| Source: FACT.MR FACT.MR
Rockville, Maryland, UNITED STATES
ROCKVILLE, Md., March 15, 2022 (GLOBE NEWSWIRE) — According to a recently published Fact.MR report, the global Contract Lifecycle Management market is projected to grow at a compound annual rate (CAGR) of 13.5% between 2022 and 2032. The market is expected to reach US$ 3 Bn by the end of 2032.
The demand for Contract Lifecycle Management is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 845 Mn by the end of 2022.
From 2017 to 2021, the market experienced impressive growth, registering a CAGR of 10%. As a result of the flexibility provided by such technologies, established contract lifecycle management software companies may capitalize on the brisk potential in countries such as Europe and East Asia.
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Furthermore, the integration of technologies such as IoT, machine learning, artificial intelligence, and others will result in the creation of a contract lifecycle management software market with higher capabilities and performance. Numerous financial, government, educational, and private sector entities have raised their need for global contract lifecycle management solutions as a result of the COVID-19 outbreak.
What are the Key Opportunities in the Contract Lifecycle Management Market?
Contract lifecycle management is becoming widely used by large firms because it enables them to automate organized and predetermined procedures. Furthermore, the number of partnerships and other transactions every year appears to be higher in major corporations than in small and medium-sized businesses.
According to the deployment model, the on-premise contract lifecycle management market would experience massive growth through 2032, owing to the model’s inherent benefits such as the ability to manage everything in-house, control over security and backups, ensure organizational compliance, and avoid annual hosting charges.
Contracts can underperform or become outdated, which is why it’s critical to track contract performance over time. Customized contract reports based on specified criteria are an important aspect of any CLM process. Being able to produce contract reports based on commission rates, business region, or even renewal term lengths, for example, may provide you and your company with useful information into how your contracts are working.
To learn more about Contract Lifecycle Management Market, you can get in touch with our Analyst at https://www.factmr.com/connectus/sample?flag=AE&rep_id=4815
Key Segments Covered in the Contract Lifecycle Management Industry Survey
By Business Function
Exari Coupa Software Inc., Infor, Newgen Software, SAP SE, Infosys Limited, Information Services Group, Inc., Model N, Inc., Synertrade (Econocom Group), Corcentric LLC (Determine), Ivalua Inc., Agiloft, Inc., and Apttus Corporation are the key competitors in the contract lifecycle market. These firms are pursuing aggressive expansion in order to build a foothold in regional and worldwide marketplaces. These players are also looking to expand geographically and acquire regional players.
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Key players in the Contract Lifecycle Management Market
Key Takeaways from the Market Study
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