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; it is estimated to register a CAGR of 15.6% from 2022 to 2030.
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.
These players have a deep understanding of the market dynamics and provide comprehensive analytics tools that allow businesses to gain valuable perceptions of their spending patterns and make informed decisions, further contributing to the growth of spend analytics for electronics and semiconductor market. In June 2023, Kearney, a global management consulting firm, led the investment round for Simfoni, raising the investment amount of ~US$ 8 million. Simfoni (based in San Francisco) provides solutions for spend analytics, e-sourcing, and tail spend management. This investment round, known as Series A-2, signifies Kearney's confidence and support in Simfoni's offerings and potential for growth in the spend analytics for electronics and semiconductor market.
Rise in Demand for Consumer Electronics Fuels North America Spend Analytics for Electronics and Semiconductor Market
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. 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.
North America Spend Analytics for Electronics and Semiconductor Market Overview
The spend analytics for electronics and semiconductor market in North America is a well-established and mature one, exhibiting a high level of adoption and strong focus on leveraging analytics to optimize procurement processes as well as drive cost savings. Particularly, the US has significant presence in the global and North American spend analytics for electronics and semiconductor market. IBM Corporation, Lytica Inc, SAP, and Zycus are among the established players operating in the US that offer sophisticated analytics solutions tailored to the needs of their client organizations.These players have a deep understanding of the market dynamics and provide comprehensive analytics tools that allow businesses to gain valuable perceptions of their spending patterns and make informed decisions, further contributing to the growth of spend analytics for electronics and semiconductor market. In June 2023, Kearney, a global management consulting firm, led the investment round for Simfoni, raising the investment amount of ~US$ 8 million. Simfoni (based in San Francisco) provides solutions for spend analytics, e-sourcing, and tail spend management. This investment round, known as Series A-2, signifies Kearney's confidence and support in Simfoni's offerings and potential for growth in the spend analytics for electronics and semiconductor market.
North America Spend Analytics for Electronics and Semiconductor Market Segmentation
The North America spend analytics for electronics and semiconductor market is segmented based on component, type, deployment, application, and country. Based on component, the North America spend analytics for electronics and semiconductor market is bifurcated into software and services. The software services held a larger market share in 2022.- Based on type, the North America spend analytics for electronics and semiconductor market is segmented into descriptive analytics, predictive analytics, and prescriptive analytics. The predictive analytics held the largest market share in 2022.
- In terms of deployment, the North America spend analytics for electronics and semiconductor market is bifurcated into on-premise and cloud. The cloud held a larger market share in 2022.
- By 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 held the largest market share in 2022.
- Based on country, the North America spend analytics for electronics and semiconductor market is segmented into the US, Canada, and Mexico. The US dominated the North America spend analytics for electronics and semiconductor market share in 2022.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Spend Analytics for Electronics and Semiconductor Market Landscape
5. North America Spend Analytics for Electronics and Semiconductor Market - Key Market Dynamics
6. North America Spend Analytics for Electronics and Semiconductor Market -Market Analysis
7. North America Spend Analytics for Electronics and Semiconductor Market Analysis - by Component
8. North America Spend Analytics for Electronics and Semiconductor Market Analysis - by Type
9. North America Spend Analytics for Electronics and Semiconductor Market Analysis - by Deployment
10. North America Spend Analytics for Electronics and Semiconductor Market Analysis - by Application
11. North America Spend Analytics for Electronics and Semiconductor Market - Country Analysis
12. Competitive Landscape
13. Industry Landscape
14. Company Profiles
15. Appendix
Companies Mentioned
- Coupa Software Inc
- International Business Machines Corp.
- Ivalua Inc.
- Lytica Inc.
- NB Ventures Inc.
- SAP SE.
- Scanmarket AS.
- Synertrade Inc.
- Zycus Inc.
