The market for contract lifecycle management is anticipated to increase at a CAGR of 12.2% from 2023 to 2033, reaching around US$ 3771.7 million. According to the report, the contract lifecycle management industry will rise through 2033 as a result of a greater emphasis on risk assessment, trend forecasting, and client behavior analysis.
The use of cutting-edge technologies like IoT, AI, and machine learning will also continue to drive demand for contract lifecycle management systems. Demand for contract lifecycle management solutions will increase in 2023 and beyond due to these solutions’ ability to concentrate on compliance with laws and regulations.
Globally, industries are becoming more digitalized, and businesses are switching from traditional production to digital manufacturing and implementing cutting-edge technologies. Sales of contract lifecycle management solutions are expected to increase significantly over the next ten years as a result of the quick uptake of cutting-edge technologies.
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The use of contract lifecycle management systems for procurement business operations is anticipated to present a total incremental potential valued at about US$ 1,189.4 million from 2023 to 2029, according to the FMI report. According to the contract lifecycle management market research analysis, the software segment has continued to dominate the market during the forecast period.
In areas where contract lifecycle management technologies are heavily used, professional services revenue is expected to rise. The rising need for risk & compliance assessment and implementation & integration services provided under this segment would primarily drive the demand for professional services.
Contract Lifecycle Management Market Players to Double their Investments in Europe & East Asia
Rapid developments in new technologies such as hybrid cloud-based contract lifecycle management solutions, have made access to new markets easier and cost-effective. With the help of such contract lifecycle management solutions, one can manage contracts in real-time, providing more visibility, choice, and control over the cloud, electronic repository, and other infrastructure, finds the report.
Moreover, the economic growth of developing countries, such as Germany, France, China, and India, is complemented by the declining prices of enterprise applications and contract lifecycle management solutions in these regions. Thus, according to the study, the leading players in the contract lifecycle management market will double their investments in these regions.
FMI’s business intelligence also highlights trend-setting insights into the competitive scenario of the contract lifecycle management market along with differential strategies followed by the solution providers. Leading players in the contract lifecycle management market are providing cloud-based solutions integrated with advanced technologies, as cloud-based contract lifecycle management solution makes it an ideal, paperless way to share all the contracts with only the people they deem necessary.
For instance, in May 2018, Apttus launched Apttus Omni, a contract lifecycle management solution that can benefit business outcomes for enterprises by improving the efficiency of revenue, contract, and procurement operations across legal, sales, finance, operations, and other functional groups.
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Competitive Landscape
Contract lifecycle management key providers have focused on acquiring companies, which serve as catalysts to organic growth by adding complementary technology, expanding served market, and helping in enhancing domain expertise or market access. Through this business strategy, the key providers serve to expand its market and strengthen its competitive differentiations.
- Coupa Software Inc. (Exari)
- Infor
- Newgen Software Technologies Limited
- SAP SE
- Infosys Limited
- Information Services Group, Inc.
- Model N, Inc.
- Synertrade (Econocom Group)
Contract Lifecycle Management Market Outlook By Category
By Solution, Contract Lifecycle Management Market is segmented as:
- Contract Lifecycle Management Software
- Contract Lifecycle Management Services
- Professional Services
- Risk & Compliance Assessment
- Implementation & Integration
- Support & Maintenance
- Managed Services
By Business Function, Contract Lifecycle Management Market is segmented as:
- Legal
- Finance
- Procurement
- Sales
- Operations
- Human Resource
- Information Technology
By Industry, Contract Lifecycle Management Market is segmented as:
- BFSI
- IT & Telecom
- Government & Public Sector
- Energy & Utilities
- Manufacturing
- Healthcare & Pharma
By Region, Contract Lifecycle Management Market is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments based on Source, Application, Sales Channel, and End Use over the next 10 years.
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