PUBLISHER: The Business Research Company | PRODUCT CODE: 1596061
PUBLISHER: The Business Research Company | PRODUCT CODE: 1596061
Contract Lifecycle Management refers to the process of managing the entire lifecycle of a contract, from initial creation through negotiation, execution and ongoing compliance to eventual renewal or termination. It is a critical tool for organizations of all sizes that helps streamline the handling of contracts, ensuring that contractual obligations are met and risks are minimized.
The contract lifecycle management market consists of sales, by entities (organizations, sole traders and partnerships), of contract lifecycle management software products and services that typically include features such as contract authoring, collaboration, workflow automation, compliance tracking, reporting and analytics. These tools help businesses reduce legal risks, avoid missing deadlines, enhance collaboration between departments and improve the overall efficiency of contract management processes.
The global contract lifecycle management market was valued at $749.48 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 12.0%.
Rising Demand For Luxury And Personalized Services
The rising demand for luxury and personalized services drove the growth of the contract lifecycle management market during the historic period. Luxury and personalized services often involve more complex and tailored contracts, including bespoke agreements for high-net-worth individuals or exclusive partnerships. Managing these intricate contracts requires sophisticated contract lifecycle management systems to handle the details, track changes and ensure compliance. For instance, according to the 2023 Global Powers of Luxury Goods report by Deloitte Touche Tohmatsu Limited, a US-based global professional services network, the top 100 luxury goods companies generated an impressive $347 billion in sales during the fiscal year 2022. This marks a substantial increase from $305 billion in 2021, reflecting the strong recovery of the luxury industry following the challenges of the COVID-19 pandemic. The report highlights double-digit growth across all product sectors, underscoring the sector's robust resurgence. Therefore, the rising demand for luxury and personalized services supported the growth of the contract lifecycle management market.
Blockchain-Enabled Solutions To Support Secure Private Business Agreements
Major companies operating in the contract lifecycle management market are increasing their focus on developing innovative solutions, such as blockchain-enabled solutions to gain a competitive edge in the market. Blockchain technology offers distinct advantages in contract management, such as enhanced security, transparency, traceability and automation through smart contracts. These innovations are reshaping how contracts are created, executed and managed. For example, in April 2024, EY, a UK-based professional services company, launched the OpsChain Contract Manager (OCM) solution, a blockchain-enabled platform designed to support secure and efficient management of private business agreements. This solution utilizes the Ethereum public blockchain to ensure decentralized operation, leveraging zero-knowledge proofs to maintain privacy and confidentiality while automating contract adherence and reducing administrative costs. OCM facilitates the synchronization of data across business partners, uniformly enforcing key business terms like standardized pricing and volume discounts, thereby addressing challenges associated with managing complex, multi-party contracts across siloed systems.
The global contract lifecycle management market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 82.72% of the total market in 2023.
Contract Lifecycle Management Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global contract lifecycle management market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for contract lifecycle management? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The contract lifecycle management market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider contract lifecycle management market; and compares it with other markets.
3) By Industry; Healthcare And Life Sciences; Banking; Financial Services And Insurance (Bfsi); Government; Energy And Utilities; Information Technology And Telecommunications; Legal And Compliance; Retail; Other Industries