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Rising adoption of ML/AI technologies and growing demand for smart contracts driving contract lifecycle management market expansion, says Fact
ROCKVILLE PIKE, MARYLAND, UNITED STATES, May 27, 2024 /EINPresswire / -- The size of the global contract lifecycle management market is estimated at US$ 1.07 billion in 2024 and is projected to climb to a value of US$ 3.46 billion by the end of 2034, as revealed in the recently updated
industry report by Fact, a market research and competitive intelligence provider.
In recent years, there has been a noticeable increase in the deployment of cloud technology by organizations of different sizes, which is driving demand for contract lifecycle management services. Integration of advanced technologies, including machine learning, IoT, artificial intelligence, etc., is set to contribute to the rising demand for contract lifecycle management solutions for their increased performance and capabilities.
Dynamic process approvals, easy-to-use interface, minimized total costs, and seamless integration with existing popular CLM systems are projected to generate high demand for contract lifecycle management software. Moreover, the assistance of these solutions in reducing infrastructure investments is closely linked to more effective administration facilities.
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Key Takeaway from Market Study
The global market for contract lifecycle management solutions is evaluated to advance at 12.4% CAGR from 2024 to 2034. East Asia is approximated to capture 26% share of the global market by 2034-end. The market in South Korea is calculated to accelerate at 14.2% CAGR from 2024 to 2034.
Worldwide demand for CLM software is forecasted to increase at a CAGR of 11.9% and reach a market worth of US$ 2.14 billion by the end of 2034. Global sales of contract lifecycle management systems for procurement processes are projected to rise at 11.5% CAGR and reach US$ 795 million by 2034.
“Growing emphasis on effective contract management facilities, digital transformation, rising visibility and control, and effective workflows are contributing to increasing demand for contract lifecycle management systems,” says a Fact analyst.
Development of Next-generation Network Services in United States
Demand for contract lifecycle management services in the United States is forecasted to increase at a CAGR of 12.2% and reach a market value of US$ 378.3 million by the end of 2034. Rising requirements for contract lifecycle management solutions are owing to the expanding IT & telecom industry for the development of NGN (next generation network).
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Key Market Players
Exari Coupa Software Inc., Infosys Limited, SAP SE, Infor, Model N Inc., Information Services Group, Inc., CobbleStone Software, Ivalua Inc., Synertrade (Econocom Group), Conga, Corcentric LLC (Determine), Jaggae, Agiloft Inc., SpringCM, Apttus Corporation, Trackado, and Newgen Software are some of the leading contract lifecycle management solution providers.
Regional Insights
East Asia is expected to account for 26% of the global contract lifecycle management market revenue by 2034, according to a recent Fact report. The widespread presence of small and medium-sized enterprises in countries like China is driving the adoption of cloud-based solutions. These enterprises aim to reduce organizational complexity and improve the efficiency of their contracting processes.
More Valuable Insights on Offer
Fact, in its new offering, presents an unbiased analysis of the contract lifecycle management market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights into the market based on solution (CLM software, services), business function (legal functions, finance, procurement, sales, operations, human resources, information technology), and industry (BFSI, IT & telecom, government & public sector, manufacturing, healthcare & pharmaceuticals, life sciences, retail industry, real estate), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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