Contract Lifecycle Management (CLM) Statistics 2024 – Everything You Need to Know

Are you looking to add Contract Lifecycle Management (CLM) to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Contract Lifecycle Management (CLM) statistics of 2024.

My team and I scanned the entire web and collected all the most useful Contract Lifecycle Management (CLM) stats on this page. You don’t need to check any other resource on the web for any Contract Lifecycle Management (CLM) statistics. All are here only 🙂

How much of an impact will Contract Lifecycle Management (CLM) have on your day-to-day? or the day-to-day of your business? Should you invest in Contract Lifecycle Management (CLM)? We will answer all your Contract Lifecycle Management (CLM) related questions here.

Please read the page carefully and don’t miss any word. 🙂

Best Contract Lifecycle Management (CLM) Statistics

☰ Use “CTRL+F” to quickly find statistics. There are total 68 Contract Lifecycle Management (CLM) Statistics on this page 🙂

Contract Lifecycle Management (CLM) Market Statistics

  • MR report, the global Contract Lifecycle Management market is projected to grow at a compound annual rate of 13.5% between 2024 and 2032. [0]
  • From 2017 to 2021, the market experienced impressive growth, registering a CAGR of 10%. [0]
  • MR Study North America Contract Lifecycle Management Market to Grow at an Impressive 10% CAGR In a recent market study, Fact. [1]
  • The global contract lifecycle management market is expected to be worth US$ 845 million in 2024, rising to approximately US$ 3 billion by 2032, with a CAGR of 13.5% during the forecast period. [1]
  • As a result, over the forecast period, the market is estimated to grow at a rate of more than 13%. [1]
  • North America is expected to be the fastest growing market, with a CAGR of 10%. [1]

Contract Lifecycle Management (CLM) Software Statistics

  • While only1.2% of Administrative personnelparticipated in contract management, document automation software can help balance out the workload, helping lawyers concentrate on other tasks. [2]
  • It takes an average of 3.4 weeks to get a contract approved, but using CLM software reduces that time by an average of 82% according to Forrester and Aberdeen. [3]

Contract Lifecycle Management (CLM) Adoption Statistics

  • By 2024, Gartner predicts manual effort for contract review will be reduced by 50% due to adoption of AI based contract analytics solutions. [3]
  • The 100% configurable platform and intuitive, modern user interface support high rates of user adoption with minimal training. [4]

Contract Lifecycle Management (CLM) Latest Statistics

  • Analysts at PricewaterhouseCoopers suggested that a business can save up to 2% of their annual costs by utilizing contract management and thus avoiding inaccuracies and non. [2]
  • Accelerate negotiation cyclesby 50% Reduce erroneous paymentsby 75 to 90%. [2]
  • Cut operating and processing costs related to to contract managementby 10. [2]
  • 70 80%of business operations are governed by contracts 46 cents out of every $1spent on legal services goes on external costs. [2]
  • 37% of companiesspent more than $750k on legal technology in 2018. [2]
  • Up to40% of a contract’s valuecan be lost without close contract governance, says aKPMG. [2]
  • $6.900 is the average costof a simple contract, estimated byWorld Commerce and Contracting. [2]
  • For example, with AXDRAFT you can cut the average contract costs by automating the drafting processes and saving up to 70% of your lawyer’s time. [2]
  • In its 2019Benchmark Survey ACCstated that80.8% of in house lawyershad to participate in contract management by simply reviewing and drafting documents. [2]
  • 57% of work on Data Collectionis allocated to LDs. [2]
  • 79% of Legal researchand90% of Records Managementis also done by your lawyers. [2]
  • Did you know that Contract processesconsume18% of the selling cycle. [2]
  • According to CLOC 2019 State of the Industry Report, only 12% of surveyed LDs are using AI tools in their processes. [2]
  • Here is what companies achieved after switching to CLM, based on the research 1%larger average deal size 2.5%higher annual customer renewal rate. [2]
  • 20%higher lead conversion rate 24%shorter sales cycles. [2]
  • CLOC found out how ready lawyers are for accepting digital identities 43% of LDsare using eSignature tools in their operations 27% are completely satisfiedwith. [2]
  • the tool 9%of surveyed LDs are using more than3 different legal service providers Smart contract code is used to automate main clauses of agreements based on external or internal data inputs. [2]
  • 57%of senior level executives rank ‘risk and compliance’� as one of the top two risk categories they feel least prepared to address. [2]
  • 62%of organizations have experienced a critical risk event in the past three years. [2]
  • 87% of organizationssee tech risk management as a siloed, reactive process rather than ‘an organization wide function for proactive risk management. [2]
  • 32% of organizationswere victims of a major cyber attack in 2017. [2]
  • Nearly 60% of executivesrank cybersecurity as one of their organization’s top five risks. [2]
  • Only 18% of organizationsleverage automated processes for IT risk data collection and reporting, even though this methodology provides the most proactive approach to risk mitigation. [2]
  • Only 13% of organizationsconsistently use key risk indicators to understand and manage IT risk. [2]
  • While companies can take every preventive measure out there to protect their data in house, can they really be 100% sure third parties will treat their sensitive information with the same care?. [2]
  • 57% of organizationsdon’t keep an inventory of all the third parties with which they share sensitive information. [2]
  • And yet, 57% of organizationsaren’t confident that their vendor management policies would prevent a data breach. [2]
  • DocuSign research found that, on average, 32% of professionals spend 30 minutes or more when locating a single contract. [5]
  • Search and filter agreements by keyword, concept and meta data Learn how Genesys shortened contract processing time by 50%. [6]
  • Learn how Flexential shortened sales cycles by 25% by automating contract processes. [6]
  • Companies lose9.2% of their bottom linethrough ineffective contract management. [7]
  • By 2024, 40% of I&O teams will use AI augmented automationin large enterprises, resulting in higher IT productivity with greater agility and scalability. [7]
  • Today’s estimates are that anywhere from 55% – 70% of organizations DO NOT have effective contract management systems. [7]
  • “In the U.S, contract disputes represent 64% of cases in state courts, making it imperative that organizations know where their contracts are located”. [7]
  • World CC, World Commerce & Contracting, cites that roughly 9.2% of gross revenue is lost on poor contracting processes. [8]
  • At Icertis, we have seen healthcare customers who have moved from 100% paper contracts to the Icertis contract intelligence platform experience upwards of 95% compliance with contractual obligations. [9]
  • Organizations using a contract intelligence platform cut contract creation from 70 steps to 15, and have realized, on average, 40% reduction in contract administrative costs, along with 70% improvement in overall contracting cycle time. [9]
  • World Commerce and Contracting calculated that poor contract management practices are costing businesses an average of 9% of revenues each year. [3]
  • A KPMG survey of outsourcing suppliers found that without close contract governance, businesses stand to lose up to 40% of a contract’s value. [3]
  • Administrative costs associated with contracts are reduced by 25% 30% through implementing automation according to Aberdeen Research. [3]
  • 25%–40% of a lawyer’s time is spent on tasks that don’t require a lawyer resulting in $2.7 million in lost productivity according to Gartner Less than 50% of negotiated savings are typically realised over the life of a contact according to The Faculty. [3]
  • What’s 9% of your business’s annual revenue?. [3]
  • 65% of Legal professionals identify time lost on administrative tasks as their biggest pain point according to a global legal survey. [3]
  • It takes, on average, 20 30 days for a company to create, negotiate and finalise a contract according to Aberdeen Research. [3]
  • Best in class companies renew 56% of their contracts annually, according to Aberdeen Group. [3]
  • This is more than twice the percentage of those companies outside of best in class (25%). [3]
  • Aberdeen Group estimates bestin class companies have 78% of their contracts in a searchable, central repository vs 34% for the rest. [3]
  • Digitisation of contract management offers the potential to improve compliance by 55% according to Forrester and Aberdeen. [3]
  • The Journal of Contract Management estimates that 71% of businesses can’t locate at least 10% of their contracts. [3]
  • GDPR fines can be up to 4% of annual global turnover or €20m, whichever is greater. [3]
  • On average, organizations lose 9.2% of revenue due to poor contract management. [10]
  • Contract Lifecycle Management Industry is Projected to Achieve a Global Market Size of US$ 845 Mn by 2024, North America to Surge an Impressive 10% CAGR through 2032 Rockville, Maryland, UNITED STATES ROCKVILLE, Md., March 15, 2024. [0]
  • That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. [0]
  • Research from the International Association for Contract & Commercial Management suggests that 9.2 percent of revenue is lost as a result of poor contract management. [11]
  • 13.5% CAGR Projected Market Size US$ 3 Bn Key Takeaways Government and the public sector will adopt 1/3 of contract lifecycle management technologies. [1]
  • By business function, information technology is expected to grow at a 14% CAGR. [1]
  • Through 2032, China’s CLM deployment is expected to grow at a 9% CAGR. [1]
  • That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. [1]

I know you want to use Contract Lifecycle Management (CLM) Software, thus we made this list of best Contract Lifecycle Management (CLM) Software. We also wrote about how to learn Contract Lifecycle Management (CLM) Software and how to install Contract Lifecycle Management (CLM) Software. Recently we wrote how to uninstall Contract Lifecycle Management (CLM) Software for newbie users. Don’t forgot to check latest Contract Lifecycle Management (CLM) statistics of 2024.

Reference


  1. globenewswire – https://www.globenewswire.com/en/news-release/2024/03/15/2403981/0/en/Contract-Lifecycle-Management-Industry-is-Projected-to-Achieve-a-Global-Market-Size-of-US-845-Mn-by-2024-North-America-to-Surge-an-Impressive-10-CAGR-through-2032.html.
  2. prnewswire – https://www.prnewswire.com/news-releases/contract-lifecycle-management-market-is-expected-to-be-worth-us-3-billion-by-2032–factmr-study-301474797.html.
  3. axdraft – https://blog.axdraft.com/contract-management/contract-management-in-numbers/.
  4. gatekeeperhq – https://www.gatekeeperhq.com/blog/the-benefits-of-contract-management-in-numbers.
  5. wolterskluwer – https://www.wolterskluwer.com/en/solutions/enterprise-legal-management/clm-matrix.
  6. docusign – https://www.docusign.com/blog/how-to-choose-a-contract-management-solution.
  7. docusign – https://www.docusign.com/products/clm.
  8. contractpodai – https://contractpodai.com/news/contract-management-needs-3-stages-maturity/.
  9. contracts365 – https://www.contracts365.com/contract-management-software/defined.
  10. chiefhealthcareexecutive – https://www.chiefhealthcareexecutive.com/view/why-healthcare-organizations-are-turning-to-contract-lifecycle-management-as-a-critical-component-of-their-digital-transformation-strategies.
  11. nintex – https://www.nintex.com/blog/5-ways-business-benefits-contract-lifecycle-management-system/.
  12. conga – https://conga.com/resources/blog/how-clm-software-improves-five-stages-contract-management.

How Useful is Contract Lifecycle Management

One of the key benefits of Contract Lifecycle Management is its ability to centralize and organize all contract-related information in one secure location. This centralized repository allows easy access to contract documents, related emails, notes, and other important information relevant to the contract. Having everything in one place helps in reducing the time spent searching for contract information and mitigates the risk of data duplication and loss, which can occur when contracts are stored in multiple locations or rely on paper-based documentation.

Contract Lifecycle Management software also facilitates collaboration and communication among various stakeholders involved in the contract process. By providing a platform for real-time interactions, team members can work together more efficiently, ensuring that everyone is on the same page. This enhanced communication helps in speeding up the contract negotiation process, resolving any disputes quickly, and ultimately ensuring that contracts are executed in a timely manner.

Furthermore, Contract Lifecycle Management helps in ensuring contract compliance by monitoring key milestones, deadlines, and obligations outlined in the contract. Automated notifications and alerts can be set up to remind users of approaching deadlines, expirations, or renewals, minimizing the risk of missing crucial contractual milestones. This proactive approach to contract management not only helps in mitigating risks but also improves overall compliance and ensures that the terms of the contract are met.

In addition, Contract Lifecycle Management software offers robust reporting and analytics capabilities that help in gaining insight into contract performance and identifying areas for improvement. By analyzing contract data, organizations can identify trends, track key metrics, and make informed decisions that enhance the contract process. This data-driven approach to contract management enables organizations to optimize their contracts, minimize risks, and capitalize on opportunities for cost savings and operational efficiencies.

Overall, the benefits of Contract Lifecycle Management are clear. It provides organizations with a centralized platform to manage contracts efficiently, ensures compliance and mitigates risks, facilitates collaboration among stakeholders, and offers valuable insights through reporting and analytics. In today’s fast-paced business environment, where contracts play a critical role in driving business outcomes, Contract Lifecycle Management software is a valuable asset that can help organizations stay competitive and thrive in their respective industries.

In Conclusion

Be it Contract Lifecycle Management (CLM) benefits statistics, Contract Lifecycle Management (CLM) usage statistics, Contract Lifecycle Management (CLM) productivity statistics, Contract Lifecycle Management (CLM) adoption statistics, Contract Lifecycle Management (CLM) roi statistics, Contract Lifecycle Management (CLM) market statistics, statistics on use of Contract Lifecycle Management (CLM), Contract Lifecycle Management (CLM) analytics statistics, statistics of companies that use Contract Lifecycle Management (CLM), statistics small businesses using Contract Lifecycle Management (CLM), top Contract Lifecycle Management (CLM) systems usa statistics, Contract Lifecycle Management (CLM) software market statistics, statistics dissatisfied with Contract Lifecycle Management (CLM), statistics of businesses using Contract Lifecycle Management (CLM), Contract Lifecycle Management (CLM) key statistics, Contract Lifecycle Management (CLM) systems statistics, nonprofit Contract Lifecycle Management (CLM) statistics, Contract Lifecycle Management (CLM) failure statistics, top Contract Lifecycle Management (CLM) statistics, best Contract Lifecycle Management (CLM) statistics, Contract Lifecycle Management (CLM) statistics small business, Contract Lifecycle Management (CLM) statistics 2024, Contract Lifecycle Management (CLM) statistics 2021, Contract Lifecycle Management (CLM) statistics 2024 you will find all from this page. 🙂

We tried our best to provide all the Contract Lifecycle Management (CLM) statistics on this page. Please comment below and share your opinion if we missed any Contract Lifecycle Management (CLM) statistics.




Leave a Comment