Companies in the Contract Lifecycle Management Market are facing issues in keeping their production facilities fully functional due to shortage of staff and resources amidst the COVID-19 (Coronavirus) outbreak. Get a hands-on over key drivers and threats to the Contract Lifecycle Management Market to make your company future-ready post the pandemic. Avails out reports for exciting prices to learn new opportunities that companies can capitalize on during and after the Coronavirus crisis.
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Fact.MR reveals in its newest report that the contract lifecycle management market will experience ~3.5X growth to hit a valuation of ~US$ 2.4 Bn by 2030. Rapid developments in new technologies such as hybrid cloud solutions, have made access to new markets easier and more cost-effective. With the help of these innovations, one can manage contracts in real time, providing more visibility, choice and control over cloud, electronic repository, and other infrastructure.
Hence, through the flexibility offered by such technologies, established vendors of contract lifecycle management software can take advantage of the booming opportunities in regions such as Europe and East Asia. Furthermore, the integration of technologies such as IoT, machine learning, artificial intelligence, and others will lead to the development of the contract lifecycle management software market with enhanced capabilities and improved performance. The Covid-19 pandemic has resulted in increased demand for global contract lifecycle management solution by numerous financial, government, educational and private business institutions.
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Key Takeaways of the Contract Lifecycle Management Market Study:
- The global contract lifecycle management market is expected to create a value opportunity of around US$ 1.7 Bn during the forecast period, adding 3.5X more value in 2030 as compared to 2020.
- CLM software segment will continue to dominate demand for contract lifecycle management market accounting for more than two-third of the global share.
- Finance associated contract lifecycle management solutions are set to grow at a higher growth rate facilitated by increasing concerns over data security and move towards digitalization.
- The outbreak of COVID-19 has resulted in burgeoning demand for global contract lifecycle management market, as a ripple effect of nation-wide lockdowns and encouragement of work from home by numerous corporations.
- The global market for contract lifecycle management solution is expected to witness rise in the emerging countries such as India, China and Brazil owing to the increasing number of IT companies and mounting demand for cloud computing services.
- North America is estimated to be the most lucrative market in terms of revenue generation, currently valued at US$ 462 Mn and is expected to show prolific expansion over the forecast period.
- CLM solutions used in BFSI and IT & Telecom industry shall continue its dominance in the market. It shall account for more than a quarter market share in the North American market by 2030, with growth rate of 14% over the forecast period.
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“Modern businesses are leveraging machine learning, artificial intelligence, bots, contract lifecycle management and advanced analytics to completely improve everything from the customer experience to enterprise-resource and supply-chain management, workforce management, sales, and marketing”, says the Fact.MR analyst.
Key Players to Focus on Geographical Expansion and Acquisition of Regional Players
The prominent players of the contract lifecycle market are Exari Coupa Software Inc., Infor, Newgen Software, SAP SE, Infosys Limited, Information Services Group, Inc., Model N, Inc., Synertrade (Econocom Group), Corcentric LLC (Determine), Ivalua Inc., Agiloft, Inc. and Apttus Corporation. These players are adopting aggressive growth for establishing their presence over regional and global markets. These players are also focusing on geographical expansion and acquisition of regional players.
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For instance, in April 2019 Corcentric, provider of procurement and financial process automation solutions, has purchased all of the assets of Determine, Inc., a leader in global Source-to-Pay and Enterprise Contract Lifecycle Management solutions. This acquisition is significant for the company as it enables it to further expand its portfolio of source-to-pay solutions for customers in the United States and Europe. This acquisition enables the combined organization to provide strategic sourcing and procurement consulting, a unified cloud platform for source-to-pay and contract lifecycle management, and comprehensive payment and financing solutions to improve working capital.
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