CONTRACT LIFECYCLE MANAGEMENT SOFTWARE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The global contract lifecycle management software market is facing resistance to change from employees as they have been using traditional methods of contract management for a long time. With the introduction of new software systems, employees need to learn new processes and tools which requires extra effort and time from them. There is reluctance among some employees to switch from existing practices as they are comfortable with the old ways of working. Adopting new technologies also means change in roles and responsibilities for some which increases uncertainty. Training employees on using the new software solutions extensively also leads to initial drop in productivity. Conveying the importance and benefits of automating contract management is also a challenge as employees do not see the immediate value. Overcoming such inertia to change long followed routines requires strong change management efforts through detailed training and orientations programs. Continuous support is also needed to make employees adapt to the new working culture.

Expansion into New Markets and Industries

The global contract lifecycle management software market has a huge opportunity for expansion into new markets and industries. Currently, major users of these solutions include IT & telecom, government, healthcare, and BFSI sectors. However, with growing digitization across all business functions, there is immense scope for contract lifecycle management software providers to target newer application areas. Industries like manufacturing, energy & utilities, retail, and media & entertainment are increasingly realizing the need to manage contracts electronically. Geographic markets in regions like Asia Pacific, Latin America, and Eastern Europe offer a substantial greenfield opportunity with early stage of technology adoption. Software vendors can gain first mover’s advantage in these emerging territories. Additionally, penetrating small and medium enterprises worldwide presents a large untapped market segment. Focusing on specific industry and geographical diversification will help drive next phase of growth for contract lifecycle management software market players globally.