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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..

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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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Marquis Who’s Who Honors Rupin Chothani for Engineering Leadership

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UNIONDALE, N.Y., July 23, 2026 /PRNewswire/ — Marquis Who’s Who honors Rupin Chothani for his leadership in engineering and project management. With more than two decades of professional experience to his credit, Mr. Chothani leverages a unique expertise in fire and petrochemical solutions to find success in his field. As project manager, project engineer and proposal manager at Technip Energies N.V., Mr. Chothani ensures effective results.

Drawn to Engineering

Coming from a family of engineers, Mr. Chothani was naturally drawn to the profession. This inclination was reinforced by comprehensive aptitude and attitude tests administered at the age of 14, which highlighted his strengths in engineering and architecture. Ultimately, this direction reinforced his determination to pursue a degree in mechanical engineering.

By 2003, Mr. Chothani earned a Bachelor of Science in Mechanical Engineering at the University of Mumbai. After a brief role as a junior manufacturing engineer at Artech Cooling Tower Pvt. Ltd., he completed a Master of Science in Mechanical Engineering at the University of Bridgeport in 2006. In addition to these degrees, Mr. Chothani later achieved AutoCAD certification.

Following his graduation in 2006, Mr. Chothani joined CB&I Lummus / ABB Lummus Heat Transfer (now Lummus Technology) as a thermal engineer. Though his work at Lummus Technology lasted only three years, Mr. Chothani was greatly influenced by mentor figures at the company. These mentors, including Ken Catala, Peter Harvard, Chin Dang and Miller Alanath Carter, provided essential guidance.

Building a Family

In December 2008, Mr. Chothani married his wife, Cathy. Along with his son and daughter, his family has contributed richly to his success in engineering and they continue to inspire him to excel. In addition to their support, Mr. Chothani recognizes that there is no alternative to hard work and dedicated learning.

From Lummus Technology to Technip Energies N.V.

Following his work at Lummus Technology, Mr. Chothani worked with Maco Corporation India Pvt. Ltd. By 2011, he joined Complete Heat Transfer Solutions – Environ Energy Systems as a thermal and mechanical engineer. By 2013, Mr. Chothani became a part of Technip Energies N.V. as a furnace mechanical engineer. By 2023, he added to this role and became a project manager, project engineer and proposal manager at the company.

In his current role at Technip Energies N.V., Mr. Chothani is responsible for a variety of essential duties. He manages and executes on engineering projects for ethylene cracking furnaces and heaters, and oversees proprietary technologies. Additionally, he actively coordinates with procurement, logistics, mechanical engineering and process engineering teams to ensure effective results.

Plans for the Future

Moving forward, Mr. Chothani hopes to advance his project management skills, particularly within the firejet industry. At the same time, he aims to share his knowledge of the industry with the next generation of professionals. Outside of his professional ambitions, Mr. Chothani intends to prepare his children to find success, inspiring them and their peers with hands-on experiments and full-day events.

About Marquis Who’s Who®:

Since 1899, when A. N. Marquis printed the First Edition of Who’s Who in America®, Marquis Who’s Who® has chronicled the lives of the most accomplished individuals and innovators from every significant field, including politics, business, medicine, law, education, art, religion and entertainment. Who’s Who in America® remains an essential biographical source for thousands of researchers, journalists, librarians and executive search firms worldwide. The suite of Marquis® publications can be viewed at the official Marquis Who’s Who® website, www.marquiswhoswho.com.

Marquis Who’s Who
Uniondale, NY
(844) 394 – 6946
info@marquiswhoswho.com
www.marquiswhoswho.com

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COALITION OF INDEPENDENT INTERNET PROVIDERS ASKS CRTC TO FIX ERRORS IN WHOLESALE FIBRE RATES

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Coalition of competitive ISPs say current fibre rates make competition impossible and threatens to harm millions of Canadian consumers

CHATHAM, ON, July 23, 2026 /CNW/ — A coalition of independent internet service providers (the Coalition) led by TekSavvy Solutions Inc. (TekSavvy) today applied to the Canadian Radio-Television and Telecommunications Commission (CRTC) to review and vary Telecom Order 2026-77, which set final wholesale rates for fibre internet services. In that decision, the CRTC approved wholesale rates for fibre internet services that are higher than the retail prices charged by the large carriers. This makes competition impossible, as independent providers are forced to either sell at a loss or set prices above the large carriers, leaving millions of Canadian consumers without competitive options for essential internet services.

The application identifies key errors that led the CRTC to approve severely inflated final wholesale rates, which make it economically impossible for independent providers to compete. The Coalition argues that the CRTC’s incorrect rates negate the very purpose of Canada’s wholesale framework, which is to foster competition in retail broadband markets. Specifically, the Coalition asks the CRTC to make three key changes to Telecom Order 2026-77:

Eliminate one cost factor that is inconsistent with the CRTC’s established costing principles, which artificially increased fibre wholesale rates by an estimated 25% to 30% (the Adjustment Factor).Reduce another element of the costing that is inflated above reasonable levels: The Coalition calls on the CRTC to reduce the markup applied to wholesale fibre services from 30% to 15%, reflecting declining costs, operational efficiencies, and the need to support competition.Correct technical errors relating to certain wholesale fibre speed descriptions.

“Canadians were promised greater competition for fibre internet services, but these rates make competition impossible.” said Andy Kaplan-Myrth, TekSavvy’s Vice President of Regulatory and Carrier Affairs. “The CRTC must correct these errors to ensure its wholesale rates promote broadband competition that challenges the market power of monopoly incumbents, lowers prices, and increases consumer choice.”

About the Coalition

The Coalition consists of competitive telecommunications providers and industry associations advocating for fair wholesale access to fibre networks and a competitive broadband marketplace that delivers affordable, high-quality Internet services to Canadians, including: TekSavvy Solutions Inc., BC Broadband Association (“BCBA”), Canada-Wide Internet Service Providers Association (“CanWISP”), Fibernetics Inc., ISP Telecom Inc., National Capital FreeNet Inc., Novus Entertainment Inc. and Purple Cow Internet Inc.

About TekSavvy Solution Inc.

Based in Chatham, Ontario, TekSavvy is Canada’s largest independent telecom service company. TekSavvy has been proudly delivering award-winning services and fighting for consumers’ rights for nearly 30 years. TekSavvy is committed to providing quality competitive choice and closing Canada’s digital divide.

SOURCE TekSavvy Solutions Inc.

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Monk Launches Voice Collections, Bringing AI Phone Calls and Callbacks to Accounts Receivable

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Monk’s collections agent, Julia, can now place outbound collection calls and answer inbound AR questions from a dedicated business number, so finance teams can use the channel that collects best without adding headcount.

Multimedia: Watch Voice Collections in action: https://youtu.be/w09PoN1yACE 

NEW YORK, July 23, 2026 /PRNewswire/ — Monk, the AI-native accounts receivable platform, today launched Voice Collections. Its collections agent, Julia, can now place outbound collection calls and answer inbound customer questions about invoices and payments from a dedicated phone number for each organization. The feature brings the phone, long the most effective collections channel and the hardest one to scale, into Monk’s Intelligent Collections.

Roughly $10 trillion sits in unpaid invoices worldwide, and the average invoice now takes 59 days to clear (Allianz). Most accounts receivable runs on email, and most of it waits. More than half of B2B invoices in the United States are overdue at any given time, and 92% of businesses are typically paid after their due date (Chaser, 2026). Phone calls recover overdue invoices two to three times better than email (Dunwise), yet 91% of finance teams still rely on email as their main follow-up channel and only 56% use the phone, because calling every overdue account by hand does not scale and a single human dunning call can cost $12 to $18 (HighRadius).

Voice Collections gives teams that coverage. Julia can call on the accounts a playbook flags for phone follow-up, and answer when a customer calls the same number back to ask about an invoice, a payment, or a bank detail. Businesses that follow up on 100% of overdue invoices are 76% more likely to be paid within a week (Chaser), and a voice agent is what makes full coverage possible.

Monk’s collections agent is already proven on the accounts it handles by email. Across Monk’s first 100 customers, Julia reaches customers with a 24% higher response rate than standard dunning and resolves 88.2% of collections with zero human intervention. Voice extends that reach to the phone.

“For years the assumption was that customers would not talk to an AI on the phone,” said George Kurdin, Founder and CEO of Monk. “The evidence now points the other way. People engage with a good voice agent, and in AR the phone was always the channel that collected best. We built Voice Collections so finance teams can finally use it at the scale email gave them.”

That assumption is worth retiring. In a University of Chicago Booth field study of roughly 70,000 interviews, people interviewed by a voice AI agent were 12% more likely to receive an offer, 18% more likely to start, and 17% more likely to still be there after 30 days, and 80% chose the voice AI over a human when given the choice. The setting was recruiting rather than collections, but the finding travels: given a capable voice agent, people lean in rather than hang up. A call also does something email cannot, which is secure a verbal promise to pay in the moment.

Built for finance, with the phone agents kept with strict guardrails

Voice in finance has to be constrained, and Monk designed Voice Collections around that from the start. The agent is read-only on the phone. It answers questions, confirms details, and routes the next step. It will not rewrite an invoice, change a payment status, or accept a sensitive payment change by voice.

The agent is also reference-based. If a caller asks about an invoice, Julia asks for both the company name and the invoice number before looking anything up, and it will not search broadly from a single detail. Every inbound and outbound call is kept in the collection record alongside the email history, so a callback is part of the same thread the team already sees, and anything that needs judgment escalates to a person.

“Voice in finance has to be careful by design,” said Joe Zhou, Co-Founder and CTO of Monk. “Julia will not browse across accounts or move money over the phone. A caller has to bring the company name and invoice number before it confirms anything, and every call lands in the record. In finance a 1% mistake is still unacceptable, so we built for that first and added the reach second.”

Teams run autonomous collections on Monk

Monk runs collections for finance teams at companies like Unify, Pump, Siro, and Elate, and Voice Collections extends what those teams already do by email onto the phone.

“We chose Monk to help automate our collections, a process previously demanding several hours a week of manual, one-off outreach,” said Will Stewart, Head of Finance and BizOps at Unify. “Today, our Monk agent is always running in the background and I have a single dashboard to manage AR from.”

At Pump, which manages volume across more than 1,500 customers, Monk has helped collect over $10 million in recent months.

Voice AI is now infrastructure

The timing reflects how far voice AI has come. It has moved from demo to infrastructure: Vapi has processed more than 1 billion calls, Bland handles over 3.5 million calls a week, and ElevenLabs raised a $500 million round at an $11 billion valuation in early 2026. Monk builds Voice Collections on that foundation and adds the part finance actually needs, which is the AR context, the controls, and the audit trail.

Voice Collections is available now as an opt-in feature. Monk configures the dedicated number and call behavior with each organization before turning it on in Collections. See it in action: https://youtu.be/w09PoN1yACE.

About Monk

Monk is the AI-native accounts receivable platform that helps finance teams turn revenue into cash. Its agent, Julia, runs collections, cash application, and forecasting as one connected system. Monk resolves 88.2% of collections with zero human intervention, reaches customers with a 24% higher response rate than standard dunning, reduces DSO by more than 40%, automatically matches 80% of incoming payments with a full audit trail, and gives finance teams back roughly 26 hours a month. Teams onboard in under a week and see results in their first month. More than $1.5 billion in receivables is managed on the platform, including for customers like Profound and ElevenLabs. Monk has raised $25 million and is based in New York.

Media contact
Kendall Warson
kendall@monk.com
+1 415-827-6585

Sources: Chaser 2026 Accounts Receivable research; Dunwise dunning research; HighRadius collection call cost analysis; University of Chicago Booth field study on AI in recruiting; voice AI figures compiled by Enterprise DNA; Federal Reserve data; Allianz Worldwide DSO survey.

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SOURCE Monk

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