At 16.8% CAGR, Asia Pacific Spend Analytics for Electronics and Semiconductor Market is Projected to be Worth US$ 1,151.18 Million by 2030, says Business Market Insights.

According to Business Market Insights' research, the Asia Pacific spend analytics for electronics and semiconductor market was valued at US$ 332.16 million in 2022 and is expected to reach US$ 1,151.18 million by 2030, registering a CAGR of 16.8% from 2022 to 2030. Rise in demand for consumer electronics and Rise in supply chain disruption are among the critical factors attributed to the Asia Pacific spend analytics for electronics and semiconductor market expansion.

The electronics and semiconductor market experienced a significant surge in demand for smartphones, tablets, wearable devices, and other consumer electronics. This increase in demand highlighted the necessity for spending analytics within the industry. For instance, according to the JEITA, electronic components and devices production in Japan increased by US$ 5,337 million in 2022 compared to 2019, as the total production of electronic components and devices accounted to be US$ 60,723 million. As the consumer electronics market expanded, companies in this sector faced the challenge of efficiently managing their expenditures to maintain competitiveness and meet their customers' changing preferences. The adoption of spend analytics solutions became crucial as it provided valuable insights into spending patterns, identified opportunities for cost optimization, and facilitated informed decision-making to ensure companies remained adaptable and responsive in this fast-paced market. Also, spend analytics help companies streamline their procurement processes, identify potential areas for cost reduction, and strategically allocate resources to meet the growing demand for consumer electronics, which boosts the spend analytics for electronics and semiconductor market growth.

On the contrary, technological complexity with the growth of Asia Pacific spend analytics for electronics and semiconductor market.

Based on component, the Asia Pacific spend analytics for electronics and semiconductor market is bifurcated into software and services. The software segment held 77.6% market share in 2022, amassing US$ 257.80 million. It is projected to garner US$ 904.61 million by 2030 to expand at 17.0% CAGR during 2022-2030.

Based on type, the Asia Pacific spend analytics for electronics and semiconductor market is segmented into descriptive analytics, predictive analytics, and prescriptive analytics. The predictive analytics segment held 47.4% share of Asia Pacific spend analytics for electronics and semiconductor market in 2022, amassing US$ 157.51 million. It is projected to garner US$ 108.24 million by 2030 to expand at 17.5% CAGR during 2022-2030.

By deployment, the Asia Pacific spend analytics for electronics and semiconductor market is bifurcated into on-premise and cloud. The cloud segment held 67.2% share of Asia Pacific spend analytics for electronics and semiconductor market in 2022, amassing US$ 223.37 million. It is projected to garner US$ 799.26 million by 2030 to expand at 17.3% CAGR during 2022-2030.

In terms of application, the Asia Pacific spend analytics for electronics and semiconductor market is segmented into financial management, risk management, governance & compliance management, supplier sourcing & performance management, demand & supply forecasting, and others. The supplier sourcing & performance management segment held 33.8% share of Asia Pacific spend analytics for electronics and semiconductor market in 2022, amassing US$ 112.17 million. It is projected to garner US$ 406.25 million by 2030 to expand at 17.5% CAGR during 2022-2030.

By country, the Asia Pacific spend analytics for electronics and semiconductor market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 34.6% share of Asia Pacific spend analytics for electronics and semiconductor market in 2022. It was assessed at US$ 114.89 million in 2022 and is likely to hit US$ 416.61 million by 2030, exhibiting a CAGR of 17.5% during 2022-2030.

Key players operating in the Asia Pacific spend analytics for electronics and semiconductor market are Coupa Software Inc, International Business Machines Corp, Ivalua Inc, NB Ventures Inc, SAP SE, Scanmarket AS, Synertrade Inc, and Zycus Inc, among others.

• In Oct 2023, SAP SE announced new business AI and user experience innovations in its comprehensive spend management and business network solutions to help customers control costs, mitigate risk, and increase productivity. The newly released SAP Ariba category management solution will be enhanced with the power of generative AI to help procurement professionals build comprehensive and effective category strategies faster.
  
  
• In Jan 2021, Scanmarket announced the acquisition of MIA Data, an analytics technology company specializing in artificial intelligence and machine learning applied to digitalizing business procurement processes. The new AI capabilities have been applied to Scanmarket's Spend Analytics software.
  
  

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