Research Nester published a report titled “Contract Lifecycle Management (CLM) Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global contract lifecycle management (CLM) market in terms of market segmentation by deployment, enterprise size, offering, end user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global contract lifecycle management (CLM) market to grow with a CAGR of ~11% and gather a sizeable over the forecast period, i.e., 2022-2030, ascribing to the rapid growth of urbanization around the world. Additionally, escalating requirement for a collaborative approach to handle projects, and emergence of cloud-based CLM amongst various industries are another significant factors projected to augment the sales for the product in the near future. Along with these, rising number of merger and acquisition activities is assessed to offer lucrative opportunities to the market.
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The market is segmented on the basis of deployment, enterprise size, offering and end user. By deployment, the cloud-based segment is anticipated to grab the largest market share and witness the highest growth during the forecast period on the back of increasing implementation of cloud-based services by mid-size businesses globally. Furthermore, based on enterprise size, the large enterprises segment is projected to acquire the largest share over the forecast period ascribing to the surge in adoption of CLM to automate structured and predefined operations.
Geographically, the global contract lifecycle management (CLM) market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. North America is evaluated to grab the largest share in the market during the forecast period, which can be credited to the increasing establishment of small and medium sized organizations, and rise in investments by vendors for developing CLM software with enhanced capabilities in the region. Moreover, Asia Pacific is evaluated to observe noteworthy growth over the forecast period owing to the growing adoption of new technologies by various industries in the region.
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The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rapid Growth of Urbanization Worldwide to Boost Market Growth
As per the data by the United Nations, in 2018, 55 percent of the total population of the world lived in urban areas, which is estimated to grow up to 68 percent by the end of the year 2050.
As a result of rapid urbanization, the need to digitize the retrieval of contracts and handle project and joint ventures with a collaborative approach is surfacing. This in turn is giving rise to new technological innovations, especially in the development of improved cloud-based services, which is evaluated to drive market growth in the forthcoming years.
However, risk of cyberattacks and lack of skilled professionals is expected to operate as key restraint to the growth of the global contract lifecycle management (CLM) market over the forecast period.
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This report also provides the existing competitive scenario of some of the key players of the global contract lifecycle management (CLM) market which includes company profiling of SAP SE, Coupa Software Inc., IBM Corporation, Corcentric, LLC, Wolters Kluwer ELM Solutions, Inc., Oracle Corporation, Optimus BT, Inc., Contract Logix, LLC, Newgen Software Technologies Limited, Ivalua, Inc., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global contract lifecycle management (CLM) market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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