Contract Lifecycle Management Market Analysis

Component (Software, Services)

The software component segment is predicted to account for of 58% share of the global contract lifecycle management market during the forecast period. owing to the improved automation as this facilitates the automation of various processes and activities, such as contract and workflow generation, tracking, administration, finance and accounting, and risk management as 76% of businesses use automation for standardizing or automating daily workflows; 58% use automation for data/reporting for planning, and 36% use it for regulation or compliance. Furthermore, software can also facilitate improved customer service, where relevant information about contract activities, such as benefits, payments, and regulations, can be provided quickly and easily to contractors. Moreover, the software component can create an integrated and centralized database of contract-related data that can be easily accessed and analyzed, to gain insight into different contract activities and performance. This can help in making informed and data-driven decisions and policies for contract Lifecycle management.

Deployment (Cloud-based, On-premises)

The cloud-based segment is set to garner a notable share shortly and is likely to remain the second largest segment in the deployment of the Contract Lifecycle Management (CLM) market as due to the growing number of contractors and the complexity of their work, the platform can be easily scaled up or down to meet the changing needs of its users, due to which it’s easy for clients and contractors can access the software platform. Moreover, cloud-based solutions can provide a greater degree of mobility and remote access to the platform which allows easy access to the platform from anywhere through their devices, providing them with the flexibility of working from anywhere.

Enterprises (SMEs, Large Enterprises)

The SME segment is estimated to hold a noteworthy share as the digitalization and adoption of technology by SMEs are rapidly increasing. The growing demand for contract-based work, which can provide a source of flexible income and cost-effectiveness for businesses, is driving the growth of this segment. Moreover, the increasing competitiveness in various business industries makes it crucial for SMEs to improve their level of efficiency and effectiveness.

Our in-depth analysis of the global market includes the following segments: