LATAM Contract Lifecycle Management (CLM) Market
The Brazil contract lifecycle management (CLM)market, amongst the market in all the other regions, is projected to hold the largest market size of USD 282.10 Million by the end of 2035. Moreover, it garnered a revenue of USD 63.97 Million in 2022 and is further expected to grow at a CAGR of 12.19% over the forecast period. The growth of the market can be attributed majorly to the increasing usage of artificial intelligence in the region which gives a boost to the business to grow both within the boundaries of the nation and internationally. AI are been used in various sectors moreover, there is a specific technology that is designed as per the need of the sector. For instance, artificial intelligence in healthcare, AI in agriculture, and others. Artificial intelligence is used by seven out of ten Brazilian businesses for a variety of functions. On the other hand, the market growth in the country is expected on the back of rising trade of Brazil with other countries. In 2022, Brazil exported China, items of worth USD 90 billion. Moreover, as per the statistics of OEC trade, Brazil exported USD 241 million in December 2021 and purchased USD 736 million from Russia in December 2022.
The Mexico contract lifecycle management (CLM) market, amongst the market in all the other regions, is projected to hold a market size of USD 119.31 Million by the end of 2035. Moreover, it garnered a revenue of USD 35.87 Million in 2022 and is further expected to grow at a CAGR of 9.79% over the forecast period. The market growth in the region is expected on the account of rising employment in the region which in turn is likely to boost the demand for drafting the contracts for maintaining the legal ethics with the new hiring. Around 57 million individuals were employed in the third quarter of 2022, an increase from the second quarter.
Author Credits: Abhishek Verma
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