Tail Spend Management Solutions Market to grow by USD 453.1 million from 2022 to 2027 | The increasing focus on cost reduction drives the market - Technavio

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.

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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 forecast period. 

For insights on global, regional, and country-level parameters with growth opportunities, historic (2017 to 2021) & forecast (2023-2027)  – Download a Sample Report

Tail Spend Management Solutions Market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will assist tail spend management solutions market growth during the next five years
• Estimation of the tail spend management solutions market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the tail spend management solutions market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of the tail spend management solutions market, vendors

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End User

7 Market Segmentation by Solutions

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

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