LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global fuel cards market is expected to grow at a CAGR of 8.5% over the next five years due to widespread adoption of digital payment solutions by businesses and consumers.
The research report titled ‘Global Fuel Cards Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“During the forecast period, the fuel cards market will be driven by features provided by suppliers such as telematics interfaces that provide robust reporting and tracking facilities to track fuel spend and driver efficiency,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “In addition, efficiency of fuel cards in reducing fraud and fuel theft by employees, will also drive the market,” adds Angad.
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Cost saving opportunities in the fuel cards market
The adoption of various cost-optimization levers helps buyers of fuel cards market realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the fuel cards market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Adoption of technologies such as biometric security features, EMV security, and online and mobile application account management, help authenticate cardholders by storing their details on the card, thereby reducing chances of misuse. These technologies also enable cardholders to check their balances and update account information easily. This can help realise savings up to 7% of total category spend.
Buyers prefer to engage with suppliers that provide fraud detection services with payment services by implementing strong access control measures. Secure networks help buyers reduce risks of misuse of cardholder data and other sensitive customer data.
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Optimization of supplier competition saving aspects
Optimization of supply pool is critical in the global fuel cards market. Buyers prefer suppliers that can facilitate payment transactions regionally and globally. A wide coverage by suppliers provide convenience and reduces management efforts for buyers.
Facilities offered by supplier’s cover refueling stations on a global or nationwide level, but certain suppliers restrict the area of operation to urban areas. Certain suppliers offer more discounts at motorway refueling stations. Therefore, it is important that buyers ensure that the area of operation and discounts offered are the best suitable for their business model.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving levers in the global fuel cards market is the bundling of payment gateway with payment processing. Many suppliers have a minimum fuel usage policy that buyers need to satisfy to avail benefits offered through fuel cards. Hence, buyers should assess their fuel requirements and choose a card with the best applicable minimum fuel usage policy.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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