Growing Implementation of AI-based Spend Analytics to Provide Lucrative Opportunities to Spend Analytics for Electronics and Semiconductor Market Growth During Forecast Period
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.
Key Findings of Spend Analytics for Electronics and Semiconductor Market Study:
The global spend analytics for electronics and semiconductor market report is segmented on the basis of component, type, deployment, and application. Based on component, the market is bifurcated into software and services. Based on type, the market is segmented into predictive analytics, prescriptive analytics, and descriptive analytics. Based on deployment, the market is bifurcated into on-premise and cloud. Based on application, the market is segmented into financial management, risk management, supplier sourcing and performance management, governance and compliance management, demand and supply forecasting, and others. By geography, the spend analytics for electronics and semiconductor market report is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).
The global spend analytics for electronics and semiconductor market forecast involves the segmentation of the market based on deployment into on-premise and cloud. The cloud segment held the larger spend analytics for electronics and semiconductor market share. Spend analytics for electronics and semiconductor market analysis is a crucial tool for businesses operating in the tech industry. By utilizing spend analytics, companies can gain valuable insights into their spending patterns, enabling them to make informed decisions and optimize their financial resources. On-premise deployment of spend analytics software enables organizations to preserve all their processes and current internal systems. An on-premise spend analytics solution is covered with a single license and is deployed on the client's local server. This type of deployment is costlier as it requires complex setup and occasional hardware installation. Various players globally-Fraxion and Incorta-provide on-premise spend analytics software and services for electronics and semiconductors businesses. The cloud deployment model involves storing end users' data on vendors' servers. This empowers the client to reduce the cost of IT infrastructure and minimize the operational cost of the solution. All the clients using cloud-based spend analytics software share the same infrastructure pool through security protections, flexible configuration, and accessibility variances. The cloud is more extensive compared to on-premise deployment, and hence, enterprises using cloud-based solutions benefit from seamless, on-demand scalability. This type of deployment also benefits businesses with high service availability at minimum costs. Cloud-based spend analytics solutions are generally offered on monthly subscriptions, and the business owner is not responsible for installing, updating, and maintaining the solution. This is anticipated to create opportunities for the growth of spend analytics for electronics and semiconductor market size during the forecast period. Several well-established companies, such as SAP and Anaplan, offer cloud-based spend analytics solutions to provide greater flexibility to users. The spend analytics for electronics and semiconductor market players are adopting strategies to expand their business in these segments. This, in turn, benefits the progression of spend analytics for electronics and semiconductor market forecast by increasing the probability of their adoption.
Major players in the spend analytics for electronics and semiconductor market are taking measures to take advantage of the opportunities in emerging markets. Coupa Software Inc, IBM Corporation, Ivalua Inc, Lytica Inc, NB Ventures Inc (GEP), SAP SE, Scanmarket AS, Synertrade Inc, Vortal Connecting Business SA, and Zycus Inc are among the prominent spend analytics for electronics and semiconductor market players. Various other companies are also operating in the market and introducing new advanced technologies and offerings. Several other important market players were also analyzed during this market research to get a holistic view of the global market and its ecosystem.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com