This market research report presents the segmentation of the contract management market by application type (license and subscription and services), end users (financial services, healthcare, public sector, and manufacturing) and by geography (Americas, EMEA, and APAC). The leading companies in the CLM market are Apttus, Exari, SAP, and Oracle.
Technavio market research analysts estimate the global contract life-cycle management (CLM) market to grow at a CAGR of around 16% between 2015 and 2019. The Americas is the dominant region globally in the CLM market. The increase in regulatory legislations in various industries is leading to the adoption of contract management software to address the need for compliance adherence.
The new market research report from Technavio provides a breakdown and analysis of the contract management segments by end-users and product offerings.
The CLM software has emerged as the paramount solution to manage the increasing number of complex contracts in the public sector. They help the public sector enterprises to mitigate risks, ensure compliance and also reduce overhead costs. Licensing and subscription segment dominates the market, covering 60% market share, and is expected to generate around US $782 million by 2019. Increasing demand for hybrid solutions has led to a rise in CLM software licensing and subscriptions. Procurement officers prefer to have their CLM products in a hybrid environment, including on-premise as well as hosted models.
Market segmentation by CLM offerings 2014
Source: Technavio Research
“The contract management market is going through the adoption of cloud-based CLM, which automates the generation of contracts, routing of contracts to approvers, storage of contracts, and also analyzes contract trends. This model is cost effective as it reduces the investments made in maintaining the infrastructure for contract management. The cloud-based model also integrates with other CLM systems, thereby allowing channel partners, resellers, and distributors to use preloaded templates and generate contracts that can be provided to customers,” says Navin Rajendra, Lead Analyst, IT Services, Technavio Research.
The leading vendors in the global CLM market are Apttus, CLM Matrix, Exari, IBM Emptoris, Oracle, SAP, and Selectica. These vendors mainly focus on sell-side contracts. The market is highly fragmented with the presence of many vendors. CLM vendors provide their offerings for buy-side contracts, sell-side contracts, or both.
A more detailed analysis is available in the Technavio report, Contract Life-Cycle Management Market – Market Overview 2015-2019.