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; it is estimated to register a CAGR of 14.5% from 2022 to 2030.
Rise in Demand for Consumer Electronics Drives Europe 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.
Although the short-term effects of inflation and indirect supply chain disruptions seem controllable, the long-term consequences are uncertain, as they would depend on events unfolding in the future. These disruptions have resulted in higher prices, supply uncertainties, and an urge to optimize procurement processes. In such circumstances, organizations must closely monitor and analyze their spending patterns to identify alternative suppliers, manage costs, and mitigate risks associated with supply chain disruptions. Thus, the adoption of spend analytics solutions becomes particularly important in dealing with the consequences of supply chain disruptions. Therefore, the ongoing Russia-Ukraine war and supply chain disruptions propel the demand for spend analytics solutions in the electronics and semiconductor sector in Europe.
Rise in Demand for Consumer Electronics Drives Europe 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.
Europe Spend Analytics for Electronics and Semiconductor Market Overview
The conflict between Russia and Ukraine has had widespread implications, specifically causing disruptions in agriculture, energy, electronics and semiconductor, and manufacturing sectors. The ongoing Russia-Ukraine war can potentially worsen the existing semiconductor supply chain challenges and the persistent chip shortages, which have been troubling the industry for the past few years. Disruptions in the supply of crucial raw materials such as neon and palladium used in semiconductor manufacturing are among the recent concerns regarding the semiconductor supply chain.Although the short-term effects of inflation and indirect supply chain disruptions seem controllable, the long-term consequences are uncertain, as they would depend on events unfolding in the future. These disruptions have resulted in higher prices, supply uncertainties, and an urge to optimize procurement processes. In such circumstances, organizations must closely monitor and analyze their spending patterns to identify alternative suppliers, manage costs, and mitigate risks associated with supply chain disruptions. Thus, the adoption of spend analytics solutions becomes particularly important in dealing with the consequences of supply chain disruptions. Therefore, the ongoing Russia-Ukraine war and supply chain disruptions propel the demand for spend analytics solutions in the electronics and semiconductor sector in Europe.
Europe Spend Analytics for Electronics and Semiconductor Market Segmentation
The Europe spend analytics for electronics and semiconductor market is segmented based on component, type, deployment, application, and country. Based on component, the Europe 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 Europe 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 Europe 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 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 held the largest market share in 2022.
- Based on country, the Europe spend analytics for electronics and semiconductor market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Germany dominated the Europe 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. Europe Spend Analytics for Electronics and Semiconductor Market - Key Market Dynamics
6. Europe Spend Analytics for Electronics and Semiconductor Market -Market Analysis
7. Europe Spend Analytics for Electronics and Semiconductor Market Analysis - by Component
8. Europe Spend Analytics for Electronics and Semiconductor Market Analysis - by Type
9. Europe Spend Analytics for Electronics and Semiconductor Market Analysis - by Deployment
10. Europe Spend Analytics for Electronics and Semiconductor Market Analysis - by Application
11. Europe 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
- NB Ventures Inc
- SAP SE
- Scanmarket AS
- Synertrade Inc
- Vortal Connecting Business SA
- Zycus Inc.
