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Contract Lifecycle Management (CLM) Solution Market Size, Share & Industry Analysis By Component (Software, Services) By Deployment (On-Premise, Cloud), By Enterprise Size (Small and Medium-size enterprises, Large Enterprises), By Industry ( Legal & Compliance, Banking, Financial Services & Insurance (BFSI), Government, IT & Telecom, Healthcare & Life Sciences, Retail , Energy & Utilities, Education, Others) And Regional Forecast 2022-2029

Region : Global | Report ID: FBI106472 | Status : Ongoing

 

KEY MARKET INSIGHTS

The contract lifecycle management (CLM) solution is primarily driven by workflow automation that updates the document approval process and required changes. CLM eliminates bottlenecks and manages the contract workflow that reduces the contract approval time. In addition, the solution helps to reduce administrative costs, enhance operational efficiency, contract performance, and regulatory compliance.  The rising creative business models with diverse licensing structures and payment methods and increased regulation of government, risk, and compliance processes fuel the demand for smart-contract lifecycle management solutions across organizations.


The contract lifecycle management solution market is gaining traction with the advent of technology. Organizations are leveraging artificial intelligence and machine learning technologies to automate the contract management process. AI-based contract lifecycle management systems help to identify opportunities to prevent inefficiencies and automate routine tasks for legal departments. For instance,



  • in September 2020, DocuSign launched the artificial Intelligence-based analytics solution, DocuSign Analyzer, to analyze and negotiate contracts.

  • As per the Corporate Legal Operations Consortium’s (CLOC) 2019 State of the Industry survey, 65% of respondents use a contract management solution, and 56% of respondents integrated e-signature tools into legal operations.


Thus, the integration of emerging technologies such as AI and machine learning across CLM solutions is expected to drive market growth in the coming years.


The contract lifecycle management solution market is driven by the integration of cloud technology and electronic signature across CLM solutions that accelerate the contract management process. Contract Lifecycle Management software manages general compliances and contracts obligations.  Market players such as Icertis, LinkSquares, SirionLabs, Agiloft Inc., and others are focusing on investment to accelerate the CLM product offerings and expand their global footprint. For instance,



  • in March 2021, Icertis, a contract lifecycle management solution provider, announced USD 80Mn in Series F funding to strengthen its position in the CLM market. Further, the company aims to invest the funding to accelerate product development, sales, and marketing and expand its global network.

  • in May 2020, SirionLabs, a contract lifecycle management solution provider, raised USD 44 Mn to augment its contract management software.

  • in August 2020, Agiloft, a contract and commerce lifecycle management software company, secured USD 45 Mn investment from FTV Capital. The company aims to improve its position in commerce and contract lifecycle management (CCLM). Further, the funding is leveraged to accelerate AI-based product development and broaden its market presence and solutions vertical.


IMPACT OF COVID-19 ON THE CONTRACT LIFECYCLE MANAGEMENT MARKET


Covid-19 had an unprecedented impact on businesses due to social distancing measures taken to control the spread of the virus. The suspension of business operations has forced organizations to review their contractual relationships with contractors, suppliers, customers, insurers, employees. Due to remote work, managing contracts across various departments becomes challenging, which is expected to boost the demand for CLM solution. For instance,



  • in October 2020, Varonis, a data security and analytics solution provider, collaborated with Icertis for digitally transforming contracts. The company is leveraging the Icertis contract intelligence platform to meet the changing regulations and streamline business processes.

  • in June 2020, Onit, Inc. launched a QuickStart Implementation Package of contract lifecycle management. The new package enables to streamline the contract process in less than 30 days. The new solution reduces process time and achieves high contract compliance rates.


Further, the rapid advancement in technology, adoption of digital identities such as e-signature, face recognition, and remote workforce are likely to create new market opportunities in coming years.


KEY PLAYERS COVERED-


Key players in the contract lifecycle management market include SAP SE, Icertis, Conga, DocuSign Inc., CobbleStone Software, Agiloft Inc., SirionLabs, ContractWorks, Onit, Corridor Company, Concord, Contract Logix LLC., Malbek Contrax, and among others


KEY INSIGHTS-


The report will cover the following insights-



  • Micro Macro Economic Indicators

  • Drivers, Restraints, Opportunities, and Trends

  • Impact of Covid-19

  • Business Strategies Adopted by Key Players

  • Consolidated SWOT Analysis of Key Players


ANALYSIS BY INDUSTRY


Data Security and Privacy Regulations are Likely to Boost the Market across Healthcare and Life Science Industry.


The rising partnerships, mergers, and acquisitions across the healthcare and life science industry are likely to boost market growth. Data security and privacy regulations such as Health Insurance Portability and Accountability (HIPAA) Act are expected to foster the demand for contract lifecycle management solutions. Healthcare organizations implement contract lifecycle management solutions to manage the contracts, reduce manual tasks, and save time.



  • For instance, in August 2021, Allina Health, a non-profit healthcare organization, collaborated with Icertis for the digital transformation of contracting. Allina Health leverages the Icertis Contract Intelligence platform helps to ensure regulatory compliance and advance the organization’s procurement operations.


REGIONAL ANALYSIS-


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North America is expected to hold a major market share in the coming years due to major market players such as Agiloft, Icertis, SAP SE, CobbleStone Software, Coupa Software, Contract Logix, LLC., DocuSign Inc., among others. The rapid integration of emerging technologies such as the Internet of Things (IoT), AI, Machine Learning across healthcare, manufacturing, BFSI, and others are anticipated to foster the market's growth in this region. Market players are incorporating advanced technology features into their solutions to provide a better customer experience.



  • For instance, in December 2018, CobbleStone Software, launched a new version of the Contract Insights solution integrated with AI and machine learning technologies. The new solution provides advanced capabilities such as mass eSigning, in-system chat, advanced email security, Ad-hoc Report advancements.


Further, rising government regulation and mandatory compliance such as the Health Insurance Portability and Accountability Act (HIPPA) and California Consumer Privacy Act (CCPA), 2018 are expected to drive demand for contract lifecycle management solutions. Thus, as per above-mentioned factors are likely to foster market growth in this region.


Segmentation






























  ATTRIBUTE


  DETAILS

By Component




  • Software

  • Services



By Deployment




  • On-Premise

  • Cloud



By Enterprise Size




  • Small and Medium-size enterprises

  • Large Enterprises



By Industry




  • Legal & Compliance

  • Banking, Financial Services & Insurance (BFSI)

  • Government

  • IT & Telecom

  • Healthcare & Life Sciences

  • Retail

  • Energy & Utilities

  • Education

  • Others (Media & Entertainment, Manufacturing, etc.)



By Geography




  • North America (the US, Canada, Mexico)

  • Europe (U.K., Germany, Italy, France,Russia,  Spain, Benelux, Nordics and Rest of Europe)

  • Asia Pacific (Japan, China, India, South Korea, ASEAN, Oceania, and Rest of Asia Pacific)

  • Middle East & Africa (Turkey, GCC, Israel, North Africa, South Africa and Rest of the Middle East & Africa)

  • Latin America (Brazil, Argentina, and Rest of Latin America)



KEY RECENT DEVELOPMENTS-



  • May 2021- Agiloft Inc. launched new sourcing and supplier information management module to contract lifecycle management platform. The new module aims to automate ongoing compliance, on-boarding of suppliers, and reduce sourcing cycle time.

  • June 2020- Conga collaborated with Jungheinrich AG, an intralogistics provider, to transform its legal operations by integrating contract lifecycle management solutions. Conga’s CLM solution helps Jungheinrich speed up contract negotiations, raise customer satisfaction and prevent compliance issues.


  • Ongoing
  • 2021
  • 2018-2020

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