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.
Spend Analytics for Electronics and Semiconductor Market Analyst Perspective:
The integration of artificial intelligence (AI), generative AI, big data analytics, the Internet of Things (IoT), cloud computing, robotic process automation (RPA), image recognition, and other technologies is expected to enhance the capabilities of spend analytic solutions in the coming years. The technological advancements associated with spend analytics are driven by artificial intelligence (AI) integration. AI enables machines and software applications to reason, learn, and act like human cognition. This capability allows AI systems to analyze complicated data sets, recognize patterns, and make informed decisions based on the available information. The rise of AI technology has also led to an increased demand for powerful and efficient semiconductor chips. AI systems require high-performance computing capabilities to process and analyze large volumes of data in real time. This demand has driven the development of specialized AI chips optimized for AI workloads. Thus, the growing implementation of AI-based spend analytics is anticipated to create ample opportunities for the spend analytics for electronics and semiconductor market growth in the coming years.
Spend Analytics for Electronics and Semiconductor Market Overview:
The global spend analytics for electronics and semiconductor market trends indicate the potential for achieving substantial growth and is estimated to continue expanding in the coming years. Advancements in data integration and complex data analysis are expected to have a significant impact on the spend analytics for electronics and semiconductor market growth. The ecosystem of the market involves a variety of stakeholders, including software developers, consulting & advisory firms, and end users. Software developers are vital in creating and maintaining spend analytics software based on common or specific demands of enterprises in the electronics & semiconductors industry. Consulting & advisory firms play a vital role in the deployment of spend analytics software in electronics and semiconductor companies. Their expertise bridges the gap between technological abilities and business needs, ensuring the successful adoption of analytics solutions. End users of spend analytics for electronics and semiconductors include electronic manufacturing service providers, original equipment manufacturers, and others.
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Spend Analytics for Electronics and Semiconductor Market: Strategic Insights
Market Size Value in US$ 537.56 million in 2022 Market Size Value by US$ 1,769.15 million by 2030 Growth rate CAGR of 16.1% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Spend Analytics for Electronics and Semiconductor Market: Strategic Insights
| Market Size Value in | US$ 537.56 million in 2022 |
| Market Size Value by | US$ 1,769.15 million by 2030 |
| Growth rate | CAGR of 16.1% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Spend Analytics for Electronics and Semiconductor Market: Driver
Fluctuations in Raw Materials Prices Fuel Spend Analytics for Electronics and Semiconductor Market Growth
The global spend analytics for electronics and semiconductor market forecast is based on analysis of various factors, including the impact of fluctuations in raw material prices. Chip sales and demand variations can impact the overall revenue and profitability of companies operating in the electronics & semiconductor industry. Notably, Taiwan, the home of the largest contract chipmaker—TSMC, held a significant role as a prominent producer of semiconductors, which are widely utilized across various domains, including household appliances, mobile devices, data centers, and military aircraft. The uncertainty of raw material prices in the market can disrupt the supply chain, affecting the availability and pricing of electronic components and semiconductors. Also, the semiconductor shortage can be attributed to various factors, including market volatility, such as raw material prices and disruptions caused by the COVID-19 pandemic. As electronics and semiconductor companies strive to provide cost-effective products while maintaining competitiveness, they face the challenge of making strategic decisions during market volatility and uncertainty in raw material prices. This, in turn, benefits the progression of spend analytics for electronics and semiconductor market forecast, by increasing the probability of their adoption. Furthermore, fluctuations in raw material prices necessitate strategic decision-making to navigate challenging times. Hence, spend analytics is incorporated to facilitate the identification of inefficiencies, the optimization of procurement processes, and help make informed decisions necessary for effective cost management. By providing valuable insights into spending patterns, supplier performance, and market trends, spend analytics empowers companies to make data-driven outcomes and adapt their strategies accordingly. Companies operating in the electronics and semiconductor market can understand their spending patterns comprehensively, identify opportunities for cost reduction, mitigate risks, and enhance their overall financial performance in the face of market volatility and uncertainty by leveraging spend analytics. Thus, fluctuations in raw materials prices contribute to the growth of the spend analytics for electronics and semiconductor market forecast values.
Spend Analytics for Electronics and Semiconductor Market: Segment
The global spend analytics for electronics and semiconductor market 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 is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Spend analytics software includes enterprise-wide spending information in all formats across multiple sources and disparate systems—procurement cards, accounts payable, purchase orders, and every other buying channel. The software converts and presents spending data in terms of opportunities by deducing meaning from the mass of information. It transforms procurement activity through visibility and enables better control of enterprise-wide spend. An upsurge in the manufacturing of electronics and semiconductor products has resulted in the rapid generation of vast volumes of data. This creates the need for improved quality of data, which can be achieved using spend analysis software. Several players have launched advanced solutions to imrpove their spend analytics for electronics and semiconductor market share. For example, in February 2022, Coupa Software, a provider of Business Spend Management (BSM) solutions, announced the launch of Community.ai, a next-generation spend management solution suite. Coupa transforms B2B communities by improving interactions between buyers and sellers by combining the power of data-driven artificial intelligence with person-to-person relationships.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Spend Analytics for Electronics and Semiconductor Market: Region
The APAC spend analytics for electronics and semiconductor market size was valued at US$ 332.16 million in 2022 and is projected to reach US$ 1,151.18 million by 2030; it is expected to register a CAGR of 16.8% from 2022 to 2030. The spend analytics for electronics and semiconductor market size in Asia Pacific is projected to experience rapid growth in the coming years and the region is anticipated to hold the largest spend analytics for electronics and semiconductor market share throughout the forecast period. Market progress in this region can be attributed to the increasing acceptance of analytics tools among consumers and businesses. The Asia Pacific region is witnessing a growing demand for spend analytics software, driven by the increased adoption of analytics tools; the growth of the big data and analytics sectors; and the specific needs of industries such as telecommunications, banking, central government, discrete manufacturing, and professional services. China, Japan, and India are at the forefront of spend analytics adoption in the region, driven by data explosion, urbanization, machine learning development, and many MSMEs. Key electronics & semiconductor manufacturers in Asia Pacific include Powerchip Semiconductor Manufacturing (PSMC), Taiwan Semiconductor Manufacturing Company (TSMC), United Microelectronics (UMC), and Vanguard International Semiconductor (VIS), who are utilizing or are potential customers of the solutions developed by the key players considered in the spend analytics for electronics and semiconductor market analysis.
The growing utilization of spend analytics enables organizations in the electronics and semiconductor sector to optimize purchase processes and make well-informed spending decisions. By analyzing spending patterns, organizations can identify opportunities to reduce costs, effectively manage suppliers, and mitigate risks arising from disruptions in the supply chain. By closely monitoring and analyzing spending data, organizations can identify alternative suppliers, effectively manage costs, and ensure a stable supply of electronic components and semiconductors. Such factors propel the growth of APAC’s spend analytics for electronics and semiconductor market share.
Spend Analytics for Electronics and Semiconductor Market: Key Players
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 key players covered in the spend analytics for electronics and semiconductor market analysis. Several other major companies have been analyzed during this research study to get a holistic view of the spend analytics for electronics and semiconductor market ecosystem.
Spend Analytics for Electronics and Semiconductor Market Recent Developments:
The spend analytics for electronics and semiconductor market players highly adopt inorganic and organic strategies. A few major developments of the spend analytics for electronics and semiconductor market report are listed below:
- In January 2024, AW Rostamani Group (AWR) and GEP partnered to transform the source-to-pay (S2P) process. AI-driven procurement and supply chain software provider GEP will work with AWR. The latter has confirmed that they will use GEP’s software to help transform their entire source-to-pay (S2P) process and spend analytics, encompassing sourcing, supplier, and contract management.
- In February 2022, Coupa Software, a provider of BSM solutions, announced the release of Community.ai—a suite of next-generation spend management tools. Coupa combines the features of data-driven artificial intelligence with person-to-person interactions to improve B2B communities and the way buyers and sellers connect.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Type, Deployment, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Fluctuations in raw materials prices and rise in demand for consumer electronics are driving factors of spend analytics for electronics and semiconductor market.
The growing implementation of AI-based spend analytics is expected to drive the growth of the spend analytics for electronics and semiconductor market in the coming years.
The spend analytics for electronics and semiconductor market are expected to reach US$ 1769.15 million by 2030.
The key players holding majority shares in the spend analytics for electronics and semiconductor market include Coupa, GEP/NB Ventures, IBM, Lytica, and SAP
The spend analytics for electronics and semiconductor market was estimated to be valued at US$ 537.56 million in 2022 and is expected to grow at a CAGR of 16.1% during the forecast period.
APAC is anticipated to grow with the highest CAGR over the forecast period.
The software segment led the spend analytics for electronics and semiconductor market with a significant share in 2022 and services segment is expected to grow with the highest CAGR.
The List of Companies - Spend Analytics for Electronics and Semiconductor Market
- Coupa Software Inc
- International Business Machines Corp
- Ivalua Inc
- Lytica Inc
- NB Ventures Inc
- SAP SE
- Scanmarket AS
- Synertrade Inc
- Vortal Connecting Business SA
- Zycus Inc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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