At 11.8% CAGR, the South & Central America Spend Analytics for Electronics and Semiconductor Market is Projected to be Worth US$ 30.08 Million by 2030, says Business Market Insights.

According to Business Market Insights' research, the South & Central America spend analytics for electronics and semiconductor market was valued at US$ 12.32 million in 2022 and is expected to reach US$ 30.08 million by 2030, registering a CAGR of 11.8% from 2022 to 2030. Growing implementation of AI-based Spend Analytics and Rise in demand for consumer electronics are among the critical factors attributed to the South & Central 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 South & Central America spend analytics for electronics and semiconductor market.

Based on component, the South & Central America spend analytics for electronics and semiconductor market is bifurcated into software and services. The software segment held 72.9% market share in 2022, amassing US$ 8.99 million. It is projected to garner US$ 22.23 million by 2030 to expand at 12.0% CAGR during 2022-2030.

Based on type, the South & Central America spend analytics for electronics and semiconductor market is segmented into descriptive analytics, predictive analytics, and prescriptive analytics. The predictive analytics segment held 41.9% share of South & Central America spend analytics for electronics and semiconductor market in 2022, amassing US$ 5.17 million. It is projected to garner US$ 13.30 million by 2030 to expand at 12.5% CAGR during 2022-2030.

By deployment, the South & Central America spend analytics for electronics and semiconductor market is bifurcated into on-premise and cloud. The cloud segment held 61.5% share of South & Central America spend analytics for electronics and semiconductor market in 2022, amassing US$ 7.58 million. It is projected to garner US$ 19.09 million by 2030 to expand at 12.2% CAGR during 2022-2030.

In terms of application, the South & Central 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 38.8% share of South & Central America spend analytics for electronics and semiconductor market in 2022, amassing US$ 4.78 million. It is projected to garner US$ 12.17 million by 2030 to expand at 12.4% CAGR during 2022-2030.

Based on country, the South & Central America spend analytics for electronics and semiconductor market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 58.8% share of South & Central America spend analytics for electronics and semiconductor market in 2022. It was assessed at US$ 7.24 million in 2022 and is likely to hit US$ 18.26 million by 2030, exhibiting a CAGR of 12.3% during 2022-2030.

Key players operating in the South & Central America spend analytics for electronics and semiconductor market are Coupa Software Inc, International Business Machines Corp, Ivalua Inc, NB Ventures Inc, SAP SE, and Synertrade Inc, among others.

In January 2024, AWR and GEP partnered to transform the source-to-pay (S2P) process. AI-driven procurement and supply chain software provider GEP will work with AW Rostamani Group (AWR). AWR has confirmed they will use GEP software to help transform their entire source-to-pay (S2P) process and spend analytics, encompassing sourcing, supplier, and contract management.

In August 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.

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