
8.6.1 Large Enterprise
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Small and Medium Enterprise
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Contract Lifecycle Management Software Market by Industry
8.7.1 Automotive
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Electrical and Electronics
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Pharmaceutical
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Retail and E-commerce
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Manufacturing
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
8.7.6 BFSI
8.7.6.1 Historical Trend (2018-2023)
8.7.6.2 Forecast Trend (2024-2032)
8.7.7 Others
8.8 Global Contract Lifecycle Management Software Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Contract Lifecycle Management Software Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Contract Lifecycle Management Software Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Contract Lifecycle Management Software Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Contract Lifecycle Management Software Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Contract Lifecycle Management Software Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Concord Worldwide Inc
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Deltek Inc.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 SAP SE
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Conga
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Ironclad, Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Icertis
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 DocuSign, Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Oracle Corporation
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Contracts 365, Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Coupa Software Inc.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Agiloft Inc.
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 Newgen Software Technologies
15.2.12.1 Company Overview
15.2.12.2 Product Portfolio
15.2.12.3 Demographic Reach and Achievements
15.2.12.4 Certifications
15.2.13 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Contract Lifecycle Management Software Market: Key Industry Highlights, 2018 and 2032
2. Global Contract Lifecycle Management Software Historical Market: Breakup by Deployment Model (USD Billion), 2018-2023
3. Global Contract Lifecycle Management Software Market Forecast: Breakup by Deployment Model (USD Billion), 2024-2032
4. Global Contract Lifecycle Management Software Historical Market: Breakup by CLM Offering (USD Billion), 2018-2023
5. Global Contract Lifecycle Management Software Market Forecast: Breakup by CLM Offering (USD Billion), 2024-2032
6. Global Contract Lifecycle Management Software Historical Market: Breakup by Enterprise Size (USD Billion), 2018-2023
7. Global Contract Lifecycle Management Software Market Forecast: Breakup by Enterprise Size (USD Billion), 2024-2032
8. Global Contract Lifecycle Management Software Historical Market: Breakup by Industry (USD Billion), 2018-2023
9. Global Contract Lifecycle Management Software Market Forecast: Breakup by Industry (USD Billion), 2024-2032
10. Global Contract Lifecycle Management Software Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Contract Lifecycle Management Software Market Forecast: Breakup by Region (USD Millon), 2024-2032
12. North America Contract Lifecycle Management Software Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Contract Lifecycle Management Software Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Contract Lifecycle Management Software Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Contract Lifecycle Management Software Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Contract Lifecycle Management Software Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Contract Lifecycle Management Software Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Contract Lifecycle Management Software Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Contract Lifecycle Management Software Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Contract Lifecycle Management Software Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Contract Lifecycle Management Software Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Contract Lifecycle Management Software Market Structure
Key Questions Answered in the Report
The contract lifecycle management software market attained a value of USD 2.40 billion in 2023.
The market is projected to grow at a CAGR of 17% between 2024 and 2032.
The revenue generated in the market is expected to reach USD 9.84 billion in 2032.
The Contract Lifecycle Management (CLM) market benefits from improvements in healthcare, government services, regulatory partnerships, and optimizing tasks related to contracts.
Based on the deployment model, the market is bifurcated into cloud-based and on-premises.
Key players in the industry are Concord Worldwide Inc, Deltek Inc., SAP SE, Conga, Ironclad, Inc., Icertis, DocuSign, Inc., Oracle Corporation, Contracts 365, Inc., Coupa Software Inc., Agiloft Inc., Newgen Software Technologies, and others.
The major market areas include North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
The different types of offerings in the CLM market include licensing and subscriptions and services.
The different enterprises in the market are small and medium-sized enterprises and large enterprises.
Purchase Options 10% off
Call us
Purchase Full Report
Mini Report
$ 2199
$1999
-
Selected Sections, One User
-
Printing Not Allowed
-
Email Delivery in PDF
-
Free Limited Customisation -
Post Sales Analyst Support -
50% Discount on Next Update
Single User License
$ 3299
$2999
-
All Sections, One User
-
One Print Allowed
-
Email Delivery in PDF
-
Free Limited Customisation -
Post Sales Analyst Support -
50% Discount on Next Update
Five User License
$ 4399
$3999
-
All Sections, Five Users
-
Five Prints Allowed
-
Email Delivery in PDF
-
Free Limited Customisation
-
Post Sales Analyst Support
-
50% Discount on Next Update
Corporate License
$ 5499
$4999
-
All Sections, Unlimited Users
-
Unlimited Prints Allowed
-
Email Delivery in PDF + Excel
-
Free Limited Customisation
-
Post Sales Analyst Support
-
50% Discount on Next Update
Any Question? Speak With An Analyst
View A Sample
Did You Miss Anything, Ask Now
Why Expert Market Research?
Right People
We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.
Right Methodology
We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.
Right Price
We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.
Right Support
Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.
NEWSLETTER