Contract Lifecycle Management Market Size

Contract Lifecycle Management Market size was valued at USD 1.58 billion in 2024 and is set to cross USD 7.31 billion by the end of 2037, registering more than 12.5% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of contract lifecycle management is estimated at USD 1.74 billion. and the reason behind this growth is impelled by the never-ending accessibility of the internet all over the world along with several technological advancements which include 5G, cloud services, Internet of things (IoT), Artificial Intelligence (AI), and blockchain. For instance, as of January 2024, there were more than 5.3 billion active users worldwide, which is estimated to be 66% of the global population.

Furthermore, the CLM software is being highly used by lawyers, especially for retrieving contracts from the library for their reference purposes, as this reduces their time to review and this enables the organizations to identify loopholes in their systems. About 44% of the corporate legal departments were using CLM systems in 2018 and in 2021, approximately 55% of corporate legal departments were using CLM.