Spend Analytics for Electronics and Semiconductor Market is expected to reach US$ 1,769.15 million by 2030

Growing Demand for Automation Drives Spend Analytics for Electronics and Semiconductor Market Growth

According to our latest study on “Spend Analytics for Electronics and Semiconductor Market Forecast to 2030 – Global and Regional Share, Trend, and Growth Opportunity Analysis — by Component, Type, Deployment, and Application,” the spend analytics for electronics and semiconductor market size was valued at US$ 537.56 million in 2022 and is expected to reach US$ 1,769.15 million by 2030; it is estimated to record a CAGR of 16.1% from 2022 to 2030.

The global spend analytics for electronics and semiconductor market has experienced substantial growth in recent years. A few factors such as the growing demand for consumer electronics and supply chain disruptions are anticipated to provide lucrative opportunities for the spend analytics for electronics and semiconductor market growth during the forecast period. Economic growth, inflation, exchange, and interest rates can impact the purchasing power of consumers and the overall demand for electronics products. The overall economic growth of countries can influence the demand for electronics and semiconductor products, contributing to higher adoption of spend analytics. Consumer purchasing power grows during economic expansion, leading to increased demand for electronic devices and semiconductors. This, in turn, benefits the progression of spend analytics for electronics and semiconductor market forecast, by increasing the probability of their adoption. The global economic viewpoint and the performance of key economies such as the US, China, and Europe can also influence the market progress.

Rise in Supply Chain Disruption to Offer Lucrative Opportunities for Spend Analytics for Electronics and Semiconductor Market Growth During Forecast Period

The spend analytics for electronics and semiconductor market forecast is based on analysis of various factors, including the effects from disruption of supply chains. Supply chain disruptions can result in changes in supplier availability, pricing, and lead time. In June 2023, the CEO of Macronix, a prominent semiconductor manufacturer in Taiwan, stated that a military conflict involving the country would have severe repercussions on the global economy. The disruption caused to the supply chain of critical semiconductors is expected to be extremely significant, and it might set the global economy back by several decades. By utilizing spend analytics, companies can analyze spending patterns and identify alternative suppliers or cost-saving opportunities. This allows them to adapt to modifying market conditions and optimize their procurement strategies. Spend analytics can help companies assess vulnerabilities in their supply chains and identify areas that require improvement. This allows them to proactively deliver these issues and build a more resilient supply chain. Spend analytics provides insights into supplier performance, financial stability, and risk exposure. By monitoring and analyzing spending data, companies can identify high-risk suppliers and take appropriate measures to mitigate potential disruptions. This includes diversifying the supplier base, establishing backup suppliers, or implementing contingency plans to minimize the impact of future disruptions. Supply chain disruptions can lead to fluctuations in demand and supply. Companies can optimize inventory management strategies by analyzing spending data and demand patterns. Thus, the rise in supply chain disruptions is anticipated to create opportunities for the growth of spend analytics for electronics and semiconductor market size during the forecast period.

Spend Analytics for Electronics and Semiconductor Market Analysis: Regional Overview

Europe held the third largest spend analytics for electronics and semiconductor market share in 2022. The market in Europe is segmented into Germany, France, the UK, Russia, Switzerland, and the Rest of Europe. The conflict between Russia and Ukraine has had widespread implications, specifically causing disruptions in agriculture, energy, electronics & semiconductor, and manufacturing sectors. Disruptions in the supply of crucial raw materials such as neon and palladium, which are used in semiconductor manufacturing, are among the recent concerns regarding the semiconductor supply chain. Thus, the adoption of spend analytics solutions becomes particularly important in dealing with the consequences of supply chain disruptions. Therefore, the ongoing Russia–Ukraine war and supply chain disruptions propel the growth of Europe’s spend analytics for electronics and semiconductor market share.

Spend Analytics for Electronics and Semiconductor Market Analysis: Segmental Overview

The global spend analytics for electronics and semiconductor market report is segmented on the basis of component, type, deployment, and application. Based on component, the market is bifurcated into software and services. Based on type, the market is segmented into predictive analytics, prescriptive analytics, and descriptive analytics. Based on deployment, the market is bifurcated into on-premise and cloud. Based on application, the market is segmented into financial management, risk management, supplier sourcing and performance management, governance and compliance management, demand and supply forecasting, and others. By geography, the spend analytics for electronics and semiconductor market report is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).

Spend Analytics for Electronics and Semiconductor Market Competitive Landscape and Key Developments

The spend analytics for electronics and semiconductor market trends indicate that the major players are taking measures to take advantage of the opportunities in emerging markets. Coupa Software Inc, IBM Corporation, Ivalua Inc, Lytica Inc, NB Ventures Inc (GEP), SAP SE, Scanmarket AS, Synertrade Inc, Vortal Connecting Business SA, and Zycus Inc are among the prominent spend analytics for electronics and semiconductor market players. Various other companies are also operating in the market and introducing new advanced technologies and offerings. Several other important market players were also analyzed during this market research to get a holistic view of the global market and its ecosystem. The leading spend analytics for electronics and semiconductor market players focus on feature upgrades, expansion and diversification, collaboration, and acquisition strategies, which enable them to grab new business opportunities.

• In October 2023, SAP SE introduced new advancements in artificial intelligence (AI) and user experience within its comprehensive spend management and business network solutions at the SAP Spend Connect Live event, widely known as the leading conference in the field of spend management. These innovations are aimed at assisting customers in gaining control over costs, minimizing risk, and enhancing productivity.
• In November 2021, Lytica launched a new trends plugin for its SupplyLens Pro to maximize component supplier relationships. This new plugin improves the market intelligence platform with historical pricing data, along with analysis, to enable qualified customers to better assess supplier relationships.

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