Contract Lifecycle Management Software Market Size, Trends, and Analysis- Forecasts to 2026 By Type of Enterprise (Large Enterprise, Small and Medium Enterprise), By Type of Industry (Automotive, Electrical, and Electronics, Pharmaceutical, Retail and E-Commerce, Manufacturing, Banking,Financial Services, and Insurance, Others), By Region (North America, Europe, Asia Pacific, Middle East &Africa, and Central &South America).
Industries today are rapidly implementing strategies like mergers, acquisitions, and collaborations to spread their user base and achieve growth. With such collaborations and agreements among companies, it becomes very essential to manage and keep a check on the contract process, which leads companies to adopt Contract Lifecycle Management (CLM) software. The Contract Lifecycle Management (CLM) Software market has witnessed tremendous growth overthe last few years by efficiently handling and managing all the steps of a contract procedure between companies. The drivers like the increasing need to effectively manage risks, ensure legal procedures, procurement, and efficient documentation of the contract/agreement among the companies is propelling growth in this CLM software market. Along with these, factors like increasing technological advancements, cloud-based technology, user-friendly software, rising awareness about alliance formations to widen the product portfolio and consumer reach are driving more growth in the CLM Software market.
The Contract Lifecycle Management Software market is segmented into two types of enterprise sizes, one being the Small and Medium Enterprises (SMEs) and the other being Large Enterprises. With increasing alliances and rising mergers and acquisitions between large companies/enterprises, the demand for CLM software among these enterprises is increasing. These companies aim to achieve stability and assurance regarding the contract procedures from itsrequest till disposition. Thus, showcasing the dominance of large enterprises in the CLM software market. Large enterprises are also projected to account for a large market share.
Based on the industries, the CLM software market is segmented into Electrical and Electronics, Automotive, Pharmaceutical, Manufacturing, and Others. The Pharmaceutical Industry showed the highest share of the CLM software market, however, manufacturing and BFSI domain are also growing at the fastest rate, thus projectingequal hold of all industries over market share during the forecasted period. These industries have been witnessing increasing alliances to expand their consumer bases resulting in fast growth within the CLM software market.
Based on the region, North America has held dominating share of this CLM software market. North America is the parent region for many of the vendors in the CLM Software market, holds the largest share in this market. However, the APAC region is projected to witness fast growth during the forecasted period. The companies in this region are slowly adapting to mergers and acquisitions, leading to the increased awareness and need for the CLM software. Increasing technological advancements and cloud-based systems are also encouraging new CLM software vendors to emerge in the market. APAC region is also experiencing increasing foreign direct investments that account for greater alliances and contracts among the countries thus, increasing the demand in the CLM software market.
Apttus Corporation, CobbleStone Systems, Icertis Inc., SpringCM, Coupa Software Inc., Sysintellects, SecureDocs Inc., SAP SE, Oracle Corporation, and Infor Inc among others, are the key players operating in this market
Please note: This is not an exhaustive list of companies profiled in the report.
In May 2019, Coupa Software Inc.announced its completion of Contract Lifecycle Management (CLM) of the acquisition with Exari. This increased Coupa’sefficiency in contract Lifecycle management software capabilities.
In September 2018, DocuSign and SpringCMannounced an alliance to form a new contract management solution called DocuSign Gen. It acquired SpringCMthe leading CLMsoftware provider. This gave the companiesa chance to enhancetheir contract management software portfolio.
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The Contract Lifecycle Management Software Market has been studied from the year 2019 till 2026. However, the CAGR provided in the report is from the year 2021 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Contract Lifecycle Management Software Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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