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Spend Analytics For Electronics And Semiconductor Market Shares, Growth Analysis, Key Insights, Size And Forecast To 2033
Spend Analytics For Electronics And Semiconductor Market
Spend Analytics For Electronics And Semiconductor Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $1.15 Bn In 2028 At A CAGR Of 15.6% :
The spend analytics for electronics and semiconductor market size has grown rapidly in recent years. It will grow from $0.55 billion in 2023 to $0.64 billion in 2024 at a compound annual growth rate (CAGR) of 17.6%. The growth in the historic period can be attributed to consumer demand for electronics and semiconductor products, increasing focus on sustainability Initiatives, increasing complexity of global supply chains in the electronics and semiconductor industry, rise in cost pressures, increasing emphasis on supplier relationships.
The spend analytics for electronics and semiconductor market size is expected to see rapid growth in the next few years. It will grow to $1.15 billion in 2028 at a compound annual growth rate (CAGR) of 15.6%. The growth in the forecast period can be attributed to rising demand for advanced electronics, increasing complexity of supply chains, increasing focus on cost optimization, rising importance of supplier diversity and sustainability, increasing cybersecurity concerns. Major trends in the forecast period include technological advancements, real-time monitoring, integration of blockchain technology, adoption of prescriptive analytics, shift towards outcome-based pricing models.
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Spend Analytics For Electronics And Semiconductor Market Major Segments
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
Key Driver - Consumer Electronics Demand Propels Spend Analytics Market Expansion
The rise in demand for consumer electronics is expected to propel the growth of the spend analytics for electronics and semiconductors market going forward. Consumer electronics refers to electronic devices designed for personal and everyday use by individuals, such as smartphones, laptops, and home entertainment systems. The rise in demand for consumer electronics is fueled by advancements in technology, increased connectivity, and evolving lifestyle preferences. Spend analytics for electronics and semiconductors enable cost optimization and strategic decision-making, driving efficiency and innovation in consumer electronics. For instance, in May 2023, according to the Japan Electronics and Information Technology Industries Association, a Japan-based trade association, the total electronic equipment production in Japan reached $5,128.55 million (¥771,457 million). In addition, consumer electronics production reached $213.39 million (¥32,099 million) in May 2023, compared to $155.79 million (¥23,425 million) in January 2023. Therefore, the rise in demand for consumer electronics is driving the growth of spend analytics in the electronics and semiconductor markets.
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Prominent Trend - AI Integration In Next-Gen Spend Management Solutions
Major companies operating in the spend analytics for electronics and semiconductor market are focused on developing AI-integrated platforms, such as next-gen spend management solutions, to gain a competitive edge. These solutions encompass advanced technologies and tools optimizing the control, analysis, and automation of an organization's expenditures for enhanced financial efficiency. For instance, in February 2022, Coupa Software, a US-based cloud-based business spend management (BSM) platform company, launched Community AI, an advanced platform for revolutionizing spend management. This innovative solution facilitates involvement in artificial intelligence (AI) development, fostering collaboration through open-source projects, forums, and knowledge-sharing initiatives. Serving as a central hub, it brings together AI enthusiasts, academics, developers, and professionals to exchange ideas, contribute to projects, and collectively advance the field of AI. The platform delivers unparalleled scale and speed, offering customers valuable business insights.
Spend Analytics For Electronics And Semiconductor Market Players
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
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Largest And Fastest Growing Region In The Market
North America was the largest region in the spend analytics for electronics and semiconductor market in 2023. 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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Spend Analytics For Electronics And Semiconductor Market Report Structure
3. Spend Analytics For Electronics And Semiconductor Market Trends And Strategies
4. Spend Analytics For Electronics And Semiconductor Market - Macro Economic Scenario
5. Spend Analytics For Electronics And Semiconductor Market Size And Growth
…..
27. Spend Analytics For Electronics And Semiconductor Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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