LATAM Contract Lifecycle Management (CLM) Segmentation
Business Function (Legal, Finance, Procurement, Sales, Operations, Human Resources, Information Technology)
The LATAM contract lifecycle management (CLM) market is segmented and analyzed for demand and supply by business function into legal, finance, procurement, sales, operations, human resources, and information technology. Out of the seven purposes of a business, the legal segment is estimated to gain the largest market size of USD 133.20 Million by the end of 2035 by growing at a CAGR of 9.52% over the projected time frame. Moreover, the segment generated a revenue of USD 41.31 Million in 2022. The growth of the segment can be attributed to the rising number of new startups in the region. Startups usually have multiple founders and investors, in that case, it is crucial to have legal counsel draught contracts and agreements to avoid any sort of ambiguity. In 2017, there were only 2 unicorns in the region, the economy of the region boosted and in 2021, there around 34 startups reached the value of over USD 1 billion and entered the list of unicorns.
End-user (BFSI, IT, Government & Public, Energy & Utilities, Manufacturing, Healthcare & Pharma, Life Sciences, Retail, Real Estate)
The LATAM contract lifecycle management (CLM) market is also segmented and analyzed for demand and supply by end user into BFSI, IT & telecom, government & public sector, energy & utilities, manufacturing, healthcare & pharma, life sciences, retail, real estate. Amongst these ten segments, the BFSI segment is expected to garner a significant market revenue of USD 120.56 Million by growing at a CAGR of 11.69% over the forecast period. Additionally, in 2022 the segment generated a revenue of USD 28.99 Million. The segment growth is credited to a higher number of people having bank accounts and getting life insurance. In 2021, out of the total population of Latin America, Venezuela, and Brazil have a higher share of people with bank accounts. IN 2021, around 84% of Venezuelans and 84% of Brazilians, respectively, held an account at a bank or another form of financial institution. Furthermore, in 2022, in Brazil the total worth of premium life insurance was around USD 30 billion, followed by Mexico and Chile, which accumulated life insurance worth nearly USD 13 billion and USD 5 billion, respectively.
Our in-depth analysis of the global market includes the following segments:
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