Global Contract Lifecycle Management Market Size, Share And Growth Analysis For 2024-2033

The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033

LONDON, GREATER LONDON, UK, July 22, 2024 /EINPresswire.com/ -- The global contract lifecycle management (CLM) market is projected to grow from $1.34 billion in 2023 to $1.54 billion in 2024, at a compound annual growth rate (CAGR) of 15.1%. The market is anticipated to reach $2.71 billion by 2028 at a CAGR of 15.2%, driven by digital transformation, enhanced data analytics, and integration with enterprise systems.

Rise of Remote Work Arrangements Drives Market Growth
The prevalence of remote work arrangements is a significant factor contributing to the growth of the contract lifecycle management market. Remote work setups, where employees work from locations outside traditional offices, are rising due to advancements in technology and changing attitudes toward work-life balance. According to a survey by the Office for National Statistics in May 2022, 42% of workers anticipated working primarily from home and occasionally from their regular place of employment. This shift is driving demand for contract lifecycle management solutions that provide centralized platforms for efficient contract creation, collaboration, and management, ensuring seamless operations regardless of employees' locations.

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Major Players and Market Trends
Key players in the contract lifecycle management market include Koch Industries Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, Wolters Kluwer N.V., Docusign Inc., Coupa Software, Zycus, JAGGAER, Revitas, Icertis Inc., Nintex, PandaDoc, SirionLabs, ContractPodAi, Onit, Concord Software, Agiloft Inc., Gatekeeper, Ironclad, ContractWorks, CobbleStone Software, Symfact, Ultria, Aavenir, Outlaw, and SimpliContract.

Trends
The market is experiencing notable trends, including increased integration with AI and machine learning, expansion of cloud-based solutions, enhanced data analytics and reporting, and a focus on security and compliance. For instance, Panoram launched Panoram Contracts in January 2024, a CLM application integrated with Microsoft 365 (M365), which simplifies and streamlines contract management processes within familiar Microsoft apps.

Segments:
• By Component: Software, Services
• By Deployment: On-Premise, Cloud-Based
• By Industry: Healthcare And Life Science, Banking, Financial Services And Insurance (BFSI), Government, Energy And Utilities, Information Technology (IT) And Telecommunication, Legal And Compliance, Retail, Education, Other Industries

Geographical Insights: North America and Asia-Pacific Leading the Market
North America was the largest region in the contract lifecycle management market in 2023, supported by a strong technological infrastructure and high adoption rates. Asia-Pacific is expected to be the fastest-growing region in the forecast period, driven by increasing digitalization and business expansion across borders.

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Contract Lifecycle Management Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Contract Lifecycle Management Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on contract lifecycle management market size, contract lifecycle management market drivers and trends, contract lifecycle management market major players, competitors' revenues, market positioning, and market growth across geographies. The contract lifecycle management market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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