Energy and Utility Analytics Market Growth Analysis | Industry Leaders are Oracle Corporation (US) Capgemini SE (France) ABB Ltd (Switzerland) IBM Corporation (US) General Electric Company (US) SAP SE (Germany) Tibco Software Inc. (US) Schneider Electric

Energy and Utility Analytics Market Research Report - Global Forecast till 2024

Market Highlights

Market Research Future (MRFR), in its newly published research report, states that the global market is booming and expected to grow significantly over the review period, reaching substantial revenue generation from USD 1.98 billion in 2018 up to USD 5.32 Billion by 2024, at a CAGR of 16.6% over the forecast period and a healthy CAGR in the forecast period.

Drivers and Restraints

Increasing adoption of analytics to ascertain insights from the vast volumes of data generated over energy and utilities sector is slated to drive the growth of the market. Adoption of the Internet of Things (IoT) across the energy and utilities sector has led to the generation of momentous volumes of data across the industries. Applying analytics to this large volume of data provides insights related to consumer usage patterns, which aids in demand forecasting and to effective energy management, thus avoiding fraud, reducing loss, improving compliance with regulatory requests, and enhancing customer services. Moreover, growing government initiatives for deploying advanced metering infrastructure (AMI) further fuel the market growth. The increasing adoption of cloud platform across energy and utilities sector is poised to have a positive impact on the market growth. However, data security and privacy concerns and the lack of skilled analytical expertise are the critical challenges faced by the market over the review period. Additionally, issues related to integrating the solution with the legacy architecture is hindering the market growth.

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Segmentation:

The global energy and utility analytics market has been largely segmented on the basis of deployment, component, application, industry vertical, and region.

Based on the component, the market for energy and utility analytics has been bifurcated into solution and services. The solution segment has been segmented into smart grid analytics, asset management analytics, financial analytics, customer analytics, risk analytics, logistics and supply chain analytics, and others. The service segment has been divided into support and maintenance, deployment and integration, and consulting.

Based on the deployment, the energy and utility analytics market has been segmented into on-premise, on-cloud, and hybrid.

On the application, the energy and utility analytics market has been segmented into predictive maintenance, revenue assurance, energy/load forecasting, energy distribution and transmission management, emergency response management, meter optimization, and others.

Based on the industry vertical, the market for energy and utility analytics has been bifurcated into energy and utility. The energy segment has been divided into oil, renewable energy, natural gas, nuclear power, and coal. The utility segment has been segmented into electricity, water, and others.

Regional Analysis

The regional analysis of the global energy and utility analytics market has been carried out in major regions comprising the Asia Pacific, North America, Europe, and the rest of the world (the Middle East and Africa, Latin America). North America is slated to dominate the global energy and utility analytics market during the forecast period. The major analytics solutions market player for energy and utility sector, which includes Oracle Corporation, IBM Corporation, SAS Institute Inc., General Electric Company, and Tibco Software Inc., are from North America. These players are substantially investing in R&D to offer enhanced capabilities to their solutions, which enhances the operative efficiency. The North American region has been segmented, by country, into Canada, the US, and Mexico.

Europe follows North America closely in the global energy and utility analytics market in terms of market share. Well-established infrastructure, high technical expertise, and growing adoption of the cloud platform is fueling the growth of energy and utility analytics market in Europe. On the other hand, data security and privacy concerns are limiting the market growth. The European region has been segmented, by country, into the UK, France, Germany, Italy, Spain, Benelux, and the rest of Europe.

The market in Asia-Pacific is slated to grow at a significant pace during the forecast period. Europe has been segmented, by country, into China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific. The rising adoption of IoT technology and cloud platform across the region is driving the growth of energy and utility analytics market. Additionally, government initiatives such as smart cities, which contributes to the demand for analytical solutions for load management, demand forecasting, and enhancing operational efficiency, further drives the market growth.

Competitive Analysis

The major market players acknowledged in the global energy and utility analytics market as identified by MRFR are General Electric Company (US), Eaton Corporation (Ireland), Capgemini SE (France), IBM Corporation (US), SAP SE (Germany), ABB Ltd (Switzerland), Schneider Electric (France), Tibco Software Inc. (US), and Oracle Corporation (US).

Other players include Ericsson (Sweden), Wipro Limited (India), SAS Institute Inc. (US), Infosys Limited (India), Energysavvy Inc (US), and Wegowise, Inc. (US).

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Global Energy and Utility Analytics Market Research Report: by Component (Solution and Service), by Deployment (On-Cloud, On-Premise and Hybrid), by Application (Predictive Maintenance, Energy/Load Forecasting, Revenue Assurance, Energy Distribution and Transmission Management, Meter Optimization, Emergency Response Management and others), by Industry Vertical (Energy and Utilities) and by Region (North America, Europe, Asia-Pacific, Middle East and Africa and South America) - Forecast till 2024

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This release was published on openPR.