LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global contract life cycle management software market report until 2021. This research report also lists 16 other prominent vendors that are expected to impact the market during the forecast period.
The global contract life cycle management software market will post a CAGR of around 14% during the forecast period. One of the major reasons for this growth is the increasing need to minimize administrative costs and ensure better compliance for all stakeholders. Enterprises across various industry verticals manage large volumes of contracts, so they require contract management software to improve relationships with vendors and customers, decrease inflated costs, and ensure compliance.
Competitive vendor landscape
The global contract life cycle management software market is witnessing intense competition because of the presence of many vendors. The major vendors are constantly competing for a leadership position in the market. The major vendors such as Apttus, Icertis, IBM Emptoris, SAP, and CLM Matrix, in the global contract life cycle management software market, are identified based on the high market visibility, high market penetration, and strong market momentum.
Amrita Choudhury, an industry expert at Technavio for research on enterprise application, says, “Major vendors in the market are offering the contract life cycle management software worldwide. This geographic diversity allows them to meet the demand on a customer basis and offers them an opportunity to access new markets for product innovations and development.”
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Top five contract life cycle management market vendors
The Apttus company provides enterprise-class SaaS solutions to complete the quote-to-cash customer process and procure-to-pay supplier process. It serves customers across industries, including manufacturing, aviation, telecom, technology, healthcare, finance, and entertainment. The company provides SaaS applications, strategic value consulting, education and training, and implementation services to organizations.
CLM Matrix offers contract life cycle management solution that can transform documents such as contracts and trade agreements. The company provides several contract management software training options to its customers based on their specific needs. It provides contract life cycle management solutions to a wide range of industries such as the finance, healthcare, high technology, hospitality, media and entertainment, oil and gas, and pharmaceutical.
IBM Emptoris develops cloud-based and on-premise analytics software with an aim to bring intelligence into retail supply chains and procurement operations. The company offers contract life cycle management solution that streamlines and improves the contracting process through efficient contract management.
Icertis provides an enterprise-wide contract life cycle management platform in the cloud. The company offers contract life cycle management architected on Microsoft Azure and works seamlessly with Microsoft Office. This can also be integrated with all major ERP, project management, sourcing, CRM, service management, and document management.
SAP offers application and analytics software and software-related services for enterprises worldwide. It serves various industries, such as the defense and aerospace, automotive, banking, chemicals, consumer products, defense and security, and mining. Its line of businesses includes platform and technology, human resources, sales, sustainability, asset management, manufacturing, service, commerce, marketing, sourcing and procurement, finance, R&D, engineering, and supply chain.
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