New York – February 16, 2023 - Research Nester’s recent market research analysis on “LATAM Contract Lifecycle Management (CLM) Market: Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the LATAM contract lifecycle management (CLM) market in terms of market segmentation by solution, business function, deployment, end user, enterprise size, an d by region.
Rising Trade with Other Nations to Drive Growth of LATAM Contract Lifecycle Management (CLM) Marke
The LATAM contract lifecycle management (CLM) market is estimated to grow majorly on account of the higher trade with other countries followed by increased foreign investment. Foreign direct investment (FDI ) in Latin America and the Caribbean has rebounded from the phase of an epidemic, rising by 56% to $13 4 billion in 2021, according to UNCTAD’s World Investment Report 2022. In addition, the start of 317 gree nfield projects in communication and technology was credited with the recovery. Moreover, in the years 2 021–2022, the value of imports to Latin America from India increased by around 48%, totaling about USD 19 billion.
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One of the main factors that is expected to restrain the growth of the LATAM contract lifecycle manageme nt (CLM) market is the rising concern for risks associated with data privacy present in the contract, the co nstrained budget of business for CLM software, and the vulnerability of cloud-based CLM solutions to cyb erattacks globally.
By business function, the LATAM contract lifecycle management (CLM) market is segmented into legal, fi nance, procurement, sales, operations, human resources, and information technology. The legal segment is expected to generate the most revenue of USD 133.20 Million, by the end of 2035 owing to a consider able CAGR of 9.52% over the projected period. In addition, in 2022 the division brought in USD 41.31 Milli on in revenue. The expansion of the segment is linked to the increase in startups and their acceleration in to future unicorns.
By region, the Brazil contract lifecycle management (CLM) market is to generate the highest revenue US D 282.10 Million by the end of 2035. The market in the region is expected to grow at a CAGR of 12.19% o ver the forecast period. Moreover, it garnered a revenue of USD 63.97 Million in 2022. The growth of the r egion is anticipated by an Increased use of technology, including artificial intelligence (AI), in the workplac e and expanding international trade.
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This report also provides the existing competitive scenario of some of the key players of the LATAM contr act lifecycle management (CLM) market which includes company profiling of Invent Software, Infror, Wolt ers Kluwer N.V., Oracle, Agiloft Inc., IBM Corporation, Coupa Software Inc., SAP SE, and DocuSign, Inc.
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