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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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KM Malta Airlines, the Maltese Islands’ New National Carrier, Implements CellPoint Digital’s Payment Orchestration Solution

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September 23, 2024

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The partnership will enable KM Malta Airlines to provide passengers with a seamless payment experience and access to their preferred payment methods.

LONDON, Sept. 23, 2024 /CNW/ — CellPoint Digital, a global pioneer in Payment Orchestration, is proud to announce it has partnered with KM Malta Airlines to support the airline’s payment processes across multiple sales channels, including on its website and App, allowing passengers in future to pay with key alternative payment methods (APMs) like Apple Pay.

From the start of operations on March 31, 2024, CellPoint Digital was entrusted to support KM Malta Airlines’ payment processes across. Using CellPoint Digital’s Payment Orchestration platform, KM Malta Airlines launched the service with optimised payment processes, a cost-effective payment strategy, and a customer-centric payment model. This partnership reflects the airline’s commitment to providing its passengers with a seamless, convenient payment experience and the airline’s recognition of CellPoint Digital as a valued payment solution provider.

Through its partnership with CellPoint Digital, KM Malta Airlines gains access to a network of acquirer connections, including its newly introduced partner, Shift4 (formerly Finaro), to support its growth strategy. This allows the airline to optimise transaction routing, reduce payment costs, and settle in its preferred currency.

“It’s not often that we get to be present at the inception of one of Europe’s next great airlines, but that’s the opportunity we have with this partnership,” said Kristian Gjerding, CEO of CellPoint Digital. “By prioritising its payment strategy as a cornerstone of its launch strategy, KM Malta Airlines demonstrates that it cares about providing passengers with the best possible booking experience and setting itself up for future success.”

Roy Kinnear, CCO of KM Malta Airlines, stated, “A highly optimised, cost-efficient payment strategy is important to the success of our airline. That’s why we partnered with experts in aviation payments to deliver a comprehensive platform tailored to our passengers’ needs and allowing us to expand our offering of customer choice payment mechanisms.”

The Advantage of Day-One Payment Orchestration

Payment Orchestration is a concept that describes the end-to-end management of all components of a payment, from authorisation to routing to settlement to reporting, allowing airlines to boost conversions in direct and indirect sales channels at lower transaction costs. CellPoint Digital’s Payment Orchestration Platform, which KM Malta Airlines will implement, routes transactions intelligently to increase acceptance, simplifies and centralises back-end reconciliation, integrates various payment methods like Apple Pay, and easily accommodates multiple PSPs and acquirers, including KM Malta Airline’s preferred acquiring partner, Shift4.

For more information about the CellPoint Digital partnership with KM Malta Airlines or to speak with company executives, please get in touch with Steven Osei at steven.osei@cellpointdigital.com

About CellPoint Digital
CellPoint Digital is a fintech leader in payment orchestration and optimisation. CellPoint Digital’s main solution is a powerful Payment Orchestration Platform that optimises digital payment transactions from cards or alternative payment methods and accelerates the deployment of new payment options. Merchants can easily scale their own payment ecosystem across the world, unify the customer payment experience across their website, mobile apps and other channels, optimise the routing of each transaction, increase conversion rates and minimise payment costs. CellPoint Digital has offices in Copenhagen, Dallas, Dubai, London, Miami, Pune and Singapore. Visit www.cellpointdigital.com to learn more. 

About KM Malta Airlines

The KM Malta Airlines schedule serves 17 airports across 15 key European cities, namely, Amsterdam, Berlin, Brussels, Catania, Dusseldorf, London Gatwick, London Heathrow, Lyon, Madrid, Milan, Munich, Paris Charles de Gaulle, Paris Orly, Prague, Rome, Vienna and Zurich.

Bookings can be made on kmmaltairlines.com

Contact: media@kmmaltairlines.com

 

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SOURCE CellPoint Digital

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Advantech Unveils Expanded Singapore Office to Boost ASEAN Presence and Support AIoT Innovations with Strategic Partnerships

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September 23, 2024

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SINGAPORE, Sept. 23, 2024 /PRNewswire/ — Advantech (TWSE: 2395), a global leader in industrial IoT and embedded computing solutions, has officially inaugurated its expanded regional office in Singapore. This strategic investment is set to enhance Advantech’s core competencies within the ASEAN region. Located at 7002 Ang Mo Kio Avenue 5, the new office will double the company’s current facility space, enhancing its infrastructure to meet the rising demand for high-technology solutions, particularly in the semiconductor sector. The expansion underscores Advantech’s commitment to collaborating with silicon and ecosystem partners and investing in local talent development through industry-academia partnerships. The new office will also support Advantech’s Configure-To-Order Service (CTOS), reinforcing its strategic goal of deepening and localising industry presence while advancing a comprehensive AIoT industry development strategy.

Vincent Chang, Managing Director of Asia and Intercontinental Region at Advantech, stated, “The relocation to our new premises marks a significant milestone in Advantech’s nearly 30 years of growth in Singapore. Established in 1995, Advantech Singapore has grown to become a pivotal hub in the ASEAN region, leading to the creation of Advantech Malaysia, Thailand, Indonesia, and Vietnam as key regional business units. Advantech envisions Singapore evolving into a Corporate Development Core Competency hub, focusing on business intelligence, strategic planning, and advancing branding, public relations, and ESG programmes across the ASEAN region.”

Advantech is also excited to launch the second year of its AIoT Innowork programme with Singapore Polytechnic (SP). This year’s projects will focus on sustainable development, net-zero emissions, and generative AI. Students will use Advantech’s WISE-PaaS, a cloud-based platform, to develop AIoT solutions, including a smart outdoor agriculture proof-of-concept within SP’s campus. Additionally, the programme will advance intelligent EV charging and parking space monitoring with Advantech’s LoRaWAN gateway and generative AI, featuring a dashboard for carpark occupancy and an assistive chatbot for availability queries.

In response to the government’s focus on future workforce development, a student team from SP is set to create a proof of concept for a “Generative AI-powered Virtual Sales Agent.” This innovative project aims to transform customer interactions by enhancing sales and engagement through cutting-edge AI technology. SP envisions this technology revolutionising customer engagement, enhancing service support, and improving operational efficiency.

Advantech Singapore is dedicated to advancing the “MySkillsFuture” programme, a key initiative by the Singapore government to support lifelong learning. Advantech aims to build a collaborative value chain that fosters a sustainable and thriving IoT ecosystem by partnering with ecosystem players, academic institutions, and industry leaders. Additionally, through academic collaboration, Advantech seeks to cultivate industry growth and align with its social responsibility objectives by producing and distributing urban farming products to underserved communities. These strategic partnerships are poised to drive long-term industry success and reinforce Advantech’s commitment to its ESG goals.

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SOURCE Advantech Co. Singapore Pte Ltd

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Estonia Strengthens Smart Mobility Networking and Strategic Partnerships in the Gulf

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49 mins ago

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September 23, 2024

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DUBAI, UAE, Sept. 23, 2024 /PRNewswire/ — Trade Estonia, part of Enterprise Estonia, is concluding its participation at the ITS World Congress 2024 in Dubai, further asserting its leadership in intelligent transport systems (ITS) and smart mobility. Estonia, known for being the first country to allow testing autonomous vehicles on public roads since 2017, showcased its innovative technologies that are setting new benchmarks in smart mobility and ITS.

At the exhibition, Trade Estonia displayed pioneering solutions, including Bamboo Apps’ cutting-edge dispatch system for autonomous shuttles, enabling remote monitoring of unmanned vehicles to enhance safety and efficiency. e-Pavement integrates sensors within road surfaces to improve safety and traffic management, while Auve Tech’s autonomous shuttles seamlessly integrate with public transport, offering efficient and eco-friendly urban mobility solutions. Metrosert is enhancing the precision of smart infrastructure, and Digilogistika Keskus is optimising logistics through advanced digital platforms, boosting supply chain efficiency in smart cities.

H.E. The Ambassador of Estonia to the UAE Maria Belovas stated, “Estonia’s footprint in integrating cutting-edge technology is pivotal in enhancing transportation safety, efficiency, and mobility. Our innovations are designed to meet the evolving needs of global smart cities and ensure a sustainable future for transportation.”

These advancements exemplify Estonia’s commitment to developing intelligent, sustainable, and efficient transport solutions that address both urban and rural mobility needs, and solidifying its global network.

In addition to presenting its technological progress at the ITS World Congress, Estonia focused on building meaningful connections and exploring new avenues for collaboration.

Forging Strategic Global Partnerships

Estonia is dedicated to expanding its international impact by building strategic partnerships, particularly in the Gulf region.

A recent networking event, hosted by H.E. The Ambassador of Finland, Ms. Tuula Yrjölä, and H.E. The Ambassador of Estonia, Ms. Maria Belovas, brought together Finnish and Estonian business delegations to cultivate global connections in smart mobility. The event also facilitated valuable discussions on future collaborations, reflecting Trade Estonia’s ongoing mission to support global innovation and sustainability in transport.

Ms. Maria Belovas highlighted the importance of these international connections in advancing the organisation’s strategic goals and enriching global collaborative efforts.

Building on this momentum, Trade Estonia is gearing up for its next significant engagement at GITEX Global 2024. This upcoming event will serve as a new stage for Estonia to underline their technological advancements and explore new avenues for collaboration with global technology leaders.

About Trade Estonia

Trade Estonia is part of Enterprise Estonia. As a state organisation, Trade Estonia helps Estonian companies to establish themselves in international markets. With a focus on future technologies and pioneering projects, Trade Estonia provides Estonian companies with access to market analysis and marketing strategies and creates the conditions for them to operate successfully on a global scale. Trade Estonia not only promotes the development of new business areas and the establishment of strategic partnerships, but also facilitates access to international networks, thus contributing to the global competitiveness of Estonian companies.

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