The market for contract lifecycle management is anticipated to reach $2,413.9 million in US dollars by 2029, expanding at a CAGR of 12.2% from 2022 to 2029. According to the report, the contract lifecycle management industry will rise through 2029 as a result of a greater emphasis on risk assessment, trend forecasting, and client behavior analysis.
The use of cutting-edge technologies like IoT, AI, and machine learning will also continue to drive demand for contract lifecycle management systems. The attention that these solutions can place on the rule and regulatory compliance will also increase demand for contract lifecycle management solutions through 2023 and beyond.
Globally, industries are becoming more digitalized, and businesses are switching from traditional production to digital manufacturing and implementing cutting-edge technologies. Sales of contract lifecycle management solutions are expected to increase significantly over the next ten years as a result of the quick uptake of cutting-edge technologies.
The use of contract lifecycle management systems for procurement business operations is anticipated to present a total incremental potential valued at about US$ 2413.9 Mn from 2022 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 the 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 advancements in new technologies, such as hybrid cloud-based contract lifecycle management solutions, have facilitated more efficient and affordable entry to new markets. According to the survey, one can manage contracts in real-time with the aid of such contract lifecycle management solutions, giving them more visibility, control, and choice over the cloud, electronic repository, and other infrastructure.
As a result, existing and developing providers of contract lifecycle management software can benefit from the abundant opportunities in places like Europe and East Asia thanks to the flexibility provided by such technology.
Furthermore, the falling costs of corporate software and contract lifecycle management solutions in these areas complement the economic growth of developing nations like Germany, France, China, and India. As a result, the report predicts that the market’s top companies for contract lifecycle management would quadruple their spending there.
The business intelligence provided by FMI additionally shows the innovative viewpoints into the contract lifecycle management market’s competitive environment as well as the distinctive approaches taken by the solution providers. Leading companies in the contract lifecycle management industry are offering cloud-based solutions that are integrated with cutting-edge technology because they offer an optimal, paperless method of sharing all contracts with only the parties they feel necessary.
By increasing the effectiveness of revenue, contract, and procurement operations across legal, sales, finance, operations, and other functional groups, for instance, Apttus launched Apttus Omni in May 2018. This contract lifecycle management solution can help businesses achieve their goals by improving business outcomes.
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 their market and strengthen their competitive differentiations.
- Coupa Software Inc. (Exari)
- Newgen Software Technologies Limited
- SAP SE
- Infosys Limited
- Information Services Group, Inc.
- Model N, Inc.
- Synertrade (Econocom Group)
- Contract Lifecycle Management Software
- Contract Lifecycle Management Services
By Business Function, Contract Lifecycle Management Market is segmented as:
- Human Resource
- Information Technology
By Industry, Contract Lifecycle Management Market is segmented as:
- IT & Telecom
- Government & Public Sector
- Energy & Utilities
- Healthcare & Pharma
- Life Sciences
- Real Estate
By Region, Contract Lifecycle Management Market is segmented as:
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa