At 15.6% CAGR, North America Spend Analytics for Electronics and Semiconductor Market is Projected to be Worth US$ 316.32 Million by 2030, says Business Market Insights.

According to Business Market Insights' research, the North America spend analytics for electronics and semiconductor market was valued at US$ 99.13 million in 2022 and is expected to reach US$ 316.32 million by 2030, registering a CAGR of 15.6% from 2022 to 2030. Growing implementation of AI-based spend analytics and Incorporation of miniaturized electronic devices are among the critical factors attributed to the North America spend analytics for electronics and semiconductor market expansion.

The integration of artificial intelligence (AI), generative AI, big data analytics, Internet of Things (IoT), cloud computing, robotic process automation (RPA), image recognition, and other technologies is expected to enhance the capabilities of spend analytics in the coming years. These technologies help automate data collection and analysis processes, provide predictive insights, optimize procurement strategies, and improve decision-making based on real-time data. In October 2023, SAP SE introduced new advancements in artificial intelligence (AI) and user experience within its comprehensive spend management and business network solutions at the SAP Spend Connect Live event, widely known as the leading conference in the field of spend management. These innovations are aimed at assisting customers in gaining control over costs, minimizing risk, and enhancing productivity. 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.

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

Based on component, the North America spend analytics for electronics and semiconductor market is bifurcated into software and services. The software segment held 75.2% market share in 2022, amassing US$ 74.53 million. It is projected to garner US$ 240.83 million by 2030 to expand at 15.8% CAGR during 2022-2030.

In terms of type, the North America spend analytics for electronics and semiconductor market is segmented into descriptive analytics, predictive analytics, and prescriptive analytics. The predictive analytics segment held 45.9% share of North America spend analytics for electronics and semiconductor market in 2022, amassing US$ 45.49 million. It is projected to garner US$ 153.44 million by 2030 to expand at 16.4% CAGR during 2022-2030.

By deployment, the North America spend analytics for electronics and semiconductor market is bifurcated into on-premise and cloud. The cloud segment held 64.5% share of North America spend analytics for electronics and semiconductor market in 2022, amassing US$ 63.92 million. It is projected to garner US$ 210.58 million by 2030 to expand at 16.1% CAGR during 2022-2030.

In terms of application, the North America 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 35.8% share of North America spend analytics for electronics and semiconductor market in 2022, amassing US$ 35.50 million. It is projected to garner US$ 118.02 million by 2030 to expand at 16.2% CAGR during 2022-2030.

By country, the North America spend analytics for electronics and semiconductor market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 80.2% share of North America spend analytics for electronics and semiconductor market in 2022. It was assessed at US$ 79.52 million in 2022 and is likely to hit US$ 252.74 million by 2030, exhibiting a CAGR of 15.6% during 2022-2030.

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

In Aug 2023, Ivalua's launched a new platform, accelerating AI-powered contract digitization and overall purchasing optimization. This release reflects Ivalua's growing investment in R&D, including a broad set of new innovations that improve contract digitization and analytics, improve visibility to optimize disparate purchasing activities, extend global e-invoicing compliance, enable new virtual card payment scenarios, and provide a built-in digital adoption layer.

In Aug 2022, Lytica Inc. announced the close of its Series A investment round, with a total consideration of over US $13 million. The round was led by resolve growth partners, with participation from York IE. Lytica intended to use these funds to accelerate spend analytics and risk management product and platform innovation, continue growing its team of specialists, and foster strong industry partnerships.

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