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Contract Lifecycle Management (CLM) Software Market Report 2023-2028

The latest research study “CLM Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” Offers a comprehensive analysis of the industry, which comprises insights on the

contract lifecycle management software market report⁠

. The global market size reached US$ 1.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.7 Billion by 2028, exhibiting a growth rate (CAGR) of 11.27% during 2023-2028.

What is (CLM) Contract Lifecycle Management Software?

Contract lifecycle management (CLM) software assists in automating and streamlining contract processes during key stages, including authoring, initiation, process and workflow, negotiation and approval, execution, ongoing management, contract renewal, etc. It is usually integrated with electronic signature (e-signature) tools that help in creating an easy-to-use and secured central contract repository. In line with this, contract lifecycle management software offers email reminders and other alerts as well as analytics and reporting of contracts. Presently, it finds wide-ranging applications in several end-use industries, such as automotive, consumer electronics, healthcare, e-commerce, etc., for allowing organizations to reduce infrastructural investments related to contract management and enhance overall profitability.

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Download free sample brochure:

https://www.imarcgroup.com/contract-lifecycle-management-software-market/requestsample⁠

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CLM Software Industry Trends and Drivers/ Market Trends/ Drivers, restraints, and opportunities-

The growing complexity of business operations is augmenting the adoption of CLM software to design a better compliance framework, minimize risks, improve the experience of the consumers, etc., which is primarily driving the contract lifecycle management software market. Additionally, the rising focus of numerous organizations on large-scale collaborations to cope with constant alterations in their businesses is further catalyzing the market growth.

Besides this, the inflating popularity of cloud-based CLM software in small and medium-scale enterprises (SMEs) as it manages templates and pre-approved alternative clauses, allows self-service contract creation, provides real-time collaboration for a faster contract turnaround, etc., is acting as another significant growth-inducing factor.

Moreover, it also comprises version control and comparison tools to safeguard emails and attachments, ease and track contract negotiations, reduce compliance risk by automating the contract approval process, etc. Apart from this, the increasing integration of the internet of things (IoT), artificial intelligence (AI), machine learning (ML), voice activation features, etc., to offer high efficiency and accuracy is anticipated to fuel the contract lifecycle management software market over the forecasted period.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players being Wolters Kluwer N.V., IBM Corporation, Icertis, Inc., SAP SE, BravoSolution SPA, Contracked BV, Contract Logix, LLC, Coupa Software Inc., EASY SOFTWARE AG, ESM Solutions Corporation, Great Minds Software, Inc., Koch Industries, Inc., Ivalua Inc., Optimus BT, Oracle Corporation, Symfact AG, DocuSign, Inc., Newgen Software Technologies Limited, Zycus Infotech Private Limited, and Corcentric LLC (Determine).

Ask Analyst for 10% free customized report:

https://www.imarcgroup.com/request?type=report&id=1177&flag=C⁠

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Key Market Segmentation/ Report Segmentation/ Key Highlights of the Report/ Key Features of the Report:

Market Breakup by Deployment Model:

Cloud-Based

On-Premises

Market Breakup by CLM Offerings:

Licensing and Subscription

Services

Market Breakup by Enterprise Size:

Large Enterprise

Small and Medium Enterprise

Market Breakup by Industry:

Automotive

Electrical and Electronics

Pharmaceutical

Retail and E-commerce

Manufacturing

BFSI

Others

Market Breakup by Region:

North America

Europe

Asia Pacific

Middle East and Africa

Latin America

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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