What Has Been the Progress and Growth of the Spend Analytics For Electronics And Semiconductor Market in Recent Years?
The spend analytics for electronics and semiconductor market has seen considerable growth due to a variety of factors.
• In recent times, the market size of spend analytics for the electronics and semiconductor sector has seen a considerable surge. A projected growth from $0.64 billion in 2024 to $0.76 billion in 2025 is to be expected, with a compound annual growth rate (CAGR) of 17.5%.
The factors that drove the growth in the historical period are: the escalating consumer demand for electronics and semiconductor goods, a heightened focus on sustainability initiatives, growing complexities of global supply chains particular to the electronics and semiconductor industry, increased cost pressure, and a rising stress on developing supplier relationships.
What Is The Expected Growth In The Spend Analytics For Electronics And Semiconductor Market Size Evolve over the Forecast Period?
The spend analytics for electronics and semiconductor market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for spend analytics in the electronics and semiconductor industry is projected to witness a significant expansion in the forthcoming years, reaching a worth of $1.32 billion in 2029 with an impressive CAGR of 14.9%.
The substantial increase during the prediction period can be linked to the growing demand for sophisticated electronics, an increasingly complex supply chain, an intensified focus on cost optimization, the escalating importance of diverse and sustainable suppliers, and mounting concerns over cybersecurity. The key trends during the forecast period encompass technological advancements, real-time monitoring, the integration of blockchain technology, the uptake of prescriptive analytics, and a move towards outcome-based pricing models.
What Main Forces Are Fueling Expansion In The Spend Analytics For Electronics And Semiconductor Market?
The anticipated expansion of the spend analytics for electronics and semiconductors market can be attributed to the escalating demand for consumer electronics. These devices, intended for personal and daily usage by consumers, encompass smartphones, laptops, and home entertainment systems. This surge in demand can be traced back to technological progress, increased network connectivity, and shifting lifestyle preferences. The application of spend analytics can lead to cost reductions and aid in strategic decision-making, thereby fostering efficiency and innovation in the consumer electronics sphere. For example, the Japan Electronics and Information Technology Industries Association reported that total electronic equipment production in Japan hit $5,128.55 million (¥771,457 million) in May 2023. Furthermore, the production of consumer electronics escalated to $213.39 million (¥32,099 million) in May 2023 as opposed to $155.79 million (¥23,425 million) in January 2023. Consequently, the booming demand for consumer electronics is stimulating the progression of spend analytics in the electronics and semiconductor markets.
What Are The Primary Segments In The Global Spend Analytics For Electronics And Semiconductor Market?
The spend analytics for electronics and semiconductor market covered in this report is segmented –
1) By Type: Descriptive Analytics, Predictive Analytics, Prescriptive Analytics
2) By Component: Software, Service
3) By Deployment: On-Premise, Cloud
4) By Application: Financial Management, Risk Management, Governance And Compliance Management, Supplier Sourcing And Performance Management, Demand And Supply Forecasting, Other Applications
Subsegments:
1) By Descriptive Analytics: Historical Spend Analysis, Spend Trend and Pattern Analysis, Vendor Performance and Spend Classification
2) By Predictive Analytics: Forecasting Demand and Supply, Predicting Future Spending Patterns, Price Trend Prediction and Supplier Risk Forecasting
3) By Prescriptive Analytics: Spend Optimization and Cost Reduction Strategies, Supplier Selection and Negotiation Strategies, Procurement Process Improvement
Pre-Book The Spend Analytics For Electronics And Semiconductor Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
Which Emerging Market Trends Are Altering The Spend Analytics For Electronics And Semiconductor Industry?
Key players in the electronics and semiconductor spend analytics market are increasingly focusing on creating AI-integrated platforms like next-generation spend management solutions, with the aim of gaining a competitive advantage. These innovative solutions involve the use of sophisticated technologies and tools for enhancing control, analysis, and automation of organizational expenditures, resulting in improved financial efficiency. One such instance occurred in February 2022, when US-based cloud spend management platform, Coupa Software, unveiled its Community AI. This breakthrough platform was designed to revolutionize spend management, promoting involvement in AI development and fostering collaboration through open-source projects, forums, and initiatives to share knowledge. Acting as a core hub, it amalgamates AI aficionados, academics, developers, and professionals for exchanging thoughts, contributing to projects, and progress collectively in the AI realm. The platform provides an unrivaled scale and speed, thereby delivering invaluable business insights to its customers.
Who Are the Key Players In The Spend Analytics For Electronics And Semiconductor Market?
Major companies operating in the spend analytics for electronics and semiconductor market are:
• International Business Machines Corporation
• Oracle Corporation
• SAP SE
• SAS Institute Inc.
• Coupa Software Inc.
• Basware Corporation
• Ivalua Inc.
• Xeeva Inc.
• GEP Solutions Pvt. Ltd.
• Zycus Inc.
• Jaggaer
• Proactis Holdings PLC
• BirchStreet Systems Inc.
• Simfoni
• Agiloft
• Sievo
• Keelvar
• Pool4Tool
• HICX Solutions Ltd.
• Rosslyn Analytics Ltd.
• Claritum Ltd.
• Lytica Inc.
• EC Sourcing Group
• Vortal Connecting Business SA
What Is The Most Dominant Region In The Spend Analytics For Electronics And Semiconductor Market?
North America was the largest region in the spend analytics for electronics and semiconductor market in 2024. The regions covered in the spend analytics for electronics and semiconductor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
