NEW YORK, Sept. 3, 2023 /PRNewswire/ — The tail spend management solutions market is estimated to grow at a CAGR of 4.74% between 2022 and 2027. The market size is forecast to increase by USD 453.1 million. The market is fragmented due to the presence of diversified international and regional vendors. The increasing focus on cost reduction is a key factor driving market growth. Many companies try to reduce costs while maintaining quality. Tail spends management allows for significant savings. These solutions will help firms gain a better view of their tail spends and control them. Furthermore, it enables them to identify opportunities to reduce costs, consolidate suppliers, negotiate better prices, and reduce nonrefundable expenditures. Therefore, demand for tail spend management solutions will increase as the end user sectors such as retail and manufacturing become increasingly focused on cost reduction. Hence, these factors are expected to drive market growth during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Request sample report
Tail Spend Management Solutions Market 2023-2027: Vendor Analysis
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. ASM Technologies Ltd., Basware Corp., Capita Plc, Corcentric Inc., Fairmarkit Inc., Ivalua Inc., JAGGAER LLC, Logistic Solution Inc., NB Ventures Inc., SAP SE, Simfoni Ltd., Technology Concepts Group International, UNA, V LINE Europe GmbH, Zycus Inc., and Proactis Holdings plc are among some of the major market participants.
Company Offerings
- ASM Technologies Ltd. – The company offers tail spend management solutions to reduce costs, improve operational efficiencies, and mitigate risk.
- Basware Corp. – The company offers tail spend management solutions namely Long Tail Supplier Management.
- Capita Plc – The company offers tail spend management solutions namely TAIL procurement service.
Tail Spend Management Solutions Market 2023-2027: Market Dynamics
Major Trend
The increased adoption of AI and ML is a major trend in the market. Automated procurement, identifying cost-saving opportunities, and providing data-driven insights are facilitated by AI and ML algorithms. Routine tasks such as the processing of purchase orders and invoice management can be automated. Furthermore, spending data can be analyzed by Artificial Intelligence and Machine Learning algorithms for the detection of fraud activities such as duplicated invoices or unauthorized purchases. Hence, these factors are expected to drive market growth during the forecast period.
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Tail Spend Management Solutions Market 2023-2027: Segmentation
Tail Spend Management Solutions Market is segmented as below:
- End-user
- BFSI
- Transportation And Logistics
- Healthcare
- Retail
- Others
- Geography
- North America
- Europe
- APAC
- South America
- Middle East And Africa
The market share growth by the spend analytics segment will be significant during the forecast period. The increasing need for companies to gain visibility into their spending patterns and identify opportunities for cost savings and process improvements are the key factors driving the growth of the segment Moreover, the advantages of cloud solutions compared to traditional on-premises solutions such as scalability, flexibility, and cost efficiency are several. This segment is also supported by the growing use of advanced Analytics technologies, like machine learning and artificial intelligence. Hence, these factors are expected to drive segment growth during the forecast period.
North America is estimated to contribute 38% to the growth of the global market during the forecast period. The market in the region is growing because of factors such as advanced procurement procedures and an increasing demand for cost optimization and process efficiency. To make their operations more effective and reduce costs, several businesses are investing in Digital Transformation Initiatives. The growth of the regional market is also driven by strong competition in its business environment. Hence, these factors are expected to drive segment growth during the…
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