Scope of the Study
Contract lifecycle management (CLM) software assists in efficiently managing the complete process of a contract signed between two or more organizations. It comprises of eight vital steps: contract drafting, negotiation, approval, compliance and administration, repository, compliance optimization, retrieval, and renewal, amendments and disposition. Contract lifecycle management (CLM) is the management of an organization's contracts from initiation through execution, performance and renewal/expiry. Effective and proactive contract lifecycle management is achieved through the use of contract lifecycle management software.
The market study is being classified, by Application (Automotive, Electrical and Electronics, Pharmaceutical, Retail and E-commerce, Manufacturing, BFSI and Others) and major geographies with country level break-up.
SAP SE (SAP) (Germany), Coupa Software (United States), Icertis (United States), Infor (United States), CLM Matrix (United States), IBM Emptoris (United States), Jaggaer (United States), Contract Logix, LLC (United States), Determine (United States) and EASY SOFTWARE AG (Germany) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are ESM Solutions, Great Minds Software, Ivalua and Optimus BT.
The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market in the near future. Players are anticipated to focus on the development of new technology, which is likely to encourage the growth of the global market throughout the forecast period. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Contract Lifecycle Management Software market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global Contract Lifecycle Management Software market by Type, Application and Region.
On the basis of geography, the market of Contract Lifecycle Management Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Emergence of Cloud-Based CLM Software
- Changing Legal Compliance's Driving the Adoption of Contract Life-cycle Management Software
- Rising Complexity Due to Diversity in Sales and Licensing Models
- Lack of Skilled Manpower
- Increased Threat of Cyber attacks
- Increasing Demand for Smart Contracts
- Automation of Contract Life-cycle Management Process Using AI and Ml
- Back Filing is Hampering the Adoption of Contract Life cycle Management
Market Leaders and their expansionary development strategies
In May 2019, Coupa completed the acquisition of one of the leading contract management players, Exari. This acquisition enhanced Coupa’s contract management solution capabilities. Some of the enhanced capabilities of Coupa’s contract management offerings are functionality for contract creation, collaboration, and discovery
Key Target AudienceContract Life-cycle Management Software Providers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors and Others
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Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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