Big Data Analytics in Energy Market to be at $20 Billion Opportunity, and Share Growing at CAGR of 7.3% by 2031

According to the report published by Allied Market Research, the global big data analytics in energy market generated $9.51 billion in 2021, and is projected to reach $36.76 billion by 2031, growing at a CAGR of 14.6% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, drivers & opportunities, key investment pockets, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.

The big data analytics in energy market is a service-oriented offering, with highly efficient system for utility companies to analyze all aspects of energy production and consumption. Big data analytics in energy sector often connects technologies such as artificial intelligence (AI), internet of things (IoT), and smart grid with advanced metering infrastructure to get strategic insights that would foster efficient energy use.

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Rise in number of patients across the globe has led to a significant decrease in the adoption of big data analytics and preplanned investments, owing to the closing of work places & industries such as energy and utility sector. However, the COVID-19 pandemic has led to increased adoption of cloud technology to help consumers across big data analytics in energy industry to combat against the pandemic situation. Furthermore, many companies are providing free and open data set tools to researchers and scientists for helping them to develop remote solutions at a faster pace.

COVID-19 Scenario:

• The outbreak of COVID-19 had a positive impact on the growth of the global big data analytics in energy market, owing to the occurrence of lockdowns in various countries across the globe.

• Lockdowns resulted in increased internet penetration, and hence more and more companies were increasingly receiving significant investments in advanced technologies such as IoT and smart technologies.

• Besides, various organizations have initiated work-from-home culture for their employees, which created an immense demand for the cloud-based big data analytics to manage critical information of organizations. This, in turn, creates lucrative opportunity for the market expansion during the forecast period.

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Based on offering, the solution segment held the largest market share in 2021, garnering nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The service segment, on the other hand, is predicted to cite the fastest CAGR of 15.6% during the forecast period.

Based on application, the asset analytics segment held the dominating market share in 2021, holding nearly one-third of the global market, and is expected to maintain its leadership status during the forecast period. The customer analytics segment, on the other hand, is expected to cite the fastest CAGR of 17.5% during the forecast period.

Based end-user, the utilities segment held the largest market share in 2021, garnering nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The energy segment, on the other hand, is expected to cite the fastest CAGR of 15.8% during the forecast period.

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Based in enterprise size, the large enterprises segment held the dominating market share in 2021, holding nearly three-fourths of the global market, and is expected to maintain its leadership status during the forecast period. The SMEs segment, on the other hand, is predicted to cite the fastest CAGR of 16.5% during the forecast period.

Based on region, the market across North America held the largest market share in 2021, garnering nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 17.0% during the forecast period.

The key players that operate in the big data analytics in energy market are ALTERYX, INC., Dell Technology, Energyly, Enview., Google LLC., HEWLETT PACKARD ENTERPRISE, Infosys Limited, IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Siemens AG, SAS Institute Inc, Teradata, and TIBCO Software Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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