At 14.5% CAGR, Europe Spend Analytics for Electronics and Semiconductor Market is Projected to be Worth US$ 227.87 Million by 2030, says Business Market Insights.

According to Business Market Insights' research, the Europe spend analytics for electronics and semiconductor market was valued at US$ 76.98 million in 2022 and is expected to reach US$ 227.87 million by 2030, registering a CAGR of 14.5% from 2022 to 2030. Rise in supply chain disruption and Rise in demand for consumer electronics are among the critical factors attributed to the Europe spend analytics for electronics and semiconductor market expansion.

Supply chain disruptions can result in changes in supplier availability, pricing, and lead time. In June 2023, the CEO of Macronix, 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. By analyzing spending data, companies can identify potential bottlenecks, single-source dependencies, or areas prone to disruptions. 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. This includes identifying slow-moving or excess inventory, adjusting reorder points, and implementing just-in-time inventory practices. These measures help companies reduce carrying costs and improve overall supply chain efficiency. Thus, the rise in supply chain disruptions is anticipated to create opportunities for the spend analytics for electronics and semiconductor market growth during the forecast period.

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

Based on component, the Europe spend analytics for electronics and semiconductor market is bifurcated into software and services. The software segment held 76.2% market share in 2022, amassing US$ 58.63 million. It is projected to garner US$ 175.83 million by 2030 to expand at 14.7% CAGR during 2022-2030.

Based on type, the Europe spend analytics for electronics and semiconductor market is segmented into descriptive analytics, predictive analytics, and prescriptive analytics. The predictive analytics segment held 44.7% % share of Europe spend analytics for electronics and semiconductor market in 2022, amassing US$ 34.40 million. It is projected to garner US$ 108.24 million by 2030 to expand at 15.4% CAGR during 2022-2030.

By deployment, the Europe spend analytics for electronics and semiconductor market is bifurcated into on-premise and cloud. The cloud segment held 65.1% share of Europe spend analytics for electronics and semiconductor market in 2022, amassing US$ 50.12 million. It is projected to garner US$ 153.42 million by 2030 to expand at 15.0% CAGR during 2022-2030.

In terms of application, the Europe 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 34.4% share of Europe spend analytics for electronics and semiconductor market in 2022, amassing US$ 26.49 million. It is projected to garner US$ 81.41 million by 2030 to expand at 15.1% CAGR during 2022-2030.

By country, the Europe spend analytics for electronics and semiconductor market has been categorized into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 30.3% share of Europe spend analytics for electronics and semiconductor market in 2022. It was assessed at US$ 23.32 million in 2022 and is likely to hit US$ 75.24 million by 2030, exhibiting a CAGR of 15.8% during 2022-2030.

Key players operating in the Europe spend analytics for electronics and semiconductor market are Coupa Software Inc, International Business Machines Corp, Ivalua Inc, NB Ventures Inc, Vortal Connecting Business SA, 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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