The global contract lifecycle management software market size is expected to reach US$ 3.04 Billion by 2026, exhibiting a CAGR of 11.87% during 2021-2026, according to the latest report by IMARC Group.
Contract lifecycle management (CLM) software helps in the management of contracts from the point of initiation to the process of renewal. It comprises various steps which include negotiation, contract drafting, approval, compliance and administration, repository, compliance optimization, retrieval, renewal, amendments, and disposition. It helps an organization to proactively address expirations and contract renewals, thereby saving the company from losing business opportunities and allowing them to negotiate in more favorable terms. As a result, it is widely used in the public, healthcare, manufacturing and financial service sectors worldwide.
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Global Contract Lifecycle Management Software Market Trends:
Before the digital era, contracts were written and managed on paper manually. However, the introduction of CLM software has helped organizations in maintaining a record of dates, prices and information about internal as well as external entities. The application provides efficiency and transparency in the reporting mechanism which enables organizations to rectify loopholes in their system and flag problematic contracts before they are executed. It also allows lawyers to access the archive of similar agreements to utilize them for reference purposes. In addition to this, it helps organizations in ensuring compliance with regulations introduced by the governing bodies. As the cost of non-compliance is high, several companies are now relying on these applications to reduce the chances of incurring the penalties.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of the key players being
Great Minds Software,
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Market Breakup by Deployment Model:
Based on deployment models, the market has been bifurcated into cloud-based and on-premises. Amongst these, the cloud-based deployment model dominates the market, holding the largest share.
Market Breakup by CLM Offerings:
Licensing and Subscription
On the basis of offerings, licensing and subscription represent the largest segment, accounting for the majority of the global market share, followed by services.
Market Breakup by Enterprise Size:
Small and Medium Enterprise
The market has been segregated on the basis of enterprise sizes into large, and small and medium enterprises.
Market Breakup by Industry:
Electrical and Electronics
Retail and E-commerce
Based on industries, the market has been classified into automotive, electrical and electronics, pharmaceutical, retail and e-commerce, manufacturing, BFSI, and others.
Market Breakup by Region:
Middle East and Africa
Region-wise, the market has been segmented into Europe, Asia Pacific, North America, Middle East and Africa, and Latin America. At present, North America is the biggest market, holding the majority of the total market share.
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