The global contract lifecycle management software market was valued at USD 1.62 billion in 2024 and is projected to reach USD 3.24 billion by 2030, expanding at a CAGR of 12.7% from 2025 to 2030. This strong growth is fueled by the rising demand for streamlined, automated contract management across diverse industries.

As organizations strive to enhance operational efficiency and reduce risk, the adoption of CLM software has gained significant momentum. The market is being shaped by key trends such as the widespread shift to cloud-based solutions, the integration of AI and machine learning, and a growing emphasis on compliance and risk mitigation. With businesses operating in increasingly global and fast-paced environments, the volume and complexity of contracts—including vendor agreements, customer transactions, and regulatory documentation—have surged.

Manual contract management is becoming impractical, as it often results in delays, inefficiencies, and missed obligations, which could lead to legal penalties or non-compliance risks. These challenges have elevated CLM software from a value-add to a mission-critical solution that ensures accuracy, visibility, and governance throughout the contract lifecycle.

Key Market Insights:

• North America led the global CLM software market in 2024, accounting for over 37.10% of total revenue. This leadership is driven by technological advancements, high contract volumes, and the complexity of the region's trade and regulatory landscape.
• By component, the software segment dominated the market with a 68.0%+ share in 2024. As organizations scale and expand globally, they face an increasing number of complex contracts, necessitating robust software tools for effective management.
• By business function, the legal segment captured the largest market share in 2024. Legal departments, once cautious in adopting new technologies, are now prioritizing digital transformation to improve efficiency, reduce risk, and manage compliance more effectively.
• By deployment, cloud-based solutions accounted for more than 70.0% of the market in 2024, reflecting the growing need for scalable, flexible, and accessible platforms that support dynamic business environments and global operations.
• By organization size, large enterprises held the largest market share in 2024, as they manage vast volumes of contracts across multiple departments, regions, and legal jurisdictions—requiring enterprise-grade CLM solutions.
• By end-use, the BFSI (Banking, Financial Services, and Insurance) sector led the market in 2024. For these institutions, visibility, compliance, and transparency are essential to ensure effective contract governance and data-driven decision-making.

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Market Size & Forecast

• 2024 Market Size: USD 1.62 Billion
• 2030 Projected Market Size: USD 3.24 Billion
• CAGR (2025-2030): 12.7%
• North America: Largest market in 2024
• Asia Pacific: Fastest growing market

Key Companies & Market Share Insights

Key players are actively pursuing software innovations, strategic partnerships, and collaborations to strengthen their market positions.

• In April 2025, Summize launched its next-gen CLM platform with agentic AI, offering automated redlining, summaries, and contract Q&A, integrated with tools like Microsoft Word, Outlook, and Slack.
• In the same month, Ironclad introduced an Obligation Management feature to track critical contract terms, improve compliance, and prevent revenue loss.
• In May 2024, Icertis partnered with Evisort to integrate AI for faster contract analysis, boosting insight extraction and decision-making.
• In February 2024, PwC India formed an alliance with Sirion to enhance enterprise contract efficiency using AI-powered CLM across industries like power and logistics.

Key Players

• BravoSolution
• Contracked
• Contract Logix
• Coupa Software
• DocuSign
• IBM Corporation
• Icertis
• Oracle Corporation
• SAP SE
• Zycus Infotech
• SirionLabs
• Ironclad
• Infor
• Summize
• Filevine

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Conclusion

The Contract Lifecycle Management software market is experiencing substantial growth driven by the increasing complexity of regulatory compliance and the widespread adoption of digital transformation initiatives. CLM solutions are becoming essential for organizations seeking to streamline contract processes, improve efficiency, and mitigate risks across various business functions. These platforms enhance visibility, ensure compliance, and accelerate revenue cycles by automating contract creation, negotiation, execution, and renewal. The market is also seeing a trend towards integrating advanced technologies like artificial intelligence and machine learning to further improve contract analysis and predictive capabilities.