Contract Lifecycle Management Market size is set to expand at a moderate pace during 2021 to 2027 due to the rising demand for a central repository for effective contract lifecycle management software among enterprises across diverse sectors. Moreover, the increasing need for improving the transparency and efficiency in management control and reporting mechanism would further augment the growth structure for CLM industry through 2027.
Contract lifecycle management helps client in eliminating, reducing, or mitigating the legal, procurement, and financial risks. It also allows them to keep record of the information, pricing, and dates on the internal as well as external businesses involved. Such developments are touted to augment the contract lifecycle management market revenue through 2027.
Large scale enterprises are observing extensive adoption of contract lifecycle management as it helps the companies automate operations that have been structured and predefined. Additionally, the number of collaborations and other transactions every year is apparently more in large companies, as compared to small and medium enterprises.
Based on the deployment model, on-premise contract lifecycle management market would depict massive gains through 2027, given the model’s intrinsic advantages such as the ability to manage everything in-house, control of security and backups, ensure organizational compliance, and avoid annual hosting charges.
Contract lifecycle management market demand is projected to exhibit profitable gains from the automotive industry over 2021 to 2027. The industry has been facing various challenges due to fluctuating market demand and supply chain management issues. Besides, the introduction of new industry trends like autonomous cars and shared ownership further necessitates effective contract management for automotive enterprises. These solutions help the organizations design a better risk and compliance management framework and better customer service models by re-structuring all contract management processes. In 2020, Porsche announced partnering with Icertis to deploy its CLM solution across 18 business units as a part of its new approach to contract management.
Regionally, contract lifecycle management industry is diversified into various economies such as North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Out of these, the growth in overall market is expected to come from North America. The regional market is estimated to hold major stake in the contract lifecycle management market share. This can be reasoned to the presence of a majority of CLM software and solutions vendors in the region.
Vendors in the CLM market are emphasizing on developing software with enhanced capabilities that are highly digitized to cater to the evolving consumer needs. Apparently, they are also investing significantly and laying focus on taking up effective business strategies like acquisitions, collaboration, partnerships, and more, to augment their foothold in the global market. For instance, Evisort and BNY Mellon lately announced their partnership to digitize CLM.
Some of the prominent leaders partaking in the global contract lifecycle management industry are Coupa Software Inc, CLM Matrix (Wolters Kluwer ELM Solutions, Inc.), Contract Logix, LLC, SAP SE, IBM Corporation, Determine (Corcentric, LLC), Oracle Corporation, and more. These vendors are taking up potential efforts to gain a competitive edge in the market.
With coronavirus pandemic urging various businesses to shift to online operations, the need for contract management tools is essentially rising during the covid phase. As legal professionals work remotely more frequently, the demand for contract lifecycle management tools to effectively manage contract processes would potentially complement the CLM market outlook in 2021 and beyond.
Market, By CLM Offerings, 2014-2025 (USD Million)
Market, By Enterprise Size, 2014-2025 (USD Million)
Market, By Deployment Model, 2014-2025 (USD Million)
By End-Use, 2014-2025 (USD Million)
The above information has been provided for the following regions and countries: