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NEW YORK, Sept. 3, 2023 /PRNewswire/ — The Tail Expense Management Solutions Market is expected to grow at a rate of CAGR of 4.74% Between 2022 and 2027. Market size is expected to increase US$ 453.1 million, The market is fragmented due to the presence of diverse international and regional vendors. Increasing focus on cost cutting is a major factor driving the market growth. Many companies try to reduce costs while maintaining quality. Tail expense management allows for significant savings. These solutions will help companies better understand and control their final spends. Furthermore, it enables them to identify opportunities to reduce costs, unify suppliers, negotiate better prices, and reduce non-refundable expenses. Hence, the demand for end to end expense management solutions will increase as end user sectors such as retail and manufacturing are increasingly focusing on cost reduction. Hence, these factors are expected to drive the growth of the market during the forecast period. The report presents the current market scenario, latest trends and drivers, and latest analysis with respect to the overall market environment. Request Sample Report
Technavio has announced its latest market research report titled Global Tail Spend Management Solutions Market 2023-2027.
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 need to focus on differentiating their product offerings with unique value propositions to strengthen their hold in the market. Market sellers will need to take advantage of existing growth opportunities in fast-growing sectors, while maintaining their positions in slow-growing sectors. ASM Technologies Limited, Bassware Corp., Capita PLC, Corecentric Inc., Fairmarket Inc., Ivalua Inc., Jagger LLC, Logistics Solutions Inc., NB Ventures Inc., SAP SE, Symphony Limited, Technology Concepts Group International, UNA , V Line Europe GmbH, Zycus Inc., and Proactis Holdings plc are some of the major market participants.
company offer
- ASM Technologies Limited – The company provides tail expense management solutions to reduce costs, improve operational efficiencies and reduce risk.
- Bassware Corporation – The company provides a tail expense management solution called Long Tail Supplier Management.
- Capita Plc – The company provides tail expense management solutions ie tail procurement service.
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Tail Spend Management Solutions Market 2023-2027: Market Dynamics
dominant trend
Adoption of AI and ML is a major trend in the market. Automated purchasing, identifying cost-saving opportunities and providing data-driven insights are facilitated by AI and ML algorithms. Routine tasks such as purchase order processing and invoice management can be automated. In addition, expense data can be analyzed by artificial intelligence and machine learning algorithms to detect fraudulent activities such as duplicate invoices or unauthorized purchases. Hence, these factors are expected to drive the growth of the market during the forecast period.
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Tail Spend Management Solutions Market 2023-2027: Segmentation
Tail Spend Management Solutions Market is segmented as follows:
- end user
- BFSI
- Transport & Logistics
- Health care
- retail
- Other
- Geography
- North America
- Europe
- apac
- South America
- middle east and africa
increase in market share by spend analysis The 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 this segment. Furthermore, the advantages of cloud solutions compared to traditional on-premises solutions such as scalability, flexibility, and cost efficiency are many. The segment is also supported by the increasing use of advanced analytics technologies such as machine learning and artificial intelligence. Hence, these factors are expected to boost the segment growth during the forecast period.
North America Estimated contribution of 38% To account for the growth of the global market during the forecast period. The market in the region is growing due to factors such as advanced procurement processes and increasing demand for cost optimization and process efficiency. To make their operations more effective and reduce costs, many businesses are investing in digital transformation initiatives. The growth of the regional market is also driven by the strong competition in its business environment. Hence, these factors are expected to boost the segment growth during the forecast period.
For insights on global, regional and country-level parameters along with growth opportunities, historical (2017 to 2021) and 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 the factors that will aid the growth of the tail expense management solutions market during the next five years
- Tail expense management solutions market size estimation and its contribution to the parent market
- Forecast on upcoming trends and changes in consumer behavior
- Tail Spend Management Solutions Market Growth
- Analysis of the competitive landscape of the market and detailed information on the vendors
- Comprehensive description of factors that will challenge the growth of the Tail Expense Management Solutions market, vendors
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Tail Spend Management Solutions Market Scope |
|
report coverage |
Description |
base year |
2022 |
historical period |
2017-2021 |
forecast period |
2023-2027 |
Growth Speed and CAGR |
Accelerate at a CAGR of 4.74% |
Market Growth 2023-2027 |
US$ 453.1 million |
market structure |
fragmented |
YoY Growth 2022-2023(%) |
3.89 |
regional analysis |
North America, Europe, APAC, South America and Middle East & Africa |
market contribution performance |
North America at 38% |
major countries |
America, China, Japan, Britain and France |
competitive landscape |
Leading Vendors, Vendors’ Market Position, Competitive Strategies, and Industry Risks |
Profile of Major Companies |
ASM Technologies Limited, Bassware Corp., Capita PLC, Corecentric Inc., Fairmarket Inc., Ivalua Inc., Jagger LLC, Logistics Solutions Inc., NB Ventures Inc., SAP SE, Symphony Limited, Technology Concepts Group International, UNA , V Line Europe GmbH, Zycus Inc., and Proactis Holdings plc |
market dynamics |
Basic market analysis, market growth drivers and restraints, fast growing and slow growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market status analysis for the forecast period. |
scope of customization |
If our reports don’t include the data you’re looking for, you can reach out to our analysts and get the segments customized. |
scope of customization |
If our reports don’t include the data you’re looking for, you can reach out to our analysts and get the segments customized. |
table of contents
1. Executive Summary
2 market scenario
3 Market Size
4 Historical Market Size
5 Five Forces Analysis
6 Market Segmentation by End User
7 Market Segmentation by Solution
8 Customer Scenario
9 geographic landscape
10 Drivers, Challenges and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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