The contract lifecycle management from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Contract Lifecycle Management Market, 2024 report by The Business Research
Company offers comprehensive insights into the current state of the market and
highlights future growth opportunities.
Market Size -
The contract lifecycle management market size has grown rapidly in recent
years. It will grow from $1.34 billion in 2023 to $1.54 billion in 2024 at a
compound annual growth rate (CAGR) of 15.1%.
The growth in the historic period can be attributed to increasingly
stringent regulations, operational efficiency, the expansion of businesses
across borders, and innovations in technology.
The contract lifecycle management market size is expected to see rapid growth
in the next few years. It will grow to $2.71 billion in 2028 at a compound
annual growth rate (CAGR) of 15.2%. The
growth in the forecast period can be attributed to digital transformation,
enhanced data analytics, cost, and efficiency pressures, and integration with
enterprise systems. Major trends in the forecast period include increased
integration with AI and machine learning, expansion of cloud-based solutions,
enhanced data analytics and reporting, and a focus on security and compliance.
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Scope Of Contract Lifecycle Management Market
The Business Research Company's reports encompass a wide range of information,
including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
Contract Lifecycle Management Market Overview
Market Drivers -
The prevalence of remote work arrangements is expected to propel the growth of
the contract lifecycle management market going forward. Remote work
arrangements refer to employment setups where employees perform their job
duties from a location outside of the traditional office environment, often
from their homes, coworking spaces, or other remote locations. The remote work
trend is rising due to advancements in technology, changing attitudes toward
work-life balance, and the need for flexibility, efficiency, and cost savings
for both employees and employers. Contract lifecycle management facilitates
remote work by providing a centralized platform for efficient contract
creation, collaboration, and management, ensuring seamless operations regardless
of employees' locations. For instance, in May 2022, according to a survey
conducted among workers in England and Scotland by the Office for National
Statistics, a UK-based non-ministerial department, the most popular hybrid work
pattern anticipated by employees was working primarily from home and
occasionally from their regular place of employment. This was noted by 42% of
respondents, up from 30% in April 2021. By May 2022, there will be 24% of
workers who work mixed shifts, up from 13% in early February 2022. Therefore,
the prevalence of remote work arrangements is driving the growth of the
contract lifecycle management market.
Market Trends -
Major companies operating in the contract lifecycle management market are
increasing their focus on developing innovative solutions, such as contract
lifecycle management applications, to gain a competitive edge in the market. A
contract lifecycle management (CLM) application is a software solution designed
to automate, streamline, and manage the entire lifecycle of contracts within an
organization. For instance, in January 2024, Panoram, a UK-based software
company, launched Panoram Contracts, a contract lifecycle management (CLM)
application fully integrated with Microsoft 365 (M365). This new application operates
within Microsoft Teams, Outlook, and Word, making use of familiar Microsoft
apps and security features. The platform aims to simplify and streamline
contract management processes, prioritizing usability and ease of use.
The contract lifecycle management market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment: On-Premise, Cloud-Based
3) By Industry: Healthcare And Life Science, Banking, Financial Services And
Insurance (BFSI), Government, Energy And Utilities, Information Technology (IT)
And Telecommunication, Legal And Compliance, Retail, Education, Other
Industries
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Regional Insights -
North America was the largest region in the contract lifecycle management
market in 2023. Asia-Pacific is expected to be the fastest-growing region in
the forecast period. The regions covered in the contract lifecycle management
market report are Asia-Pacific, Western Europe, Eastern Europe, North America,
South America, Middle East, Africa.
Key Companies -
Major companies operating in the contract lifecycle management market are Koch Industries Inc., International Business
Machines Corporation, Oracle Corporation, SAP SE, Wolters Kluwer N.V., Docusign
Inc., Coupa Software, Zycus, JAGGAER, Revitas, Icertis Inc., Nintex, PandaDoc,
SirionLabs, ContractPodAi, Onit, Concord Software, Agiloft Inc., Gatekeeper,
Ironclad, ContractWorks, CobbleStone Software, Symfact, Ultria, Aavenir,
Outlaw, SimpliContract
Table of Contents
1. Executive Summary
2. Contract Lifecycle Management Market Report Structure
3. Contract Lifecycle Management Market Trends And Strategies
4. Contract Lifecycle Management Market – Macro Economic Scenario
5. Contract Lifecycle Management Market Size And Growth
…..
27. Contract Lifecycle Management Market Competitor Landscape And Company
Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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