Contract Lifecycle Management Software Market Size, Share, Growth Analysis, By Component(Software and services), By Deployment(On-premise and cloud), By Organization size(Small and medium-size enterprises, and large enterprises), By End-use(Retail & e-commerce, BFSI) - Industry Forecast 2024-2031

Contract Lifecycle Management Software Market size was valued at USD 1.18 billion in 2019 and is poised to grow from USD 1.33 billion in 2023 to USD 4.01 billion by 2031, growing at a CAGR of 13% in the forecast period (2024-2031).

The contract lifecycle management (CLM) software aids in the organisation of the time-consuming and complex contractual negotiation process between buyers and suppliers. This software is usually used to handle the entire contract lifecycle, from the initial request for proposal (RFP) to subsequent renegotiations. Contract drafting, negotiation, approval, compliance and administration, repository, compliance optimization, retrieval and renewal, amendments and disposition are the eight critical steps. A contract lifecycle management (CLM) software ensures regulatory compliance, mitigates contract risks, protects an organisation from penalties for noncompliance, and improves decision-making. It also assists the organisation in forming alliances with other businesses in order to get a deeper consumer base. The global demand for the software is increasing in the public, healthcare, manufacturing, and financial services sectors, which will drive growth of the market during the forecast period. A lack of clarity, visibility, and transparency in the CLM process can complicate it and plague it with issues that only emerge during the execution stage, may hamper the global contract lifecycle management software market during the forecast period.

US Contract Lifecycle Management Software Market is poised to grow at a sustainable CAGR for the next forecast year.