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Energy and Utilities Analytics Market Trends, Top Companies, Share, Growth And Forecast 2033
Energy and Utilities Analytics Market
As per the report, the energy and utilities analytics market size has grown rapidly in recent years. It will grow from $2.87 billion in 2023 to $3.37 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The energy and utilities analytics market size is expected to see rapid growth in the next few years. It will grow to $6.12 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%.
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Smart Meter Deployment Drives Growth In The Energy And Utilities Analytics Market
The rising deployment of smart meters is expected to propel the energy and utilities analytics market growth. Smart meters detect electrical current flow and voltage at regular intervals and then sum the results to calculate the amount of power utilized. The rising deployment of smart meters increases power usage efficiency by introducing a bi-directional flow of information from the utilities to the consumer and vice-versa. Real-time data communication allows to detect outages, identify power theft, avoid meter data tampering, and provides better service. For instance, in April 2021, a report published by The Edison Foundation's Institute for Electric Innovation, a US-based non-profit organisation, the Smart meter installations in the United States reached 107 million in 2020 and are expected to reach 115 million in 2021. Therefore, the rising deployment of smart meters is driving the growth of the energy and utilities analytics market.
Technological Advancements Drive Innovation In The Energy And Utilities Analytics Market
Technological Advancements are a key trend gaining popularity in the energy and utilities analytics market. Energy and utility companies use cutting-edge technology in their operations, such as artificial intelligence, cloud computing technology to generate massive data sets collected over time to gain insight about energy and consumption. Major companies operating in the energy and utilities analytics market are focused on developing new technological solutions to strengthen their position. For instance, in April 2021, Bidgely, a US-based innovation partner for UtilityAI company, launched energy analytics for utilities on the salesforce app exchange. Through this, customers can enrich account analysis for utilities by using Bidgely's energy insight widgets embedded within the salesforce. The solution addresses a significant pain point for utility system integrators by unifying customer data into a single platform by integrating consumption-level insights into their existing CRM system.
The energy and utilities analytics market covered in this report is segmented -
1) By Type: Software, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Application: Load Forcasting, Meter Operation, Distribution Planning, Demand Respone, Other Applications
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Major companies operating in the energy and utilities analytics market report are Eaton Corporation, Salesforce Inc., International Business Machines Corporation (IBM), SAP SE, Intel Corporation, General Electric, Schneider Electric, Siemens AG, Cisco Systems Inc., Google LLC, Oracle Corporation, SAS Institute, Yellowfin, OpenText, Teradata Corporation, Infor, Atos World Line India Pvt Ltd., MicroStrategy, Alteryx, TIBCO Software, Qlik, Honeywell International Inc., Capgemini SE, ABB Limited, IBM Corporation, Hitachi Ltd., Siemens Energy AG, Wipro Limited, Infosys Limited
Contents of the report:
1. Executive Summary
2. Energy and Utilities Analytics Market Report Structure
3. Energy and Utilities Analytics Market Trends And Strategies
4. Energy and Utilities Analytics Market - Macro Economic Scenario
5. Energy and Utilities Analytics Market Size And Growth
…..
27. Energy and Utilities Analytics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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