Contract Lifecycle Management – Onboard With Latest Advancements in Technology
In the past few years, automated technologies have played a pivotal role in shaping the current landscape of several industrial sectors. At present, automated technologies are an integral component of law firms and legal teams worldwide. One aspect that has experienced notable adoption and progress is legal contract lifecycle management. The surge in adoption of advanced contract lifecycle management processes is primarily boosted by demand for transparency and efficiency by clients from legal teams. In addition, regardless of the type of business, organizations get into several contracts on a regular basis. The nature of the contract could vary from binding suppliers and purchasers to creating legal bonds with other parties. Thus, it is essential for companies to implement contract lifecycle technology to achieve efficiency in contract management and upgrade the outdated processes. The growing adoption of technology including Artificial Intelligence (AI) in contract lifecycle management solutions is likely to mold the future landscape of the contract lifecycle management market.
Contract Lifecycle Management Market – Key Research Findings
Many global companies are spread across different industry verticals and different regions of the world. These companies have to comply with different set of rules and regulations for different regions. The contract lifecycle management market is witnessing incremental growth, as companies are coming up with better solutions, which helps them to comply with all the latest compliance and regulatory guidelines in case of any updates or changes in industry regulations.
One of the key developments in the contract lifecycle management landscape reflect a rise in usage of cloud based contract lifecycle management solutions. Improved security, unlimited data storage and access to this stored data from anywhere is showing a remarkable growth in the contract lifecycle management market.
Cloud based contract lifecycle management solutions are expected to hold almost 70% of the market share by 2029, and these solutions are gaining popularity by helping users to outline fast growing company’s rules and policies. Thus the cloud based software solutions are anticipated to trigger the growth of the contract lifecycle management market.
Paradigm Shift Towards Contract Management Software is Enhancing Revenue Generation
Many companies deal in hundreds of contracts with different lifecycles, which makes it very difficult to manage all of these manually. Contract lifecycle management software helps to keep all of a firm’s contracts together in a single electronic repository. This contract lifecycle management software repository gives contract managers direct access to the contracts they need to manage. This repository also ensures compliance with governance and audit requirements. Moreover, this contract lifecycle management software supplies data from the contract to the transaction systems to execute ordering, purchasing, or invoicing transactions accurately, and also supports the risks and obligation entitlements in the contract portfolio. Hence, there is a rise in demand for this software, which drives the growth of the contract lifecycle management market.
Each region or country has a different set of rules or regulations, which leads to heavy burden of international regulations for compliance teams. This situation can result in some non-compliance and manual errors, or result in some regulations getting overlooked. Contract lifecycle management software helps companies cope up with all the latest rules and compliance in case of any updates or changes in industry regulations. Thus, by using contract lifecycle management software, companies can avoid massive penalties associated with non-compliance. Thus, an increase in the growth of contract lifecycle management market is expected during the forecast period.
Challenges Faced while Using the Contract Lifecycle Management Software
Before making enterprise-wide decisions, it is very important to ensure that the company can see all the legacy contracts. Most of the contracts with other entities are in formats such as PDF, word, and others, and therefore, the company can make contract lifecycle management systems more efficient by centralizing all contracts. Legacy contracts can be significant in some instances but may not be of interest to all companies and hence, companies try to avoid centralization of such contracts. Moreover, this process has to be done manually in contract lifecycle management software and it is quite time consuming as well as costly, thus most companies avoid this kind of consolidation. This is likely to pose a significant challenge in the contract lifecycle management software
North America Poised for High Penetration with Advanced Technologies
The North American contract lifecycle management market is expected to grow at a CAGR of approximately 13.0% during the forecast period. This growth of contract lifecycle management market can be attributed to integration of technologies such as IoT, machine learning, artificial intelligence, and others. Such integration can lead to development of the contract lifecycle management software with much more capabilities and improved performance. Moreover, presence of leading players in this region is also anticipated to boost the growth of the contract lifecycle management market.
On the other hand, the contract lifecycle management market in Europe is also witnessing significant growth with the increasing adoption of contract lifecycle management solution in small and medium enterprises in this region. With rising competition among leading market players, more and more companies in Germany, France and Italy are adopting these solutions to enhance their operational efficiency and propel the growth of the contract lifecycle management market.
Contract Lifecycle Management Market Structure
The global contract lifecycle management market is fragmented due to the presence of large number of players in the market. However, the leading players of contract lifecycle management market such as Information Services Group, Inc., Icertis and Oracle have their expertise in the field of artificial intelligence, machine learning, cloud platform and analytics. These companies have continued to dominate the contract lifecycle management market landscape due to increasing number of strategic partnerships and acquisitions in order to enhance their customer base and product portfolio.
For instance, in July 2019, Icertis was recognized as a top strategic partner of Microsoft as the company’s contract lifecycle management solution gives enterprises powerful new capabilities to manage risks, maximize revenue and control costs. Moreover, this solution can also turn contracts into strategic business assets, driving the growth of the contract lifecycle management market.
The Analyst’s Viewpoint
A comprehensive view of the contract lifecycle management market has led our analysts to conclude that, the market is proliferating at an impressive rate. Regions such as North America and Europe are holding a large part of the contract lifecycle management market. Integration of technologies such as IoT, machine learning, artificial intelligence, and others could provide assistance as a time saving and a cost effective strategy thereby fueling the growth of the contract lifecycle management market. New technological innovations and Strong financial position of key market players will also give impetus to the contract lifecycle management market.
Artificial Intelligence (AI) – Redefining the Modern Day Contract Lifecycle Management Processes
Over the course of the last decade, innovative technologies including Internet of Things (IoT), blockchain, Artificial Intelligence (AI) have generated a significant amount of interest in commercial applications. Moreover, these technologies have played a key role in transforming an organization’s operational capabilities. At present, a large number of companies are recognizing the potential of AI and integrating the technology to streamline operations, enhance efficiency, and save time. As smart technologies continue to make huge strides, a number of market players are setting their sights on AI technologies to not only simply the contract management process but also to attract a new segment of customers.
Bottlenecks existing in the current contract management process which hinder an organization’s efficiency include, dealing with massive datasets and performing repetitive tasks. In the current competitive landscape, maximizing efficiency and streamlining business operations is imperative for companies and thus, several organizations are leaning towards artificial intelligence to improve their contract lifecycle management. In the current scenario, automation of contract lifecycle management processes is a growing trend and is expected to continue in the foreseeable future as machine learning, deep learning, and artificial intelligence makes steady inroads into the contract lifecycle management market. The role of AI in contract lifecycle management can be segregated into three major segments including, data extraction from current contracts using machine learning, AI assistance for contract authoring, and AI-centric contract obligation management.
North America and Europe Lead the Innovation Race
The contract lifecycle management market is set to experience an impressive growth in Europe and North America owing to high adoption of cutting-edge technologies such as machine learning, artificial intelligence, blockchain, and Internet of Things (IoT). Further, the onset of the aforementioned technologies has significantly enhanced the performance and capabilities of modern day contract lifecycle management software. The presence of established market players including Apttus, Cobblestone Software, and Icertis among others has played a key role in shaping the current market landscape in North America. The market in Europe has gained noteworthy momentum in the last few years owing to high demand for contract lifecycle management software from small to medium-sized enterprises.
‘Smart Contracts’ with Blockchain on the Horizon
The adoption of technology in the contract lifecycle management space has picked up significant pace in recent years. The onset and evolution of disruptive technologies including AI and blockchain are expected to revolutionize the future of contract lifecycle management systems. Prominent software companies are addressing the growing demand for optimized contract management by integrating state-of-the-art technologies such as AI and blockchain. Sensing the growing importance of governance, risk management and compliance (GRC) coupled with client collaboration, active players in the market are redefining their innovation strategies to fulfil the aforementioned requirements. In addition, multiple companies are refining user experience (UX) by formulating efficient and smarter workflow models and notification systems. Although the adoption of block chain in contract management is at a nascent stage, as the technology matures, it is likely to pave way for ‘smart contracts’ in the coming years.
High demand for CLM Software
CLM service gains impressive momentum
Surge in demand for procurement
Adoption in legal functions gathers pace
Govt & Public sector to take the lead
Use in IT & Telecom gathers pace
How Growth will Unfold
Owing to the presence of large number of companies, the current global contract lifecycle management market shows a high level of fragmentation. Software companies including, Apttus, Icertis, and Information Service Group, Inc. are expected to be at the forefront in terms of innovation and technology integration in the coming years. Further, as penetration of advanced technologies continues to deepen, contract lifecycle management processes are likely to shift from tedious and manual paper-based systems towards an efficient and a futureproof processes. In addition, as more customers recognize the importance of upgrading the outdated contract management systems, the contract lifecycle management market is set to experience a robust growth in the coming years.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Contract Lifecycle Management Market Analysis 2019 - 2029
A recent market study published by FMI “Contract Lifecycle Management Market: Global Industry Analysis 2014-2018 & Forecast 2019-2029” offers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historic as well as current growth parameters of the contract lifecycle management market, the growth prospects of the market are obtained with maximum precision.
Contract Lifecycle Management Market Taxonomy
The global contract lifecycle management market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
- CLM Software
- Risk & Compliance Assessment
- Implementation & Integration
- Support & Maintenance
- Human Resource
- Information Technology
- IT & Telecom
- Government & Public Sector
- Energy & Utilities
- Healthcare & Pharma
- Life Sciences
- Real Estate
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
The report commences with the executive summary of the contract lifecycle management market, which includes a summary of the key findings and key statistics of the market. It also includes the market value (US$ million) estimates of the leading segments of the contract lifecycle management market.
Readers can find the detailed taxonomy and the definition of the contract lifecycle management market in this chapter, which will help them understand the basic information about the contract lifecycle management market. This section also highlights the key inclusions and exclusions, which helps the reader understand the scope of the contract lifecycle management market report.
The report provides the key trends that are expected to substantially impact the growth of the market during the forecast period. Detailed industry trends are provided in this section, along with key market developments or product innovations, key competition mapping, and veterinary health market outlook, which is likely to have a significant impact on contract lifecycle management market.
This section includes the key inclusions of the report. It includes the product adoption & usage analysis, product timeline, regulatory assessment, reimbursement scenario, pipeline assessment & opportunity analysis, and manufactures’ strategies for market expansion.
This section explains the global market value analysis and forecast for the Contract Lifecycle Management market between the forecast period of 2014-2029. This chapter includes the detailed analysis of the historical contract lifecycle management market, along with an opportunity analysis of the future. Readers can also find the absolute opportunity for the current year (2019–2020), and an incremental opportunity for the forecast period (2019–2029).
This chapter explains the key macro-economic factors that are expected to influence the growth of the contract lifecycle management market during the forecast period. Along with macroeconomic factors, this section also highlights the opportunity analysis for the contract lifecycle management market. This chapter also highlights the key dynamics of the contract lifecycle management market, which include the drivers, restraints, and trends. Moreover, it will enable readers to understand the key trends followed by the leading manufacturers in the contract lifecycle management market.
With regards to the Solutions, the global contract lifecycle management market has been segregated into CLM software and services. The services sub-segment has been further broken into professional services (that include risk and compliance assessment, implementation and integration, and support and maintenance) and managed services. In this chapter, readers can find information about the key trends and developments in the contract lifecycle management market and market attractiveness analysis based on the solutions segment.
A detailed analysis about the types of contract lifecycle management in the contract lifecycle management market has been explained in this chapter. On the basis of business function, the global contract lifecycle management market has been segmented into legal, finance, procurement, sales, operations, human resource, and information technology. In this chapter, readers can find information about the market attractive analysis based on business function.
This chapter provides details about the contract lifecycle management market on the basis of industry. With respect to the industry, the global contract lifecycle management market has been segregated into BFSI, IT and telecom, government and public sector, energy and utilities, manufacturing, healthcare and pharmaceuticals, life sciences, retail, and real estate, among others. In this chapter, readers can understand the market attractiveness analysis based on industry.
This chapter explains how the contract lifecycle management market will grow across various geographic regions, such as North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa (MEA).
This chapter includes a detailed analysis of the growth of the North America contract lifecycle management market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find the regional trends, regulations, and market growth based on the solutions, business function, industry, and countries in North America.
Readers can find detailed information about several factors, such as the pricing analysis and the regional trends, which are impacting the growth of the Latin America contract lifecycle management market. This chapter also includes the growth prospects of the contract lifecycle management market in the leading LATAM countries such as Brazil, Mexico, and the Rest of Latin America.
Important growth prospects of the contract lifecycle management market based on its Applications in several countries, such as Germany, the U.K., France, Spain, Italy, Russia, Poland, and the Rest of Europe, are included in this chapter.
India, Indonesia, Thailand, and Malaysia are among the leading countries in the South Asia region, which are among the prime subjects of assessment to obtain the growth prospects of the South Asia contract lifecycle management market in this chapter. Readers can find detailed information about the growth parameters of the South Asia contract lifecycle management market during the period 2019-2029.
This chapter highlights the growth of the contract lifecycle management market in the East Asia by focusing on China, Japan, and South Korea. This section also helps readers understand the key factors that are responsible for the growth of the contract lifecycle management market in East Asia.
In this chapter, Australia and New Zealand are among the leading countries in the Oceania region, which are the prime subjects of assessment to obtain the growth prospects of the Oceania contract lifecycle management market.
This chapter provides information about how the contract lifecycle management market will grow in the major countries in the MEA region, such as GCC Countries, South Africa, Northern Africa, and the rest of MEA, during the forecast period 2019 - 2029.
This chapter provides information about how the contract lifecycle management market will grow in the emerging countries of the world. The contract lifecycle management markets in China, India and Mexico have been analyzed in this chapter.
In this chapter, readers can find detailed information about the tier analysis and market concentration of the key players in the contract lifecycle management market, along with their market presence analysis by region and product portfolio.
In this chapter, readers can find a comprehensive list of all the leading stakeholders in the contract lifecycle management market, along with detailed information about each company, which includes the company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report Exari Coupa Software Inc.; Infor; Newgen Software; SAP SE; Infosys Limited; Information Services Group, Inc.; Model N, Inc.; Synertrade (Econocom Group); Corcentric LLC (Determine); and Ivalua Inc., among other contract lifecycle management and solution providers.
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the contract lifecycle management market report.
This chapter helps readers understand the research methodology followed to obtain the various conclusions as well as important qualitative and quantitative information about the contract lifecycle management market.
How the research was conducted?
- C - Level Executives
- Marketing Directors
- Sales Heads
- Production Managers
- Distributors Heads
- Sales Executives
- Product Manufacturers
- Industry Experts
- End Users
- Current Market Dynamics and Challenges
- Market Characteristics
- Market Performance and Growth Quadrants
- Competition Structure and Market Structure
- Strategic Growth Initiatives
- Near term and long term market growth prospects
- Market Segment Splits and Authenticity
- Opinions on market projections and validity of assumptions
- Industry Publications
- IET Journals
- Industrial Product Review
- Industrial Automation Magazine
- Industry Associations
- Automation Industry Association
- ISA (International Society of Automation)
- Company Press Releases
- Annual Reports and Investor Presentations
- Research Papers
- Government Websites and Publications
- Trade Websites
Primary Interview Splits