What is Tail Spend Management Solutions?
Tail Spend Management Solutions are used to control, monitor, and track transactions as they occur, meaning exceptions can be found as they happen and addressed before being sent to the supplier. It includes controlling and mapping purchasing expenditure at all non-strategic suppliers. It allows companies to achieve a more efficient supplier base and better insight into expenditure and savings. Geographically, the Asia Pacific region is expected to grow with the highest market share over the forecast period followed by Europe and North America. Presence of leading market players creating pivot for Tail Spend Management Solutions providers impacting on market profitability in a better manner.
The market study is broken down and major geographies with country level break-up.
Market players are focusing on providing Tail Spend Management Solutions with higher quality along with complying with all regulatory standards to fascinate more end users. They are also focusing on the introduction of numerous advanced & attractive features to reach a newer consumer base. The market is fragmented owing to the presence of several international and local providers. The high focus on offering cost-effective properties. Besides, the industry profitability has led to the entry of new players, in turn, increasing the level of rivalry in the already competitive market. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
GEP (United States), Corcentric, Inc. (United States), PLANERGY (United States), Capita (United Kingdom), Procura Consulting (United Kingdom), Corlido Group (Netherlands), EdgeVerve Systems Limited (India), Simfoni. (United States), ASM Technologies (India), Proactis (United Kingdom) and LSInextgen (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AdvanceMarketAnalytics has segmented the market of Global Tail Spend Management Solutions market by Type, Application and Region.
On the basis of geography, the market of Tail Spend Management Solutions has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Enterprise Size, the sub-segment i.e. SMEs will boost the Tail Spend Management Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Solutions, the sub-segment i.e. Spend Analytics & Automation will boost the Tail Spend Management Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Verticals, the sub-segment i.e. Transportation & Logistics will boost the Tail Spend Management Solutions market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Trend
- Higher Adoption of Tail Spend Management Solutions across Transportation and Logistics
Market Drivers
- Increasing Technologically Advanced Industrial Operations
- Digitalization and Process Automation Optimizes Procurement based Activities
Opportunities
- Growing Adoption of Tail Spend Solutions across Chemical & Healthcare
- Rising E-commerce Industrial Expenditure
Restraints
- Higher Spending’s on Tail
Challenges
- Lack of Experience and Higher Fragmentation in Tail Handling
Key Target Audience
Tail Spend Management Solutions Providers, Logistics Industrialist, Trading Advisory, BFSI Industry, Third-Party Payable Providers, New Entrants/Investors and Industrial Associations
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.