GITNUX MARKETDATA REPORT 2024

Contract Lifecycle Management Industry Statistics

The Contract Lifecycle Management industry is experiencing steady growth, with a expected market value of $3.7 billion by 2027.

Last Updated: June 22, 2024

Written & Summarized by: Jannik Lindner

How we write

In this post, we will explore a range of key statistics that shed light on the dynamic landscape of the Contract Lifecycle Management (CLM) industry. From market projections to industry trends and challenges, these data points offer valuable insights into the evolving world of contract management. Let’s dive into the numbers shaping the future of CLM.

Statistic 1

"By 2025, the global Contract Lifecycle Management (CLM) market is projected to reach $2.89 billion."

Statistic 2

"North America holds the largest market share in the CLM industry, accounting for over 42% of the global market in 2019."

Statistic 3

"IBM, a key player in CLM, recorded a growth rate of more than 15% in their cloud revenue in 2020."

Statistic 4

"A survey found that top performers in contract management save an average of 9% per contract."

Statistic 5

"By 2026, the Asia-Pacific region's CLM market is expected to grow at a CAGR of 15.1%, becoming the fastest-growing regional market globally."

Statistic 6

"A survey showed that 85% of companies struggle with contract standardization, affecting their contract lifecycle management."

Statistic 7

"Enterprises segment held more than 60% of the CLM market in 2019."

Statistic 8

"Software as a Service (SaaS) is the leading segment in usage in the CLM market, making up more than 57% of the market."

Statistic 9

"Over 70% of businesses use some form of CLM system."

Statistic 10

"The healthcare segment is projected to grow at over 15% CAGR during 2021-2027 in the CLM market."

Statistic 11

"About 60% of companies don't use any Contract Lifecycle Management system or tool."

Statistic 12

"Enterprises using Contract Management tools decrease annual contract management expenses by 20% to 50% on average."

Statistic 13

"The Contract Lifecylce Management market in India is projected to grow at the highest CAGR of 18.5% during 2020-2025."

Statistic 14

"The top 10 CLM companies accounted for 47.36% of the global market in 2018."

Statistic 15

"Almost 39% of companies in the B2B space report that their contract approval process takes more than a week."

Statistic 16

"32% of organizations report that limited capability with existing CLM tools is their biggest barrier to implementing contract analytics."

Statistic 17

"Over 94% of companies find contract management very complex due to regulatory requirements."

Statistic 18

"The market for CLM Services is also expected to grow at a CAGR of over 14% during the forecast period 2021-2026."

Overall, the Contract Lifecycle Management (CLM) industry is experiencing significant growth and evolving dynamics. The market is projected to reach $2.89 billion by 2025, with North America currently holding the largest market share. Key players like IBM are recording substantial growth rates, while top performers in contract management are saving an average of 9% per contract. The Asia-Pacific region is poised to become the fastest-growing market globally, emphasizing the region’s potential for expansion. However, challenges such as contract standardization, limited capability with existing tools, and complex regulatory requirements are hindering widespread adoption and optimal utilization of CLM systems. Despite this, the demand for CLM services is expected to surge, indicating a promising future for the industry’s growth and innovation.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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