Tail Spend Management Solutions Market – The Rise of B2B Marketplaces is Expected to Lead the Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 35.1% from 2022 to 2028

Tail Spend Management Solutions
  • Tail Spend Management Solutions Market

As stated in our extensive report, the Global Tail Spend Management Solutions Market accounted for USD 1.5 Billion in the year 2021.

The Global Tail Spend Management Solutions Market is expected to witness significant growth during the forecast period. Tail spending management is in high demand among companies because it helps in ensuring the purchases comply with contracts and policies. The tail spending management program monitors, controls, and tracks transactional real-time. Therefore, transaction issues can be identified and corrected before they are sent to the supplier.

The benefits of Tail Spend Management Solutions, such as increased productivity & efficiency, and improved customer experience, are some of the key factors highlighting market growth. Tail Spend Management Solutions help procurement teams to focus on large contracts that add value to their business. In addition, these solutions help procurement teams to identify opportunities for continuous improvement. As a result, companies are demanding {keyword}} software to improve their procurement capabilities. Furthermore, increased procurement capacity can increase productivity by up to 20% for organizations.

The growing benefits of procurement departments and tail spending management software are the main drivers behind the growth of the Tail Spend Management Solutions Market. According to the World Economic Forum, the digitization of logistics could bring a value of $ 1.5 trillion to logistics stakeholders and an additional $ 2.4 trillion in social benefits between 2016 and 2025. Data-driven information services have the potential to bring an estimated $ 810 billion in profits to the industry. The growing demand from various end-use industries and the adoption of Tail Spend Management Solutions are expected to drive the Tail Spend Management Solutions Market growth over the forecast period. However, the high initial investment required for tail spending management services is hampering the Tail Spend Management Solutions Market growth in the coming years.

North Americais the world's leading / most important region in terms of market share, owing to the presence of major Tail Spend Management Solutions players in the region.

Some of the notable and prominent players in the Global Tail Spend Management Solutions Market include- Corcentric Inc., GEP, Fairmarkit, Simfoni, Capita, Proactis Holdings Limited, ASM Technologies, Una, LSInextGen, DXC Technology Company and others.