Market Snapshot
The energy and utility analytics market is garnering substantial traction worldwide. The market growth is attributed to the increasing adoption of analytics to discover insights from the vast volumes of data generated across utilities. Besides, the rising implementation of the Internet of Things (IoT) across the power sectors worldwide drives market growth, generating significant data volumes. Moreover, substantial R&D investments in developing these analytics escalate market growth.
These analytics provide real-time analysis of all the processes across energy and utility industries such as asset management, smart grid management, customer analytics, logistics, and supply chain & risk analytics, enhancing and optimizing operational performance and decision-making. Utilities are increasingly implementing business analytics to target market strategic framework, which is a current market trend impacting market growth positively.
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Conversely, data security & privacy concerns and lack of skilled analytical expertise are the major challenges projected to impede the market growth. Also, issues related to integrating these solutions with legacy architecture restrict the growth of the market. Nevertheless, the rapidly growing awareness of these solutions' advantages would support market growth throughout the review period.
Energy and Utility Analytics Market - Segments
The report is segmented into five dynamics;
By Component: Solutions (asset management analytics, smart grid analytics, risk analytics, customer analytics, financial analytics, logistics and supply chain analytics, and others) and Services (deployment and integration, support & maintenance, and consulting).
By Deployment: On-Cloud, On-Premise and Hybrid.
By Application: Energy/Load Forecasting, Predictive Maintenance, Revenue Assurance, Energy Distribution & Transmission Management, Meter Optimization, Emergency Response Management, and others.
By Industry Vertical: Oil, Natural Gas, Renewable Energy, Nuclear Power, Coal, and others.
By Regions: Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Energy and Utility Analytics Market- Regional Analysis
North America dominates the global energy and utility analytics market. The largest market share attributes to the presence of leading solution providers investing heavily in R&D to enhance their solutions' capabilities, which increases operational efficiency.
Besides, the rising adoption of advanced technologies in energy management drives the growth of the regional market. Moreover, the increasing energy demand and government initiatives & utility-scale policy support the growth of the market in the region.
Europe stands second in the global energy and utility analytics market. The market growth is driven by well-established infrastructure, high technical expertise, and increased cloud platform adoption. Additionally, the rising deployments of renewable energy generation systems and increasing demand for power foster regional market growth. Furthermore, the increasing adoption of renewable sources and energy consumption creates considerable market demand.
The Asia Pacific energy and utility analytics market is growing rapidly. Factors such as the rising adoption of IoT technology and cloud platforms across the region boost market growth. Furthermore, government initiatives such as smart city projects create a substantial demand for analytical solutions for demand forecasting, load management, and enhancing operational efficiency.
Also, government initiatives to promote energy-saving plans influence market growth. Moreover, the continually growing energy demand led by the increasing population and rapid industrialization & urbanization fuel the regional market growth.
Global Energy and Utility Analytics Market- Competitive Landscape
Highly competitive, the energy and utility analytics market appears to be fragmented due to the presence of several well-established industry players. These players initiate strategic approaches such as mergers & acquisitions, collaboration, expansion, and technology launches to gain a larger competitive advantage.
Major Players
Players leading the global energy and utility analytics market 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 (France), Eaton Corporation (Ireland), Ericsson (Sweden), Wipro Limited (India), Infosys Limited (India), SAS Institute Inc. (US), Wegowise Inc. (US), and Energysavvy Inc. (US), among others.
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