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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,
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,
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,
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 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
The report will cover the following insights-
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.
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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.
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.
By Enterprise Size
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