The worldwide energy and utility analytics market is set to experience a skyrocketing CAGR of 16.6% during the forecast period 2019–2024, claims Market Research Future in its well-elaborated study. The ever-advancing and smart revolution have always been on a lookout for bringing more opportunities in the world of analytics. Currently, it has a disruptive impact on the semiconductor industry, where the complexity of data is increasing at a higher pace. Therefore, the current trend of technology has taken the market by storm and now is eyeing to gain high-end market valuation during the forecast period.
At present, with the help of evolving technology, the energy and utility industry has leveraged analytical capabilities to address the existing challenges, which has boosted the market somehow to expand. The analytical solutions now provide efficient real-time analysis of entire processes in energy and utility industries for asset management, smart grid management, customer analytics, logistics and supply chain analytics, and risk analytics. These help in enhancing and optimizing operational performance and assist in decision making, which one of the best features of energy and utility analytics. These are the prime factors that are taking the market towards positive direction which could witness steady growth in its growth period.
At the same time, the increasing adoption of analytics has resulted in the discovery of visions from the vast volumes of data produced across the energy and utility sector, which is yet another prime factor boosting the market to grow at a rapid pace. Implementation of the Internet of Things (IoT), abiding by the preference, in the entire energy and utility sector has also resulted in the generation of significant volumes of data in various industries. Therefore, applying analytics to the enormous volume of data has enabled useful features such as energy management, preventing fraud, reduction of loss, improved compliance and enhanced customer services. All these factors have been spotlight in the course of market expansion and helped the flow of its growth in a very précised way. Therefore, the study has stated that the global market for Energy and Utility Analytics can achieve a higher valuation during the assessment period.
On the other hand, the growing adoption of cloud platforms in the energy and utility sector has also been a positive aspect that has driven the market substantially. On the flip side, factors such as data security and privacy concerns and lack of skilled analytical expertise are the primary concerns that could hinder the growth of the global Energy and Utility Analytics market during the assessment period.
The segmental analysis of the global energy and utility analytics industry has been broadly done by the elements of component, deployment, application, and industry vertical.
In terms of components, the market has included solutions and services. Among these, the solution segment has also been segmented into customer analytics, smart grid analytics, risk analytics, logistics, financial analytics, asset management analytics, and supply chain analytics, and more. At the same time, service segment is also segmented into deployment and integration, support and maintenance, and consulting.
In terms of deployment, the market has been categorized into on-cloud, on-premise, and hybrid.
In terms of application, the market includes energy/load forecasting, emergency response management, revenue assurance, energy distribution, and transmission management, predictive maintenance, meter optimization, and many more.
In terms of industry vertical, the market includes energy and utility. Among which, the energy segment is also segmented into oil, natural gas, renewable energy, nuclear power, and coal. At the same time, the utility segment is also further segmented into water, electricity, and more.
Regionally, the COVID-19 analysis of energy and utility analytics market is also studied among the key regions of North America, Asia-Pacific, Europe, South America and the Middle East and Africa.
Among these, the North America region is being studied through and portrayed that it is expected to lead the global energy and utility analytics market during the growth period. The major analytics solutions provider such as Oracle Corporation, IBM Corporation, General Electric Company, SAS Institute Inc., and Tibco Software Inc. are leaders in North America. These players are profoundly investing in R&D to offer enriched capabilities to their solutions, which surges operational efficiency. Due to these reasons, the market is proliferating in this region at a steady pace.
Europe is yet another profiting region in the global energy and utility analytics market in terms of market share. Due to well-established infrastructure, high technical expertise and rising adoption of the cloud platform are the main factors driving the growth of energy and utility analytics market in the region.
The market in Asia-Pacific is also likely to proliferate at a significant pace during the forecast period as countries like China, Japan, India, South Korea, Australia are the leading business centers of analytics. With this, the surging adoption of IoT technology and cloud platform across the region is also motivating the growth of energy and utility analytics market. Even the government initiatives such as smart cities are helping in increasing the demand for analytical solutions to forecast, maintain load management, and enhancing operational efficiency. These factors are also further propelling market growth.
Capgemini SE (France), Energysavvy Inc. (US), Schneider Electric (France), IBM Corporation (US), General Electric Company (US), SAP SE (Germany), Infosys Limited (India), Tibco Software Inc. (US), Oracle Corporation (US), Eaton Corporation (Ireland), Ericsson (Sweden), ABB Ltd (Switzerland), SAS Institute Inc. (US), Wegowise Inc. (US), Wipro Limited (India), are some of the top listed key players contributing in the growth of global energy and utility analytics market.