Artificial Intelligence
Contract Lifecycle Management Software Market to Reach USD 6.13 Billion with 10.20% CAGR from 2022-2030 – MRFR Report
New York, US, May 29, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Contract Lifecycle Management Software Market Information by Deployment Type, and Region – Forecast till 2032″, The market for contract lifecycle management software will be worth USD 6.13 billion, attaining a CAGR of 10.20% from 2023 to 2032.
Market Scope:
The general counsel, who is responsible for ensuring that contracts secure and protect the interests of their companies, and the C-level executives, who must convert transactions into contracts, are the main users of the Contract Lifecycle Management (CLM) solution. The service aids organisations in drafting and managing contracts that often outline their interactions with customers, suppliers, employees, and partners. Market expansion is anticipated to be fuelled by the increased government expenditure in legal technologies and the complexity of corporate processes.
Contracts are a crucial component of every organisation. 60% to 80% of all business-to-business transactions, according to Gartner, are governed by contracts. Contracts have increased for all different kinds of businesses.
As contracts increase, managing and monitoring compliance become risky and difficult. This increased the necessity for organizations to use cutting-edge technologies like artificial intelligence in solutions for contract lifecycle management. For end-use organizations to grow their footprint, automated CLM solutions are anticipated to become important.
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Market Competitive Landscape:
The important companies active in the contract lifecycle management software industry are:
- Agiloft
- Aviso
- Brava Solution
- Contract Express
- Contract Logix
- DocuSign
- eOriginal
- Exari
- Icertis
- SAP
It is projected that the proliferation of technology and increased R&D spending by manufacturers and associations will fuel the sector’s growth. The market is dominated by a sizable number of regional and local competitors, all of whom are under pressure to offer cutting-edge goods that help clients deal with changing business practises, security needs, and technology improvements. In terms of acquiring or losing market share, the top players are in an advantageous but vulnerable position. To increase their footprint globally, the main companies are adopting a merger and acquisitions strategy.
Scope of the Report – Contract Lifecycle Management Software Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 6.13 Billion |
| CAGR during 2022-2030 | 10.20% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Regions Covered | North America, Europe, Asia Pacific, and Rest of the World |
Market Drivers:
The major steps of the contract lifecycle are automated and streamlined through contract lifecycle management. By implementing these solutions, firms can increase productivity and cut costs. The primary players are the C-level executives, each of whom has certain goals and responsibilities. 18% of the time spent by CEOs, CFOs, and other C-level executives is spent administering these contracts. By using automated CLM software, they may spend less time handling contracts and more time focusing on important choices.
A well-integrated contract management solution is drawing the attention of these executives and providing them with insights. Businesses used to ignore the dangers of manual contracting procedures. The program was merely viewed as a ‘nice-to-have’ addition. On the other hand, the program has become a “must-have” remedy as a result of the crisis and has grown in popularity. As a result, CLM solution software providers are improving their products, which are largely targeted at C-level executives.
Prior to the pandemic crisis, companies viewed contract management tools as ‘nice-to-have’ items. The number of contracts handled by large organizations was higher; on the other hand, the number of contracts handled by small enterprises was lower. Legal professionals spent a great deal of time structuring and administering those contracts. Additionally, the business was suffering significant losses due to the risk associated with manual processes, including human error and others. Additionally, CLM software was only utilized by some organizations for specific contract processes. The pandemic problem, however, altered how businesses operated and compelled legal professionals to use automated solutions. Government and venture capital investments expanded quickly in light of the expanding acceptance of CLM solutions.
To illustrate, according to the State of Legal Function report, the expenditure for legal technology is anticipated to increase significantly by 2025. The players in the Contract Lifecycle Management (CLM) solution market share are increasing their investments in venture capital, which indicates that the industry will continue to grow healthily.
Market Restraints:
The market expansion may be constrained by the initial investments and installation costs of the CLM software. Budgetary restrictions are a major barrier to implementing legal innovations, say 66% of respondents in a Legalese survey. The expense of the software conversion is another barrier for businesses looking to switch to alternative options.
Therefore, the upfront cost of predevelopment of CLM solutions, the cost of migration, and the underutilization of CLM software in developed regions may limit market growth.
Market Opportunities:
Machine learning (MI) and artificial intelligence (AI) Use to Surge:
One of the main elements influencing the use of contract management software is the increasing complexity of corporate processes. This software lowers risks, creates a framework for compliance management that is more effective, and enhances the customer experience. Additionally, cloud-based contract lifecycle management software is being used more and more by small and medium-sized businesses (SMEs) because it supports self-service contract creation, manages templates and pre-approved alternative clauses, and offers real-time collaboration for a quicker turnaround on contracts.
A high level of accuracy and efficiency can be achieved by using features like artificial intelligence (AI), the internet of things (IoT), machine learning (ML), and voice activation. Large-scale collaborations are becoming more and more crucial for many organizations to stay up with the continual industry changes, which can be advantageous for key market participants working in the sector.
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COVID 19 Analysis:
Panic buying is one of the COVID-19 outbreak’s features that has been covered the most frequently. The ability of health systems to prevent and treat the coronavirus is jeopardized owing to a global phenomenon because there aren’t enough hand sanitizers, masks, and painkillers available. If potential treatments are overbought in a hurry, chloroquine and hydroxychloroquine, which are crucial drugs for autoimmune diseases like lupus but are still untested for COVID-19, may run out.
Governments all across the world are trying to obtain masks, protective equipment, and ventilators while storing additional pharmaceuticals and limiting their availability due to supply chain problems. Supply cannot keep up with demand, prices are rising due to a lack of basic supplies, and political pressure is worse than ever.
Our analysts are constantly monitoring the situation around the world and are certain that the market will present producers with fruitful opportunities as a result of the COVID-19 conundrum.
Market Segmentation:
By Deployment Type:
The market is divided into cloud-based and on-premises, with respect to the deployment type. Due to the growing migration of workloads to the cloud, the cloud-based segment dominates the market. The Forbes Report predicts that by 2020, 83% of enterprise workloads will have moved to the cloud. Additionally, 94% of businesses make use of cloud computing-based services. The region’s businesses are increasingly adopting the cloud, which has fostered the market’s expansion.
Additionally, it is anticipated that growing digital startups in developing nations and rising cloud computing service adoption will increase market size. On the other hand, the on-premises market is anticipated to expand steadily by deployment model.
Regional Insights:
The market is dominated by North America since it produces the most revenue. The presence of important regional players is the main element determining growth. Icertis, Coupa, Apttus, Zycus, SAP SE, and numerous other companies are among the major participants in the area. To improve the consumer experience, these firms are investing a lot in research and development to incorporate cutting-edge technology features into their solutions. These competitors have seen an increase in customers for their Contract Lifecycle Management product. For instance, Conga’s Conga Contract Intelligence and Conga software both experienced increasing momentum and innovation in April 2022. The solution incorporates cutting-edge technology like machine learning and artificial intelligence.
Related Reports:
- CRM Software Market– The CRM Software market is projected to grow from USD 35.15 Billion in 2022 to USD 114.6 Billion by 2030, exhibiting at a CAGR of 12.7% during the forecast period (2022 – 2030).
- CRM Analytics Market– The CRM analytics market is expected to grow at an approximate CAGR quantum of 12.65% by the end of the forecast period beginning in 2030.
- Contract Management Market– The Contract Management market to grow from USD 998.01 Billion in 2022 to USD 3.8 Billion by 2030, exhibiting at a CAGR of 13.60% during the forecast period (2022 – 2030).
Browse through more Information And Communications Technology Research Reports.
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Artificial Intelligence
How AIoT shapes the future of mobility: Hikvision at ITS World Congress 2024
HANGZHOU, China, Sept. 27, 2024 /PRNewswire/ — Hikvision made a significant impact at the ITS World Congress in Dubai with its captivating theme, “Embrace AIoT for safer, smarter, and greener mobility.” Its booth became a hub of innovation, where visitors explored AIoT solutions that are reshaping the transportation landscape, sparking deep conversations on the future of urban mobility.
Road safety revolution: harnessing AIoT for secure transportation
Hikvision’s commitment to road safety was on full display at its booth through the impressive array of AIoT solutions designed to create secure and reliable traffic environments. The company’s technology provides 24/7 traffic monitoring, ensuring continuous oversight of motor vehicles, non-motorized vehicles, pedestrians and environmental factors. This comprehensive, real-time information collection enables traffic managers to prevent accidents and enhance road safety. Among the showcased products was the 20 MP IR ANPR Checkpoint Capture Unit, renowned for its high-definition capture capabilities, bolstering traffic safety measures.
A standout innovation was the integration of advanced radar and camera technologies, ensuring uninterrupted, comprehensive detection even in adverse weather conditions. The Radar-Video Fusion Incident Detection Cameras, featured prominently in the product experience area, enable early detection and warning of potential hazards. They are particularly effective in challenging situations such as curved roads, blind spots at intersections, and obstacles beyond visual range.
Attendees also engaged with onboard monitoring products on the simulated bus, including dome network cameras, which is designed to enhance passenger safety. Driving assistance products, such as the Driver Status Monitor (DSM), were demonstrated to mitigate unsafe driving behaviors and ensure safer journeys.
Urban mobility redefined: smart traffic innovations
In the realm of smarter mobility, Hikvision showcased its multidimensional sensing technology, which integrates visible light sensors, infrared sensors, radar, and sonar. This technology expands perception capabilities, significantly improving traffic management and situational awareness. The use of AI-powered comprehensive sensing elevates incident monitoring and violation detection to unprecedented levels of accuracy and efficiency.
A major attraction was the Radar-Video Fusion TandemVu PTZ Camera, which integrates millimeter-wave radar with high-resolution cameras for extensive traffic detection and data analysis. AI-based algorithms combine these two systems to enhance target information, detecting up to 16 types of incidents. This leads to the development of a large-scale fusion model that merges spatial physical data with image semantic information. The result is ultra-long-range perception, achieving over 95% accuracy in vehicle trajectory detection. This robust system improves traffic violation management and optimizes traffic flow, significantly enhancing road efficiency.
At the simulated bus station, visitors observed how AI-assisted people counting automated the collection of passenger flow statistics at peak stop hours and bus line frequency during busy periods. Paired with smart bus stop digital signage, the solution improves bus service quality, operational efficiency, passenger experience, and overall public transport effectiveness.
Sustainable transportation: leading the charge for greener cities
Hikvision’s commitment to sustainable urban mobility was evident through its innovative green wave technology and eco-friendly checkpoint solutions. Green wave technology efficiently manages traffic flow to reduce congestion and lower carbon emissions, aligning with global sustainability goals. Visitors were particularly impressed by a case study showcasing a green wave solution implemented in Zhoushan, China. Over a stretch of 21 kilometers and 34 intersections, this main road cut travel times by 50%.
The use of DarkFighterX technology in checkpoint cameras also received significant attention. This technology senses both visible and invisible light, resulting in more accurate and realistic images. It enhances traffic violation enforcement efficiency while minimizing the need for high ambient light levels, thus reducing light pollution. The 9M DarkfightX ANPR Checkpoint Camera exemplified this dedication to environmental stewardship.
Frank Zhang, President of Hikvision MEA, remarked, “Hikvision supports sustainable urban planning by empowering traffic departments to address congestion and transportation challenges.” He further emphasized, “Our system’s openness fosters a secure and reliable platform for developing smart and green cities. Additionally, our solar technology is extensively utilized in remote areas, while our smart street lighting solutions reduce energy consumption by 20-30%, promoting intelligent urban transportation and advancing global sustainability objectives.”
Hikvision’s presence at the ITS World Congress in Dubai underscored its leadership in integrating AIoT technologies to drive safer, smarter, and greener mobility solutions. The engaging presentations and advanced product demonstrations captured significant attention from industry partners and customers, reaffirming the company’s role as a pioneer in shaping the future of urban transportation. As the world moves towards more intelligent and sustainable transportation systems, Hikvision remains at the forefront, embracing AIoT to create a safer, smarter, and greener future for all.
To find out more about Hikvision’s advanced traffic and public transport solutions, please explore the Hikvision official website.
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Artificial Intelligence
Anti-Drone Market worth $7.05 billion by 2029 – Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Sept. 27, 2024 /PRNewswire/ — The global anti-drone market was valued at USD 2.16 billion in 2024 and is projected to reach USD 7.05 billion by 2029; it is expected to register a CAGR of 26.7% during the forecast period according to a new report by MarketsandMarkets™. Increasing government spending on counter-drone technologies, rising incidence of critical infrastructure security breaches by unauthorized drones, and surge in adoption of aerial remote sensing technologies to safeguard critical infrastructure are attributed to the demand for anti-drone.
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Browse in-depth TOC on “Anti-Drone Market” 178 – Tables61 – Figures253 – Pages
Anti-Drone Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 2.16 billion
Estimated Value by 2029
$ 7.05 billion
Growth Rate
Poised to grow at a CAGR of 26.7%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By System Type, Application, Platform type, Vertical, and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Vulnerability to hacking
Key Market Opportunities
Emphasis on improving unmanned aircraft systems technology
Key Market Drivers
Growing number of illicit activities
By System Type: Hybrid systems to account for the larger market share in the forecasted year.
The hybrid segment accounted for the largest share of the anti-drone market in 2029. The trends of integrating multiple anti-drone technologies are rising since they are most effective in detecting, tracking, and neutralizing drone threats. These systems merge electronic, kinetic, and lasers, providing a comprehensive defense solution against UAVs. Hybrid systems use electronic, kinetic, and laser-based countermeasures to offer optimum protection against drones. These systems are designed to detect, track, identify, categorize, and mitigate drones at operational wide ranges ranging from a few km up to tens of km.
By Platform: The ground-based segment accounted for the largest market share in the forecast year.
The ground-based segment will hold a major share of the anti-drone market in 2029. Many ground-based anti-drone systems use several electronic technologies, such as radar, IR sensors, acoustic systems, and RF & GNSS jammers. MESA radar solutions are used mostly for counter-UAS purposes, protecting critical infrastructure, military camps, and other security-sensitive sites from unauthorized drones. One such solution is EchoGuard, a ground-based airspace management solution that contains a software-defined 3D radar that can be specific to the site. This system can identify single or multiple off-chance drones, including swarms in unauthorized areas. They provide accurate and sustained airspace surveillance for the field of view (FOV) they are configured, and both human and AI-monitored visual checks. The system can be easily transported and integrated directly with the command-and-control centers or another identification sensor for portable use, and multiple units of the system can be combined to cover vast areas or lengths of borders. Major providers of ground-based counter-drone systems include companies like EchoDyne Corporation, DeTect, Meteksan Defense, and WhiteFox Defense. Acoustics-based Discovair G2 utilizes patented microphone arrays. With 128 interconnected microphone elements, the Discovair sensor units can establish azimuth and elevation to the target in real-time using advanced digital signal processing.
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By Region: Americas are expected to hold the largest share of the anti-drone market during the forecast period.
Americas is expected to capture the largest share in the anti-drone industry during the forecast period. The growth can be attributed to protecting crucial infrastructure in the region. Governments, particularly in the US, invest in anti-drone systems for military bases, borders, and critical infrastructure. For Instance, in April 2023, RTX secured a USD 237 million contract from the US Army to provide Ku-band Radio Frequency Sensors (KuRFS) and Coyote effectors. These systems are designed to detect and neutralize unmanned aircraft systems (UAS). The contract includes stationary and mobile systems and a specified quantity of effectors, all aimed at enhancing the Army’s operations within the US Central Command region.
Key Players-
The key companies offering anti-drone companies include RTX (US), Lockheed Martin Corporation (US), Leonardo S.p.A. (Italy), Thales (France), and IAI (Israel).
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Artificial Intelligence
CluePoints Launches Medical & Safety Review (MSR) Software to Revolutionize Clinical Data Review
CluePoints furthers its commitment to delivering innovative solutions that enhance clinical trial efficiency with this latest addition to its enterprise software platform.
KING OF PRUSSIA, Pa., Sept. 27, 2024 /PRNewswire/ — CluePoints continues to transform clinical trial review and leverage its industry-leading software to enhance the interrogation, analysis and presentation of data with the launch of its latest application, Medical & Safety Review (MSR).
The tool simplifies and streamlines the medical analysis of study data through user-friendly dashboards, data manipulation and cleaning, query management and full transparency over the data history. This not only improves efficiency and communication in medical oversight, but also elevates patient safety, differentiating MSR as a smarter and unique solution.
Designed by, and for Medical and Safety Reviewers, MSR converts the manual analysis of patient outcomes, which can be prone to inefficiency and error, into an accurate, efficient process. MSR tackles time-consuming study preparation for specific visualizations by featuring a comprehensive standard visualization library as well as the ability to copy and reuse dashboards across different studies, enabling the identification of outlying values, change tracking, and improved communication for smarter clinical trials.
Other benefits of MSR include:
Enhanced medical review efficiency and reduced human errors via automated checksReduced time spent by clinical and data management teams in reviewing dataImproved collaboration with integrated review workflows across departmentsEnsured record quality and accountability with comprehensive change trackingDriving faster decision making with the proactive detection of trends and safety issuesEnsuring regulatory compliance with rule-based detection and user assignmentsAndy Cooper, Chief Executive Officer at CluePoints, commented, “We are thrilled to announce the launch of Medical & Safety Review to our growing product offerings. MSR is the latest application addition to the CluePoints platform, which includes products such as Risk-Based Quality Management (RBQM) and our Site Profile & Oversight Tool (SPOT). Together, they provide a comprehensive approach to clinical trial optimization, enhancing data integrity, ensuring regulatory compliance, and accelerating drug development. The creation of MSR ensures a more streamlined review process while prioritizing patient safety at every step and empowers medical teams to swiftly identify outliers, track data changes, and improve communication.”
To learn more about CluePoints’ award-winning solutions, please visit www.cluepoints.com
About CluePoints
CluePoints is the premier Risk-Based Quality Management (RBQM) and Data Quality Oversight Software provider. We are leveraging the potential of Artificial Intelligence using Advanced Statistics and Machine Learning to determine the quality, accuracy, and integrity of clinical trial data both during and after study conduct. Aligned with guidance from the FDA, EMA, and ICH E6 (R2), CluePoints is deployed to support central and on-site monitoring, medical review, quality risk management and to drive a holistic Risk-Based strategy in all trials. Coupled with thought leadership and consulting expertise to aid pre-study risk assessment, identification of risk controls and solution implementation, you now have everything you need to adhere with global regulatory guidance. The result is positive clinical development outcomes, increased operational efficiency, lower costs and reduced regulatory submission risk as part of the industry paradigm shift to RBQM.
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