Pune, India, Feb. 16, 2023 (GLOBE NEWSWIRE) -- The contract lifecycle management solution market size will witness a prominent gain in the wake of the trend for workflow automation. Over the years, contract lifecycle management (CLM) solutions have become sought-after to boost operational efficiency, minimize administrative costs and propel contract performance. Amidst escalating government regulation, CLM solutions and services could witness investments galore across developed and developing countries. Fortune Business Insights™ has delved into these inputs in an upcoming research report, titled, “Contract Lifecycle Management Solution Market Forecast, 2023-2030.”
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Competitive Landscape-
Leading Companies Invest in Product Offerings to Expand Footprint
Stakeholders are expected to inject funds into organic and inorganic strategies to boost their penetration. R&D activities, product launches, innovations and collaboration will rapidly gain prominence in the ensuing period. Besides, the infusion of funds into technological advancements will expedite investments globally.
May 2021: Agiloft rolled out a sourcing and supplier information management module to automate supplier onboarding, minimize sourcing cycle time and ongoing compliance.
Some of the Leading Companies Profiled in the Report:
- Icertis (U.S.)
- SAP SE (Germany)
- SirionLabs (U.S.)
- Contract Logix LLC (U.S.)
- Agiloft Inc (U.S.)
- Concord (U.S.)
Factors affecting the growth of contract lifecycle management solution market (2023-2030):
- Increasing adoption of CLM solutions: As businesses seek to improve their contract management processes and reduce risks, they are increasingly turning to CLM solutions. These solutions provide a centralized platform for managing all aspects of the contract lifecycle, from creation to renewal and expiration, making it easier to track and manage contracts, streamline processes, and reduce the risk of non-compliance.
- Increasing regulatory compliance: With the increasing regulatory scrutiny in various industries, businesses are focusing on compliance and risk mitigation. CLM solutions help businesses to stay on top of regulatory requirements, ensuring that all contracts are in compliance with the latest regulations.
- Growing importance of contract data analytics: Contract data analytics helps businesses to analyze the contract data, identify patterns, and make informed decisions. The growing importance of contract data analytics is driving the demand for CLM solutions that provide advanced analytics capabilities.
- Increasing demand for cloud-based solutions: The adoption of cloud-based solutions is growing rapidly due to their ease of use, scalability, and affordability. CLM solutions are no exception, and businesses are increasingly adopting cloud-based CLM solutions for their flexibility, security, and accessibility.
- Need for greater collaboration: With the increasing complexity of contracts, businesses are seeking greater collaboration among departments and stakeholders. CLM solutions provide a collaborative platform where all stakeholders can collaborate, streamline the contract review process, and reduce the risk of errors and delays.
- Growing need for automation: As businesses seek to reduce costs and increase efficiency, they are increasingly turning to automation. CLM solutions help businesses to automate many of the time-consuming manual tasks associated with contract management, such as contract creation, approval workflows, and reporting.
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Drivers and Restraints-
Strong Demand from Healthcare to Propel Industry Growth
Prevalence of privacy regulations and data security, including Health Insurance Portability and Accountability (HIPAA), could foster contract lifecycle management solution market share. The healthcare sector has upped investments in contract lifecycle management solutions to boost efficiency, minimize manual tasks and manage contracts. Specifically, in August 2021, Allina Health joined hands with Icertis to bring a paradigm shift in contracting. Moreover, the adoption of machine learning and AI solidified the penetration of contract lifecycle management solutions. However, poor tracking of renewal dates could impede the industry growth.
Segments-
In terms of component, the market is segmented into services and software.
Based on deployment, the industry is segregated into cloud and on-premise. With respect to enterprise size, the market is classified into large enterprises and small and medium-size enterprises.
On the basis of industry, the market is divided into banking, financial services and insurance (BFSI), legal & compliance, government, healthcare & life sciences, IT & telecom, education, energy & utilities, retail and others.
With respect to geography, the market is segmented into Asia Pacific, North America, Europe, Latin America and the Middle East & Africa.
Report Coverage-
The research report offers insights into industry dynamics redefining the global landscape. The report delves into drivers, opportunities, restraints and trends to provide a holistic market view. The report is prepared through primary sources, including interviews with directors and executives and qualitative and quantitative analyses. The report also provides secondary resources, such as press releases, annual reports, white papers and journals.
Regional Insights
North America to Remain Stronghold with Adoption of ML and IoT
Stakeholders expect the U.S. and Canada to emerge as favorable investment hubs following the presence of leading companies, including SAP SE, Icertis and Coupa Software. The robust integration of state-of-the-art technologies, including machine learning, IoT and AI, will encourage major players to invest in CLM solutions. The presence of well-developed BFSI, healthcare and energy sectors will bolster North America contract lifecycle management solution market growth.
Europe market forecast will be strong during the assessment period on the back of the rising deployment of cloud solutions. Software solutions could gain considerable traction across the U.K., France, Germany and Italy. Advanced CLM software has become sought-after to streamline workflow and negate the risk of missing essential steps. Industry players will continue to inject funds into the landscape to expand their penetration across untapped areas.
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Major Table of Contents
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Global Statistics — Key Countries
4.2 New Product Launches
4.3 Pipeline Analysis
4.4 Regulatory Scenario — Key Countries
4.5 Recent Industry Developments — Partnerships, Mergers & Acquisitions
5. Global Contract Lifecycle Management Analysis, Insights and Forecast
5.1. Key Findings/ Summary
5.2. Market Analysis — By Product Type
5.3. Market Analysis — By Distribution Channel
5.4. Market Analysis — By Countries/Sub-regions
……………
11. Competitive Analysis
11.1. Key Industry Developments
11.2. Global Market Share Analysis
11.3. Competition Dashboard
11.4. Comparative Analysis — Major Players
12. Company Profiles
12.1 Overview
12.2 Products & Services
12.3 SWOT Analysis
12.4 Recent developments
12.5 Major Investments
12.6 Regional Market Size and Demand
13. Strategic Recommendations
TOC Continued……………….
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