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Contract Life-Cycle Management (CLM) Software Market size is set to grow by USD 4.82 billion from 2024-2028, Pricing strategies of vendors to boost the market growth, Technavio

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NEW YORK, Aug. 9, 2024 /PRNewswire/ — The global contract life-cycle management (CLM) software market  size is estimated to grow by USD 4.82 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  23.75%  during the forecast period.  Pricing strategies of vendors is driving market growth, with a trend towards emergence of analytics in contract life-cycle management. However, high implementation and maintenance cost  poses a challenge. Key market players include Contract Logix Llc, Corcentric Inc., Coupa Software Inc., DocuSign Inc., ESM Solutions Corp., Great Minds Software Inc., Icertis Inc., Infor Inc., International Business Machines Corp., Ivalua Inc., JAGGAER LLC, Newgen Software Technologies Ltd., Optimus BT Inc., Oracle Corp., Robobai Pty Ltd., SAP SE, Scanmarket AS, Thoma Bravo LP, Wolters Kluwer NV, and Zycus Inc..

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Component (Software and Services), Deployment (On-premise and Cloud-based), and Geography (North America, Europe, APAC, Middle East and Africa, and South America)

Region Covered

North America, Europe, APAC, Middle East and Africa, and South America

Key companies profiled

Contract Logix Llc, Corcentric Inc., Coupa Software Inc., DocuSign Inc., ESM Solutions Corp., Great Minds Software Inc., Icertis Inc., Infor Inc., International Business Machines Corp., Ivalua Inc., JAGGAER LLC, Newgen Software Technologies Ltd., Optimus BT Inc., Oracle Corp., Robobai Pty Ltd., SAP SE, Scanmarket AS, Thoma Bravo LP, Wolters Kluwer NV, and Zycus Inc.

Key Market Trends Fueling Growth

Contract life-cycle management software enables enterprises to effectively manage and analyze all stages of their contracts and compliance processes. With built-in analytics, organizations can access historical data for comparisons, identify potential risks, and estimate future performance within their supply chain. This streamlines enterprise contract processes, shortens sales cycles, and reduces costs. Ivalua’s latest platform release, 178, showcases their continued investment in research and development, with innovations that enhance contract digitization and analytics. These advancements will significantly contribute to the growth of the contract life-cycle management market in the coming years. 

Contract Life-Cycle Management (CLM) software has become essential for businesses to manage and streamline their contract processes. According to statistical data, the market for CLM software is growing, with trends indicating a preference for solutions that cater to organizations of all sizes and various industries, including Healthcare and Lifesciences. Notable vendors in this space are Coupa, Icertis, Apttus, CobbleStone Software, ContractsWise, Determine, and others. These solutions offer benefits such as centralizing contract data for improved visibility, productivity, and accessibility. They automate contract creation, execution, administration, and approval workflows, reducing errors and disputes. CLM software also mitigates risks, enhances contract governance, and boosts operational efficiency. With the increasing shift to remote work arrangements, digitalization of contract processes is crucial, and CLM software provides the framework for this. Key features include negotiation, renewal, decision-making, quicker contract cycles, error reduction, and notification systems. By automating and monitoring the contract lifecycle, businesses can save time, reduce costs, and improve overall contract management. 

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Market Challenges

The implementation of Contract Life-Cycle Management (CLM) software in small and medium enterprises (SMEs) comes with significant costs. These expenses include software licensing, system design and customization, implementation, training, and maintenance. For successful deployment, organizations need IT personnel with the necessary skills. The process involves self-assessment, planning, sufficient funding, a clear vision, and collaboration among all managerial levels. Post-implementation, continuous upgrades are essential to stay competitive. These factors contribute to the high cost of CLM software, making it a challenge for SMEs to adopt it.Contract Life-Cycle Management (CLM) software is essential for businesses to efficiently manage their contracts from execution to renewal. Challenges in execution, administration, and visibility can slow down productivity. CLM software centralizes contract data, making it accessible to relevant teams and mitigating risks. Approval workflows and notifications streamline the process, reducing errors and disputes. CLM software automates contract governance, monitoring, and decision-making. It boosts operational efficiency by minimizing contract-related issues and quickening contract cycles. Digitalization and remote work arrangements are becoming increasingly important, and CLM software enables businesses to adapt. Mitigating risks is a key benefit, as CLM software provides a systematic approach to contract negotiation, renewal, and error reduction. Workflows and notification systems ensure a smooth process, minimizing delays and increasing productivity. CLM software is a valuable framework for businesses seeking to streamline their contract management processes.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This contract life-cycle management (clm) software market report extensively covers market segmentation by

Component 1.1 Software1.2 ServicesDeployment 2.1 On-premise2.2 Cloud-basedGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America

1.1 Software-  Contract Life-Cycle Management (CLM) software is a vital tool for businesses to effectively manage their contracts. This software assists legal professionals and other team members in creating, negotiating, renewing, and collecting data on existing business contracts. By ensuring the intent of every contract within an organization is fully realized, CLM software can maximize contract performance, enforce commercial terms, accelerate cash flow and time-to-revenue, and minimize the risk of non-compliance. Advanced CLM software offers features such as auto-building contracts based on defined business rules and bulk data upload, enabling faster time-to-revenue and reducing legal operating expenses. Vendors in the market are adopting inorganic strategies to enhance their offerings. For instance, SAP SE and Icertis expanded their partnership in January 2022 to provide enhanced contract management, increasing efficiency, minimizing risk, and making agreements more reliable. In October 2023, Sirion, a leading AI-powered CLM provider, announced a collaboration with IBM to embed Watsonx, redefining CLM for enterprises. IBM also deployed Sirion’s CLM to streamline its order-to-cash and source-to-pay processes. These developments by market vendors will drive the growth of the CLM software segment and the market as a whole during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022)  – Download a Sample Report

Learn and explore more about Technavio’s in-depth research reports

The global Vendor Management Software (VMS) market is experiencing significant growth, driven by the increasing need for efficient procurement and supplier management. This growth is fueled by advancements in technology, such as AI and machine learning, enhancing vendor selection, performance tracking, and compliance management. Major players in the market include SAP, Oracle, and Coupa Software, leading innovation and driving competitive dynamics in the industry.

Research Analysis

The Contract Life-Cycle Management (CLM) software market caters to organizations of all sizes, with a significant focus on the IT sector and verticals like Healthcare and Lifesciences. CLM solutions streamline the entire contract process from creation and execution to administration and governance. These systems centralize contract data, ensuring accessibility and reducing errors and disputes. Statistical data suggests that the global CLM market is growing steadily, driven by the increasing complexity of contracts and the need for efficient contract management. CMI teams benefit from CLM software by automating repetitive tasks, improving contract compliance, and enhancing overall contract management effectiveness. Solutions like Apttus, Agiloft, CLM Matrix, CobbleStone Software, Conga, and others offer advanced features to meet the diverse needs of businesses.

Market Research Overview

Contract Life-Cycle Management (CLM) software is a vital solution for organizations of all sizes to manage and streamline their contract processes. This software is essential in various verticals, including the Healthcare and Lifesciences industry. CLM software offers several benefits, such as centralizing contract data, increasing accessibility, and mitigating risks through digitalization. In the IT sector, CLM software is increasingly being adopted for its productivity benefits. The software automates contract creation, execution, and administration, reducing errors and disputes. It also provides visibility into contract-related issues, enabling quicker contract cycles and decision-making. CLM software offers approval workflows, notifications, and contract governance frameworks to ensure compliance and mitigate risks. It also boosts operational efficiency by automating monitoring and renewal processes. With the increasing trend of remote work arrangements, CLM software is essential for ensuring a systematic approach to contract management. Key features of CLM software include automated workflows, notification systems, error reduction, and quicker contract cycles. It also offers centralized contract data, accessibility, and decision-making capabilities. By implementing CLM software, organizations can improve operational efficiency, reduce risks, and gain a competitive edge.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ComponentSoftwareServicesDeploymentOn-premiseCloud-basedGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Vivalink Recognized with 2024 Global Healthcare IT Solutions Award by Frost & Sullivan

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32 minutes ago

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January 9, 2025

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Vivalink honored for enabling technology leadership with its innovative remote patient monitoring solutions

CAMPBELL, Calif., Jan. 9, 2025 /PRNewswire/ — Vivalink, a leading provider of digital healthcare solutions, receives Frost & Sullivan’s 2024 Global Healthcare IT Solutions Enabling Technology Leadership Award. This distinction highlights Vivalink as a leader in the global remote patient monitoring (RPM) market for worldwide clinical applications of hospital-at-home, cardiac monitoring and clinical trials.

Frost & Sullivan’s Enabling Technology Leadership Award recognizes companies that apply their technology in new ways to improve existing products and services and elevate the customer experience. Its primary criteria includes Vivalink’s leveraging of technology to improve efficiency, application diversity and creativity, as well as its customer impact through performance, customer experience and brand equity.

Vivalink’s medical-grade wearable technology enables providers to deliver patient-centered care for hospital-at-home services, ambulatory cardiac monitoring, and remote clinical trials. Unlike traditional RPM systems, Vivalink offers continuous, real-time monitoring for a variety of specialties, including cardiology, oncology and neurology, while supporting chronic condition management, early interventions, and specialized applications.

“Frost & Sullivan commends Vivalink for its strategic focus on addressing critical unmet needs and limitations within traditional remote patient monitoring systems, thus accelerating its leadership in the increasingly competitive space,” said Dr. Rishi Pathak, research director at Frost & Sullivan. “With its flexible, versatile, and scalable Biometrics Data Platform and unique business model, the company strategically positions its platform as a convenient, cost-effective, and advanced solution, helping Vivalink capture significant market share.”

This award highlights Vivalink’s commitment to innovation, creativity, and ability to launch new solutions with far-reaching impact and application. Through its evolving solutions, Vivlink enables the integration of RPM technologies for modern healthcare delivery and optimized patient care.

“It is an honor to be recognized as a global leader of health IT solutions, highlighting our commitment to providing informed, continuous data that drives modern healthcare delivery models,” said Jiang Li, PhD and CEO of Vivalink.

For a copy of the detailed award write-up, see: www.vivalink.com/HealthIT_Award

About Vivalink
Vivalink is a provider of digital healthcare solutions for remote patient monitoring in healthcare and clinical trials. By combining medical wearables, advanced algorithms, and clinical applications, we provide a more effective and accessible approach to patient care worldwide.

About Frost & Sullivan
Frost & Sullivan is the Growth Pipeline Company™. We power our clients to a future shaped by growth. Our Growth Pipeline as a ServiceTM provides the CEO and the CEO’s growth team with a continuous and rigorous platform of growth opportunities, ensuring long-term success. To achieve positive outcomes, our team leverages over 60 years of experience, coaching organizations of all types and sizes across 6 continents with our proven best practices. To power your Growth Pipeline future, visit Frost & Sullivan at http://www.frost.com.

Media Contact:
pr@vivalink.com

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SOURCE Vivalink

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IDEMIA Awarded 10-Year Blanket Purchase Agreement from the General Services Administration for Next-Generation Identity Proofing for Login.Gov

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32 minutes ago

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January 9, 2025

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IDEMIA offers trusted identity proofing and verification platforms backed by decades-long history of partnership with government agencies.

RESTON, Va., Jan. 9, 2025 /PRNewswire/ — IDEMIA Public Security North America, a leader in identity security and authentication services, has been awarded a 10-year blanket purchase agreement (BPA) worth up to $194.5 million from the General Services Administration (GSA) for its identity proofing capabilities. IDEMIA is one of 8 technology providers selected by GSA to accelerate the deployment of next-generation identity proofing technologies for Login.gov, a secure sign-in platform used by the public to create a single digital account that can be used to access multiple federal, state and local government agency sites.

After a rigorous qualification process by GSA, IDEMIA was selected for its robust and trusted identity proofing and verification technology, designed to ensure that individuals are who they say they are and prevent identity-related fraud, and its long-standing history of more than 60 years serving government agencies. IDEMIA’s Identity and Verification (ID&V) solution incorporates document authentication technology with comprehensive checks, such as digital tampering detection, document identification, font anomaly detection, liveness detection, and face capture. It complies with the highest security standards and is certified by the Kantara Initiative as compliant with NIST SP 800-63 rev. 3 Component Service at Identity Assurance Level 2 (IAL2).

IDEMIA’s identity proofing technology supports both active and passive facial liveness detection during authentication to ensure the person behind the camera is an actual individual. This technology has been awarded Level 1 and Level 2 compliance by iBeta in accordance with the ISO/IEC 30107-3 standards and most recently the Department of Homeland Security Science and Technology Department (DHS S&T). In addition, IDEMIA has incorporated accessibility and usability design feedback from Applause, a world leader in testing and digital quality, to ensure that IDEMIA’s identity proofing technology conforms with Web Content Accessibility Guidelines (WCAG).

“We look forward to serving GSA as a committed technology partner, supporting their digital transformation efforts to improve identity verification and customer experience of Login.gov, which is accessed by millions of users,” shared Donnie Scott, CEO, IDEMIA Public Security North America.

IDEMIA’s ID&V solutions are trusted by public and private organizations across the globe. It serves as the backbone of IDEMIA’s Mobile ID issuance technology, which has been rolled out in New York, Arizona, Delaware, Iowa, and Mississippi, with more states to launch in the coming months.

To learn more about IDEMIA’s Identity and Verification solutions, click here.

About IDEMIA Public Security North America
IDEMIA Public Security North America is a leader in identity security and authentication services to governments and private companies operating in North America. Our mission is to Unlock the World, Make It Safer – helping people access what matters most, more quickly, more safely, and more securely, in both the physical and the digital worlds. Our best-in-class technology helps to authenticate and secure physical and digital transactions. IDEMIA is recognized by the National Institute of Standards (NIST) as a top-ranking participant in the Institute’s passenger facilitation simulation testing as well as in its regular Biometrics Technology Evaluations rankings, reinforcing the trustworthiness and reliability of IDEMIA’s facial recognition solutions for government and consumers alike.  

Learn more at www.na.idemia.com / Follow @Idemia_NA on Twitter and on LinkedIn.

Media contact:  
Genevieve de Vera
IDEMIA Public Security North America
(978) 808-7047
genevieve.devera@us.idemia.com

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SOURCE IDEMIA Identity & Security USA LLC

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Topaz Labs to Expand Addison, TX Headquarters from 7,000 to 27,000 Square Feet; Add 130 High-Tech Jobs

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January 9, 2025

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The Town of Addison secures Topaz Labs with a $200,000 grant to build amenities and collaborative spaces for a new office.

ADDISON, Texas, Jan. 9, 2025 /PRNewswire-PRWeb/ — Topaz Labs, the leading provider of AI-powered photo and video enhancement technology, and the Town of Addison announce an award of a $200,000 Amenities and Collaboration Grant to Topaz Labs to support the expansion of its headquarters, nearly tripling its current size.

” Topaz Labs is exactly the kind of company we love to see grow here in Addison,” said Wayne Emerson, Director of Economic Development at the Town of Addison. Their innovative work in AI and commitment to the Town make them the perfect partner.

The company will lease 28,208 square feet of office space — up from their current 7,000 square feet and expects to invest at least $2.5 million to customize the space with innovation labs and collaborative workspaces for staff. Topaz Labs will become the sole office tenant at Building 900, the newest building in Village on the Parkway, a vibrant mixed-use destination offering premier shopping, dining, and entertainment experiences.

As AI continues to be a booming industry nationally and locally in DFW, Topaz Labs expects to add 130 high-tech jobs by the end of 2027, further contributing to Addison’s reputation as a hub for innovation and technology.

” Topaz Labs is exactly the kind of company we love to see grow here in Addison,” said Wayne Emerson, Director of Economic Development at the Town of Addison. Their innovative work in AI and commitment to the Town make them the perfect partner. We’re also thrilled for their employees, who will enjoy working in a brand-new, highly amenitized building surrounded by great restaurants, entertainment options, and walkable amenities at Village on the Parkway.”

” We’re so excited for the future of Topaz Labs in Addison,” said Eric Yang, CEO at Topaz Labs. “We sought a vibrant, safe, and energetic community with like-minded professionals doing their best work. We’ve found all of that in Addison.”

” This transformative lease aligns seamlessly with Topaz Labs’ rapid growth in the AI industry, as well as our partnership with the Town of Addison. We are honored to have represented them in securing this exceptional space for their headquarters,’ said Nick Lee, President – Office Division and Principal at NAI.

Topaz Labs will begin occupying its new office space in May of 2025.

About Addison

Addison, Texas, is the Address for Success—a vibrant 4.4-square-mile urban hub offering over 200 restaurants, 22 hotels, 12 million square feet of office space, and upscale residential options. Home to Addison Airport, one of the busiest general aviation airports in Texas, and providing prime access to a diverse and highly skilled workforce, Addison is a strategic location for businesses to thrive. Addison is a premier destination in North Texas, known for its world-class special events and exceptional amenities. Learn more at http://www.addisoned.com/

About Topaz Labs

Topaz Labs is the innovator in AI image and video enhancement software for enterprise-scale and professional videographers, cinematographers, post-production specialists, and consumer photographers alike to improve images and video at a speed and scale never before seen. Topaz Labs allows users to upscale, sharpen, and remove noise from blurry or otherwise imperfect images and videos. The company has 1.5 million customers worldwide. For more information, please visit www.topazlabs.com.

About NAI

NAI Robert Lynn, established in 1962, is a leading commercial real estate firm specializing in Dallas/Fort Worth. With a comprehensive range of services—including office, retail, industrial, property management, capital markets, corporate services, site selection, land, and consulting— the firm combines local expertise with global reach to deliver tailored solutions for clients. Their deep-rooted presence and proactive market approach have solidified their reputation as industry leaders. For more information, please visit www.nairl.com.

Media Contact

Wayne Emerson, Town of Addison, 1 9724507076, wemerson@addisontx.gov, addisoned.com

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SOURCE Town of Addison

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