Contract Life-Cycle Management Software Market to Grow at a CAGR of 13.59% by 2021 According to New Research
Pune, India -- (SBWire) -- 03/15/2018 --Contract life cycle management software enables the organization to manage the life cycle of the contracts created or governed by the company. These include third-party contracts such as procurement, sales, leasing, outsourcing, intellectual property, facilities management, nondisclosure, and other licensing and agreements containing contractual obligations. Contract life cycle management encompasses all processes related to the contractual agreement from initial request through contract discovery, execution, approval, order tracking, authoring, negotiation, valuation, compliance management, auditing, reporting, and dispute management.
Research analysts forecast the global contract life-cycle management market to grow at a CAGR of 13.59% during the period 2017-2021.
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The report covers the present scenario and the growth prospects of the global contract life-cycle management market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sale of contract life cycle management software license, maintenance and support, installation, customization, and training.
The market is divided into the following segments based on geography: Americas, APAC, EMEA
report, Global Contract Life-cycle Management Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors : Apttus, CLM Matrix, IBM Emptoris, Icertis, SAP, Other prominent vendors, BravoSolution, Contracked, Contract Logix, Coupa Software, Determine, EASY SOFTWARE, ESM Solutions, Great Minds Software , Infor, Ivalua, Optimus BT, Oracle, Symfact, SpringCM, Newgen Software, Zycus, Market driver operating in this market.
Announces the Publication of its Research Report – Global Contract Life-cycle Management Market 2017-2021
recognizes the following companies as the key players in the global contract life-cycle management market: Apttus, CLM Matrix, IBM Emptoris, Icertis, and SAP.
Other Prominent Vendors in the market are: BravoSolution, Contracked, Contract Logix, Coupa Software, Determine, EASY SOFTWARE, ESM Solutions, Great Minds Software, Infor, Ivalua, Optimus BT, Oracle, Symfact, SpringCM, Newgen Software, and Zycus.
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Commenting on the report, an analyst from team said: "The latest trend gaining momentum in the market is emergence of analytics in contract life cycle management. Contract life cycle management provides reporting and analytical capabilities across all aspects of the contracts and compliance life cycle. Enterprises are increasingly adopting contract life cycle management built-in analytics to understand and interpret historical data points. This helps them to immediately access any contract information for comparisons, potential risks, and future performance estimates within the supply chain. Contract life cycle management enables enterprises to accelerate and streamline enterprise contract processes and help to shorten sales cycles and reduce costs."
According to the report, one of the major drivers for this market is Pricing strategies of vendors. To thrive in a competitive market environment, the software vendors are adopting customer-centric pricing strategies enabled by advances in technology. Several vendors in the contract life cycle management market are focusing on providing value-based pricing models depending on the customer's needs and value perception. The pricing of the software is based on varied features of the software solution and the value-added features provided to the customers.
Further, the report states that one of the major factors hindering the growth of this market is High implementation and maintenance cost. The high cost of deploying the on-premises contract life cycle management is one of the major challenges in the market for SMEs. The price of the contract life cycle management includes the cost of software licensing, system design and customization, implementation, training, and maintenance. An organization that has purchased the software requires IT staff with the relevant skill set for successful implementation of the software. Implementation of the contract life cycle management requires self-assessment, planning, adequate funding, clear vision, and cooperation at all managerial levels. Enterprises also need to train their employees to use the application efficiently.
Apttus, CLM Matrix, IBM Emptoris, Icertis, SAP, BravoSolution, Contracked, Contract Logix, Coupa Software, Determine, EASY SOFTWARE, ESM Solutions, Great Minds Software, Infor, Ivalua, Optimus BT, Oracle, Symfact, SpringCM, Newgen Software, and Zycus.
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