Energy and Utilities analytics are utilized by companies to track the power consumption of their customers using technology. The introduction of smart grids and smart meters has enabled energy and utility providers to allocate services efficiently & reduce costs. The rising adoption of cloud-based technology, big data analytics, and an increase in the use of open-source technologies by various industries which are emphasizing growing business revenues create a lucrative demand for this market.
According to the study, “Global Energy and Utility Analytics Market to reach USD 6.4 billion by 2026” the key companies operating in the global energy & utility analytics market are International Business Machines (IBM) Corporation, General Electric Company, Oracle Corporation, ABB Ltd., Ericsson Wipro Limited, Capgemini SE, Schneider Electric, SAP SE, SAS Institute Inc., Tibco Software Inc., Infosys Limited, Eaton Corporation, Energysavvy Inc., and Wegowise Inc.
Based on the component, the energy & utility analytics market is segmented as a solution and services. The solution segment is further sub-segmented as software and platform. The services segment is further sub-segmented as professional services and managed services. Professional services include deployment & integration, consulting services, support & maintenance services, and other services. Based on the application, the market is segmented as downstream applications, midstream applications, and upstream applications. Midstream applications include grid analytics, logistics & supply chain analytics and storage optimization analytics. Additionally, the upstream application includes production planning & forecasting analytics, exploration & drilling analytics, workforce management analytics, field surveillance analytics, and predictive asset analytics. Based on the deployment model, the market is segmented as hosted and on-premises. In addition, based on industry vertical, the market is segmented as utilities vertical and energy oil & gas vertical.
The energy & utility analytics market is driven by growth in business need for operational efficiency & risk mitigation, followed by a rise in adoption of smart meters to enable 2-way communication between companies & customers, growth in prioritization of power generation planning & rise in need for accurate forecasting and increase in investment in digital channels to improve customer processes, experience, and perceived customer value. However, growth in Technological & analytical skills gaps within the existing workforce, legacy database technologies limiting the utility effectiveness and stringent government rules & regulations may impact the market. Moreover, the rise in internet penetration & growth in the adoption of Internet-of-Things (IoT) devices and an increase in investments in smart grid & advanced metering infrastructure are key opportunities for the market.
Based on geography, the North-American region holds a major share in the global energy & utility analytics market owing to rise in advancements in IoT coupled with growth in demand forbid data analytics, cloud-based technologies and government policies in the region. Whereas, the Asian-Pacific and European regions are anticipated to witness higher growth rate due to flexible policies of governments in developing countries and ever-expanding digital industry over the forecast period. The global energy and the utility analytics market is valued approximately at the US $2.3 billion in 2018 and is expected to grow with a CAGR of more than 13.5% over the forecast period 2019 to 2026.
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