Press release
Energy and Utility Analytics Market Challenges, Size, Share and Forecast | Key Industry Players are Eaton Corporation (Ireland), General Electric Company (US), Capgemini SE (France), IBM Corporation (US), ABB Ltd (Switzerland) and SAP SE (Germany)
Energy and Utility Analytics Market
Market Highlights
Advancements in analytics are projected to favor the growth of the energy and utility analytics market in the years to come. However, security breach concerns are observed to impede market growth in the foreseeable future.
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.
Increasing utilization of smart grid systems, in conjunction with the implementation of laws favoring microgrid use, is expected to unleash growth opportunities for the market players. Increasing investments in utility companies are also anticipated to dominate the growth rate of the energy and utility analytics market over the next couple of years.
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Key Players
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.
Segmentation:
On the basis of component, the global energy and utility analytics market have been segmented into solution and services. The solutions segment is sub-segmented into asset smart grid analytics, management analytics, financial analytics, customer analytics, logistics and supply chain analytics, risk analytics, and others. The sub-segments of the services segment are support and maintenance, deployment and integration, and consulting.
By deployment, the energy and utility analytics market have been segmented into on-premise, on-cloud, and hybrid.
The segments of the global energy and utility analytics market, on the basis of application, studied in this MRFR assessment are energy/load forecasting, predictive maintenance, revenue assurance, meter optimization, emergency response management, energy distribution and transmission management, and others.
On the basis of industry, the energy and utility analytics market have been divided into energy and utility. The energy segment has been sub-segmented into oil, renewable energy, natural gas, nuclear power, and coal. Lastly, the utility segment has been sub-segmented into electricity, water, and others.
Regional Outlook
Regionally, the global market for energy and utility analytics 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.
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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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