SirionLabs has made it into Gartner’s leader board for contract lifecycle management as it publishes its 2022 magic quadrant table, which sees five new vendors enter the table and two fall off in this increasingly crowded market.
The 2022 report sees Ironclad enter the challenger quadrant and Evisort listed as a visionary – neither were listed last year. The niche players now include Scanmarket, LegalSuite and Coupa – all new entries – but missing from last year’s niche players quadrant are Synertrade and Symfact. There are nonetheless 18 vendors listed this year compared with 15 last year and 12 the year before.
In terms of the leaders, Icertis has dropped down in the quadrant when compared with last year. While Gartner found that it has demonstrated market responsiveness and adaptability by developing business apps that go beyond what a traditional CLM solution can do, and praised its strong Microsoft integration and partnership, Gartner cautioned: “Some of Icertis’ clients continue to report difficulties with implementation and upgrades, leading this to be listed as a caution for the second year running. While some challenges are to be expected considering the complexity of the problems the solution addresses, prospects are advised to closely review the assumptions made when scoping the implementation project to make sure the estimates are realistic.”
DocuSign, meanwhile, has strengthened its leadership in the space. Praise for DocuSign included the fact that DocuSign Insight (previously Seal Software) is one of the most mature contract review and analysis solutions in the market, and DocuSign was given credit for the significant investment it has made in cutting edge solutions outside of the Seal acquisition. Gartner cautioned, though, that adoption of DocuSign’s new CLM solution called Essentials has been limited so far, and that it is still in its early stages.
DocuSign’s CEO Allan Thygesen said: “The Contract Lifecycle Management space is rapidly evolving, and it takes a great deal of focus and investment to deliver market leading innovations to our customers year after year. It is clear the teams’ commitment and effort is paying off.”
Agiloft has remained fairly stable. Commenting on its listing, Eric Laughlin, CEO of Agiloft said: “We are immensely proud to be named as a Leader in the 2022 Gartner Magic Quadrant for Contract Life Cycle Management for the third year in a row. We believe our world-class team, scalable technology, and flexible platform give us the right tools to support enterprise organizations, and that is why the world’s top companies continue to trust Agiloft. Also, the recognition for our continued investment in enhancing CLM integration and collaboration via the new Connected Experience Platform, validates our ongoing strategy and demonstrates that Agiloft continues to set the standard in the CLM market.”
The CLM market is projected to reach $3.3 billion by 2027, according to the Imarc Group, expanding at a CAGR of 11.4%. Gartner’s first Magic Quadrant for CLM solutions was published in 2020, when it commented: “Historically, the CLM vendor market has been highly fragmented, with vendors narrowly focused on specific groups of stakeholders (e.g., legal, procurement or sales), making it difficult to evaluate them side by side. That has begun to change, as vendors evolve into enterprise-level solutions that can be used across all contract types. Customers expect that the capabilities of any leading CLM solution, regardless of its target audience, should excel at all stages of the contract life cycle.”
Here is last year’s table to compare how each of the vendors has fared.