Global Contract Lifecycle Management (CLM) Software Market Size By Product Type (Automatic Feeders, Smart Feeders), By Distribution Channel (Online Retail, Offline Retail), By End-User (Residential, Commercial), By Geographic Scope and Forecast

Report ID: 59448|No. of Pages: 202

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Global Contract Lifecycle Management (CLM) Software Market Size By Product Type (Automatic Feeders, Smart Feeders), By Distribution Channel (Online Retail, Offline Retail), By End-User (Residential, Commercial), By Geographic Scope and Forecast

Report ID: 59448|Published Date: Nov 2024|No. of Pages: 202|Base Year for Estimate: 2023|Format:   Report available in PDF formatReport available in Excel Format

Contract Lifecycle Management (CLM) Software Market Size and Forecast

Contract Lifecycle Management (CLM) Software Market size was valued at USD 1743.17 Million in 2023 and is projected to reach USD 4733.45 Million by 2031, growing at a CAGR of 13.30% from 2024 to 2031.

  • Contract lifecycle management (CLM) software is a comprehensive tool for managing and streamlining the full contract lifecycle from initial writing to execution, monitoring, and renewal/termination. This program automates several contract management processes such as contract creation, negotiation, and approval.
  • Contract Lifecycle Management (CLM) software includes a variety of tools that streamline and improve contract management throughout its lifecycle. One key application automates the contract creation process. CLM software allows enterprises to standardize contract templates and terms decreasing time spent preparing contracts and lowering the possibility of errors.
  • It is poised to alter how firms manage contracts by incorporating sophisticated technologies such as artificial intelligence (AI) and blockchain. AI will improve CLM software capabilities through automation and predictive analytics. For example, AI algorithms will make contract writing easier by recommending typical phrases and flagging potential dangers.

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Contract Lifecycle Management (CLM) Software Market is estimated to grow at a CAGR of 13.30% & reach USD 4733.45 Mn by the end of 2031

Global Contract Lifecycle Management (CLM) Software Market Dynamics

Key Market Drivers:

  • Increased Need for Operational Efficiency: Organizations are increasingly using contract lifecycle management (CLM) software to improve operational efficiency. CLM software automates and streamlines contract administration by minimizing manual duties like document handling and tracking. This automation reduces errors and accelerates contract approval cycles resulting in speedier execution and less administrative strain.
  • Increasing Focus on Compliance and Risk Management: The increasing complexity of regulatory frameworks and compliance requirements has made it critical for businesses to manage contracts more effectively. CLM software assists firms in adhering to legal and regulatory norms by offering capabilities such as automated compliance checks, audit trails, and standardized contract templates.
  • Demand for Improved Visibility and Analytics: To make sound decisions, modern businesses want extensive insights into their contract data. CLM software provides extensive analytics and reporting capabilities enabling visibility into contract performance, financial commitments, and vendor relationships. This data-driven strategy enables businesses to examine contract trends, evaluate supplier performance, and discover areas for renegotiation or cost savings.

Key Challenges:

  • Integration with Current Systems: One of the most difficult difficulties is integrating CLM software with current enterprise systems like CRM and ERP platforms. Organizations frequently utilize a number of software solutions that must perform flawlessly together. Integration difficulties can result in data silos, duplication of efforts, and inefficiencies.
  • Complexity and Customization: Implementing CLM software can be difficult and time-consuming, especially for large firms with specific contract management requirements. Customizing the program to meet specific company processes, legal constraints, and contract types might be difficult.
  • User Acceptance and Training: The success of CLM software is strongly dependent on user acceptance. Employees who are accustomed to manual contract management methods may be resistant to using automated alternatives. It is critical for successful implementation to ensure that users have received proper training and are comfortable with the new system.

Key Trends:

  • Integration with Artificial Intelligence and Machine Learning: Contract Lifecycle Management (CLM) software is increasingly integrating artificial intelligence (AI) and machine learning (ML) technology to improve contract analysis and management. AI-powered solutions may automate the extraction of key phrases, clauses, and duties from contracts, resulting in more efficient review processes.
  • Enhanced Compliance and Risk Management: As regulatory environments get more complicated, CLM software evolves to provide enhanced compliance and risk management capabilities. Modern CLM solutions include capabilities for monitoring contract compliance and regulatory requirements. They provide automatic warnings for contract renewals, compliance deadlines, and risk assessments.
  • Cloud-Based Deployment and SaaS Model: Cloud-based deployment and Software-as-a-Service (SaaS) models are becoming increasingly popular in the CLM software market. Cloud-based solutions provide better scalability, flexibility, and accessibility, enabling businesses to handle contracts from any location with an internet connection. SaaS models eliminate the need for on-premises infrastructure while offering frequent upgrades and maintenance as part of the service.

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Global Contract Lifecycle Management (CLM) Software Market Regional Analysis

North America:

  • The North American region dominates the contract lifecycle management (CLM) software market due to its strong technological infrastructure and widespread adoption of digital solutions across industries. This dominance is bolstered by strict regulatory requirements and an increased emphasis on contract risk management.
    The growing emphasis on regulatory compliance is a primary driver of the North American CLM software market.
  • According to the United States Government Accountability Office (GAO), federal agencies handled over 520,000 contracts worth more than $2 trillion in fiscal year 2022. This large number of contracts demands effective management systems to ensure compliance with numerous requirements. The Securities and Exchange Commission (SEC) announced a 6 percent rise in enforcement actions relating to contract disclosures and reporting violations.
  • The United States Bureau of Labor Statistics predicts a 13% increase in software developer jobs from 2020 to 2030 faster than the average for all occupations reflecting growing investment in digital solutions such as CLM software. Furthermore, according to a poll conducted by the International Association for Contract and Commercial Management (IACCM), 85% of North American organizations intend to deploy or enhance their CLM systems within two years.

Asia Pacific:

  • The Asia Pacific region is experiencing the highest growth in the contract lifecycle management (CLM) software market owing mostly to rapid digital transformation across industries. This increased adoption is being driven by the region’s strong economic growth, rising regulatory compliance requirements, and the need for effective contract administration in growing firms. The digital transformation wave sweeping through Asia Pacific is a major driver of CLM software adoption.
  • The Asian Development Bank (ADB) estimates that digital transformation will add USD 1.7 Trillion to Asia’s GDP by 2025. This digital transformation is causing organizations to streamline their contract administration operations. The Asia Pacific Economic Cooperation (APEC) claims that regulatory compliance expenses for regional enterprises have risen by an average of 30% over the last five years. This has created a larger demand for effective contract management systems to ensure compliance and reduce risks.
  • According to the Japan External Trade Organization, the Financial Services Agency has reinforced financial institution regulations resulting in a 25% rise in compliance-related IT spending in 2021. Similarly, in Singapore, the Monetary Authority of Singapore (MAS) has implemented new requirements for financial institutions promoting the implementation of CLM software for better contract supervision and compliance management.

Global Contract Lifecycle Management (CLM) Software Market: Segmentation Analysis

The Global Contract Lifecycle Management (CLM) Software Market is segmented based on the Functionality, Deployment, End-User, and Geography.

Contract Lifecycle Management (CLM) Software Market is estimated to grow at a CAGR of 13.30% & reach USD 4733.45 Mn by the end of 2031

Contract Lifecycle Management (CLM) Software Market, By Functionality

  • Authoring
  • Repository
  • Analytics
  • Redlining & Collaboration
  • Contract Renewals & Compliance Management

Based on the Functionality, the Global Contract Lifecycle Management (CLM) Software Market is bifurcated into Authoring, Repository, Analytics, Redlining & Collaboration, and Contract Renewals & Compliance Management. In the global contract lifecycle management (CLM) software market, Authoring is the dominant functionality. This is because the initial creation and drafting of contracts are crucial for establishing clear terms and conditions which form the foundation of effective contract management.

Contract Lifecycle Management (CLM) Software Market, By Deployment

  • On-Premises
  • Cloud-Based
  • Hybrid

Based on the Deployment, the Global Contract Lifecycle Management (CLM) Software Market is bifurcated into On-Premises, Cloud-Based, and Hybrid. In the contract lifecycle management (CLM) software market, Cloud-based deployment is the dominant segment. This preference is driven by several factors including the increasing demand for scalability, cost-efficiency, and accessibility. Cloud-based solutions offer lower upfront costs compared to on-premises setups as they eliminate the need for significant infrastructure investments and maintenance. They also provide greater flexibility allowing users to access the system from anywhere which is crucial for modern, remote, or distributed teams.

Contract Lifecycle Management (CLM) Software Market, By End-User

  • Healthcare
  • Manufacturing
  • Retail
  • IT & Telecommunication
  • Banking, Financial Services, & Insurance
  • Government

Based on the End-User, the Global Contract Lifecycle Management (CLM) Software Market is bifurcated into Healthcare, Manufacturing, Retail, IT & Telecommunication, Banking, Financial Services, & Insurance, and Government. In the global contract lifecycle management (CLM) software market, the banking, financial services, & insurance (BFSI) sector is the dominant end user. This dominance is primarily due to the BFSI industry’s complex regulatory requirements, high volume of contracts, and the critical need for risk management and compliance. CLM software helps these institutions streamline contract processes, ensure adherence to regulations, and mitigate risks associated with financial transactions.

Contract Lifecycle Management (CLM) Software Market, By Geography

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

Based on Geography, the Global Contract Lifecycle Management (CLM) Software Market is classified into North America, Europe, Asia Pacific, and the Rest of the World. North America is the dominant region in the global contract lifecycle management (CLM) software market. This dominance is primarily driven by the region’s early adoption of advanced technologies and robust IT infrastructure. North American companies, especially those in the United States, are keen on leveraging CLM software to streamline contract processes, enhance compliance, and reduce operational risks.

Key Players

The “Global Contract Lifecycle Management (CLM) Software Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Ivalua, Inc., Jaggaer, Newgen Software Technologies Limited, Optimus BT, Inc., CLM Matrix, Coupa Software, Inc., Determine, IBM Corporation, Icertis, Apttus Corporation, and Medius.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Global Contract Lifecycle Management (CLM) Software Market Key Developments

Contract Lifecycle Management (CLM) Software Market is estimated to grow at a CAGR of 13.30% & reach USD 4733.45 Mn by the end of 2031

  • In August 2023, SAP SE and Google Cloud announced an expanded relationship to help organizations leverage the power of data and generative AI.
  • In April 2023, Krones decided to use Icertis Contract Intelligence (ICI) to improve and centralize its contract lifecycle management (CLM) procedures at its Neutraubling, Bavaria, headquarters. The partnership’s goal is to improve compliance with contractual duties, which include contracts on both the buy-side and sell-side for the packaging company.
  • In September 2023, The University of Wollongong in Dubai (UOWD) launched its Master of Digital Transformation program, which was designed in collaboration with IBM. This program is consistent with the UAE’s 2025 digital strategy, which aims to develop a knowledge-based economy powered by innovation and advanced sciences.

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2018-2031

Base Year

2023

Forecast Period

2024-2031

Historical Period

2020-2022

Unit

Value (USD Million)

Key Companies Profiled

Ivalua, Inc., Jaggaer, Newgen Software Technologies Limited, Optimus BT, Inc., CLM Matrix, Coupa Software, Inc., Determine, IBM Corporation, Icertis, Apttus Corporation, and Medius.

Segments Covered

By Functionality, By Deployment, By End-User, and By Geography.

Customization scope

Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

Research Methodology of Verified Market Research:

Research Methodology of VMR

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support

Customization of the Report

• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.

Frequently Asked Questions

Contract Lifecycle Management (CLM) Software Market was valued at USD 1743.17 Million in 2023 and is projected to reach USD 4733.45 Million by 2031, growing at a CAGR of 13.30% from 2024 to 2031.

Increased Need for Operational Efficiency, Increasing Focus on Compliance and Risk Management, Demand for Improved Visibility and Analytics are the factors driving the growth of the Contract Lifecycle Management (CLM) Software Market.

The major players are Ivalua, Inc., Jaggaer, Newgen Software Technologies Limited, Optimus BT, Inc., CLM Matrix, Coupa Software, Inc., Determine, IBM Corporation, Icertis, Apttus Corporation, and Medius.

The Global Contract Lifecycle Management (CLM) Software Market is segmented based on the Functionality, Deployment, End-User, and Geography.

The sample report for the Contract Lifecycle Management (CLM) Software Market can be obtained on demand from the website. Also, the 24*7 chat support & direct call services are provided to procure the sample report.

1 INTRODUCTION OF GLOBAL CONTRACT LIFECYCLE MANAGEMENT (CLM) SOFTWARE MARKET
1.1 Overview of the MARKET
1.2 Scope of Report
1.3 Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources

4 GLOBAL GLOBAL CONTRACT LIFECYCLE MANAGEMENT (CLM) SOFTWARE MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis

5 GLOBAL GLOBAL CONTRACT LIFECYCLE MANAGEMENT (CLM) SOFTWARE MARKET, BY DEPLOYMENT
5.1 Overview
5.2 Cloud based
5.3 On Premise
5.4 Hybrid

6 GLOBAL CONTRACT LIFECYCLE MANAGEMENT (CLM) SOFTWARE MARKET, BY END USER
6.1 Overview
6.2 Healthcare
6.3 Manufacturing
6.4 Retail
6.5 IT & Telecommunication
6.6 Banking, Financial Services, & Insurance
6.7 Government

7 GLOBAL CONTRACT LIFECYCLE MANAGEMENT (CLM) SOFTWARE MARKET, BY FUNCTIONALITY
7.1 Overview
7.2 Authoring
7.3 Repository
7.4 Analytics
7.5 Redlining & Collaboration
7.6 Contract Renewals & Compliance Management

8 GLOBAL CONTRACT LIFECYCLE MANAGEMENT (CLM) SOFTWARE MARKET, BY GEOGRAPHY
8.1 Overview
8.2 North America
8.2.1 U.S.
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 U.K.
8.3.3 France
8.3.4 Rest of Europe
8.4 Asia Pacific
8.4.1 China
8.4.2 Japan
8.4.3 India
8.4.4 Rest of Asia Pacific
8.5 Rest of the World
8.5.1 Latin America
8.5.2 Middle East and Africa

9 GLOBAL CONTRACT LIFECYCLE MANAGEMENT (CLM) SOFTWARE MARKET COMPETITIVE LANDSCAPE
9.1 Overview
9.2 Company MARKET Ranking
9.3 Key Development Strategies

10 COMPANY PROFILES

10.1 Ivalua Inc.
10.1.1 Overview
10.1.2 Financial Performance
10.1.3 Product Outlook
10.1.4 Key Developments

10.2 Jaggaer
10.2.1 Overview
10.2.2 Financial Performance
10.2.3 Product Outlook
10.2.4 Key Developments

10.3 Newgen Software Technologies Limited, Inc.
10.3.1 Overview
10.3.2 Financial Performance
10.3.3 Product Outlook
10.3.4 Key Developments

10.4 Optimus BT
10.4.1 Overview
10.4.2 Financial Performance
10.4.3 Product Outlook
10.4.4 Key Developments

10.5 CLM Matrix
10.5.1 Overview
10.5.2 Financial Performance
10.5.3 Product Outlook
10.5.4 Key Developments

10.6 Contract Logix, LLC
10.6.1 Overview
10.6.2 Financial Performance
10.6.3 Product Outlook
10.6.4 Key Developments

10.7 Icertis
10.7.1 Overview
10.7.2 Financial Performance
10.7.3 Product Outlook
10.7.4 Key Developments

10.8 Coupa Software Inc
10.8.1 Overview
10.8.2 Financial Performance
10.8.3 Product Outlook
10.8.4 Key Developments

10.9 Determine
10.9.1 Overview
10.9.2 Financial Performance
10.9.3 Product Outlook
10.9.4 Key Developments

10.10 IBM Corporation
10.10.1 Overview
10.10.2 Financial Performance
10.10.3 Product Outlook
10.10.4 Key Developments

11 Appendix
11.1 Related Research

Report Research Methodology

Research methodology

Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.

This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.

We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:

Exploratory data mining

Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.

All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.

expert data mining

For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.

Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.

Data Collection Matrix

PerspectivePrimary ResearchSecondary Research
Supplier side
  • Fabricators
  • Technology purveyors and wholesalers
  • Competitor company’s business reports and newsletters
  • Government publications and websites
  • Independent investigations
  • Economic and demographic specifics
Demand side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customer

Econometrics and data visualization model

data visualiztion model

Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.

All the research models are customized to the prerequisites shared by the global clients.

The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.

Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.

Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.

Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:

  • Market drivers and restraints, along with their current and expected impact
  • Raw material scenario and supply v/s price trends
  • Regulatory scenario and expected developments
  • Current capacity and expected capacity additions up to 2027

We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.

Primary validation

The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.

The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.

primary validation

Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:

  • Established market players
  • Raw data suppliers
  • Network participants such as distributors
  • End consumers

The aims of doing primary research are:

  • Verifying the collected data in terms of accuracy and reliability.
  • To understand the ongoing market trends and to foresee the future market growth patterns.

Industry Analysis Matrix

Qualitative analysisQuantitative analysis
  • Global industry landscape and trends
  • Market momentum and key issues
  • Technology landscape
  • Market’s emerging opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2027
  • Market revenue estimates and forecasts up to 2027, by technology
  • Market revenue estimates and forecasts up to 2027, by application
  • Market revenue estimates and forecasts up to 2027, by type
  • Market revenue estimates and forecasts up to 2027, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

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