WASHINGTON, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research's latest analysis on the Global Tail Spend Management Solutions Market finds that an upsurge in B2B marketplaces, increasing e-marketplace spend, and some promising benefits offered by this software are expected to accelerate the growth of the Tail Spend Management Solutions Market during the forecast period. Furthermore, the tail spends management software is primarily used to control, track and monitor the transactions that happened in real-time systems, which in turn influenced the maximum Tail Spend Management Solutions Market growth in the upcoming forecast period. The Global Market revenue was valued at USD 1.5 Billion in 2021.
The Global Tail Spend Management Solutions Market size is forecasted to reach USD 9.1 Billion by 2028 and is expected to expand by manifesting a Compound Annual Growth Rate (CAGR) of 35.1% during the forecast period; as stated by Vantage Market Research, in a report, titled "Tail Spend Management Solutions Market Size, Share & Trends Analysis Report by Solutions (Spend Analytics, Order Management, Contract Management), by End Use (BFSI, Transportation & Logistics, Healthcare, Retail), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Tail Spend Management Solutions market is predicted to grow at a CAGR of roughly 35.1% during the forecast period.
- The Tail Spend Management Solutions market was estimated to be worth roughly USD 1.5 Billion in 2021 and is expected to reach USD 9.1 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Tail Spend Management Solutions market.
Market Dynamics:
Drivers:
E-Marketplace Spend
E-Market type of spending includes the most common and repeatable purchases common to all organizations. Companies rarely think about price negotiations or savings terms because they buy these items all the time and are considered of no significant value. Marketplace spending typically accounts for about 5-10% of a company's total third-party expenditures. However, these purchases make up about 90% of a company's transactions. Therefore, transaction speed and efficiency are much more critical. The increasing number of such customers spending is accelerating the growth of the Tail Spend Management Solutions Market in coming years.
Potential Benefits of Tail Spend Software Drives the Market
The potential benefits of tail spend software, such as increased productivity & efficiency and improved customer experience, highlight the growth of the Tail Spend Management Solutions Market. Tail spends management software helps procurement teams to focus on large contracts that add value to their business. In addition, tail spending management solutions help procurement teams identify continuous improvement opportunities. As a result, companies are demanding tail spending management services to improve their procurement capabilities. Furthermore, increased procurement capacity can increase productivity by up to 20% for organizations. Different industries worldwide use tail spending management software to manage procurement capabilities seamlessly. Demand for tail spending is proliferating in various sectors such as mechanical parts companies, industrial products companies, office supplies of banks, chemical substances supply of chemical companies, and others. For example, with over 3,000 suppliers, chemical companies need complex sourcing capabilities that require tail spending management solutions. This need is because tail spending management solutions help these companies to manage large transactions and a significant supplier base. Therefore, these benefits drive the growth of the Tail Spend Management Solutions Market.
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COVID-19 Impact Analysis:
The COVID-19 pandemic outbreak has affected almost all industries globally. Government and administrative authorities across the world opted for lockdown measures to enforce the social distancing norms to restrict the spread of the disease. Due to this several production locations worldwide were forced to shut down during the initial stages of the pandemic. In addition, the financial crisis post the pandemic might lead to a significant delay in the commercial roll-out for the Tail Spend Management Solutions Market industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain happened. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long-Term Dynamics
- Short-Term Dynamics
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The Report on Tail Spend Management Solutions Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historical Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Anticipated Potential Market Growth
North America is expected to dominate the Tail Spend Management Solutions Market growth in 2021. The dominance is owing to the presence of major Tail Spend Management Solutions Market players in the region. In addition, the growing procurement sector and rising benefits from Tail Spend Management software are key driving factors considered in this region's growth of the Tail Spend Management Solutions Market.
List of Prominent Players in the Tail Spend Management Solutions Market:
- Corcentric Inc.
- GEP
- Fairmarkit
- Simfoni
- Capita
- Proactis Holdings Limited
- ASM Technologies
- Una
- LSI next Gen
- DXC Technology Company
Recent Developments:
November 2021: Simfoni has been named a leader by Spend Matters for Spend Analytics as Spend Matters Solution Map. Simfoni is a next-generation digital solutions provider for procurement intelligence and spending automation.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Tail Spend Management Solutions Market?
- How will the Tail Spend Management Solutions Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Tail Spend Management Solutions Market?
- What is the Tail Spend Management Solutions market drivers and restrictions?
- What will be the CAGR and size of the Tail Spend Management Solutions Market throughout the forecast period?
This market titled “Tail Spend Management Solutions Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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