According to the latest report by IMARC Group “United States Contract Lifecycle Management Software Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026“, The United States contract lifecycle management software market is currently witnessing robust growth. the market to continue its robust growth during the forecast period (2021-2026).
Contract Lifecycle Management (CLM) software manages the signing of an organization’s contracts from initiation through execution. The process mainly includes various steps, such as contract drafting, negotiation, approval, compliance and administration, repository, amendments, and disposition. CLM mitigates any risks associated with the contracts while ensuring adherence to regulations and also safeguards the organization from penalties in case of non-adherence. This software has gained popularity in the United States due to its ability to form new alliances among numerous firms that help in expanding their consumer base.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The rising need for reducing, eliminating, or mitigating the risks related to legality, financing and procurement, across organizations, is driving the market for CLM software in the United States. The growing demand for efficient contract management systems to prevent revenue leakage and to identify the risks associated with contract clauses, is further propelling the market forward. CLM software is widely adopted in the United States healthcare industry for streamlining the workflow of hospitals by saving time and managing important contract documents and patient information. Moreover, the development of cloud-based CLM software provides easy-to-use interface solutions, thereby further proliferating the market growth.
Breakup by Deployment Model:
Cloud-Based
On-Premises
Breakup by CLM Offerings:
Licensing and Subscription
Services
Breakup by Enterprise Size:
Large Enterprise
Small and Medium Enterprise
Breakup by Industry:
Automotive
Electrical and Electronics
Pharmaceutical
Retail and E-commerce
Manufacturing
BFSI
Others
Breakup by Region:
Northeast
Midwest
South
West
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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