The global Contract Life-Cycle Management Software Market is expected to witness steady growth in terms of revenue by 2025. Contract life cycle management (CLM) software allows organizations to manage the lifecycle of the contracts created by the company including third-party contracts such as sales, procurement, leasing, outsourcing, intellectual property, nondisclosure, and other such licensing and agreements. Rising need to reduce administrative expenses and to ensure better compliance for all stakeholders can propel the market during the forecast period (2018 to 2025). Technological advancements and increasing use of artificial intelligence (AI) can further boost market growth.
Adoption of cloud-based solutions due to its low-cost and flexibility to scale up and scale down as required can boost the market growth. The organizations can also access data and services remotely and can enable users to view documents in multiple formats such as Word, image, PowerPoint, Excel, and other such formats. Additionally, deployment of the cost-effective software as a service (SaaS) platforms can eliminate the need for long-term hardware and software upgrades. The development of analytics in CLM is expected to be one of the key trends driving growth of the market for contract life-cycle management software.
Most companies are opting for CLM with built-in analytics as it helps them understand and interpret past data, quick access to information related to any contract for comparisons, potential risks, and future performance estimations in the supply chain. Analytics solutions also helps the companies manage risk and optimize performance by reducing cost and sales cycle, and by updating enterprise contract processes. The software also provides information related to contract cycle duration, contract compliance, and active contracts. All these advantages are anticipated to bode well for the growth of the global market over the forecast period.
The worldwide contract life-cycle management software market can be segmented on the basis of type, application, and regions. Based on type, the market can be classified into on-premise and cloud based. As per application, the market can be categorized into small companies and large enterprises. Geographically, the market can be divided into United States, Europe, Japan, China, India, and Southeast Asia.
United States is expected to continue dominating the global market over the forecast period due to high usage of contract life-cycle management software in retail, consumer goods, and pharmaceutical sectors. Southeast Asia and emerging countries such as India and China are likely to showcase rapid growth in the forthcoming years due to growing industrialization and digitization.
Major companies operating in the contract life-cycle management software market include Apttus Corporation, SAP SE, IBM Emptoris, Coupa Software, and Great Minds Software. The market is fragmented in nature owing to the existence of various recognized companies. The market participants compete with each other on the basis of geographical presence, financials, product portfolio, and research and development (R&D). The companies are focusing on upgrading and innovating their offerings through merger and acquisitions. Most new entrants in the market are emphasizing on innovative, technologically advanced, and customized solutions.
For instance, Apttus recently introduced Apttus Contract Management with artificial intelligence (AI). This new solution can be used in legal applications. It offers automation of third-party papers, reduced contract cycle time, and contract risk management. The software compares negotiated wording with contract templates automatically for computing and risk management.
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Market segment by Regions/Countries, this report covers
- United States
- Southeast Asia
Market segment by Type, the product can be split into
Market segment by Application, the market can be split into
- Small Companies
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