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Sales of Contract Lifecycle Management Market to Grow 3X by 2030

08-12-2021 09:11 PM CET | IT, New Media & Software

Press release from: Fact.MR

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.

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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.

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Contract Lifecycle Management Market Segmentation

Fact.MR has studied the Contract Lifecycle Management market with detailed segmentation on the basis of solution, business function, industry and key regions.

Solution
• CLM Software
• Services
• Professional
• Risk & Compliance Assessment
• Implementation & Integration
• Support & Maintenance
• Managed

Business Function
• Legal
• Finance
• Procurement
• Sales
• Operations
• Human Resource
• Information Technology

Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2019/07/08/1879529/0/en/Mindfulness-Meditation-Application-Market-Continues-on-an-Uphill-Ride-as-Self-Care-Trend-Pushes-its-Way-into-Consumer-Priorities-Finds-Fact-MR.html

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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