Market Highlights
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.
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.
Segmentation:
At present, with the help of evolving technology, the energy and utility industry has leveraged analytical capabilities to address the existing challenges, which has boosted the market somehow to expand. The analytical solutions now provide efficient real-time analysis of entire processes in energy and utility industries for asset management, smart grid management, customer analytics, logistics and supply chain analytics, and risk analytics. These help in enhancing and optimizing operational performance and assist in decision making, which one of the best features of energy and utility analytics. These are the prime factors that are taking the market towards positive direction which could witness steady growth in its growth period.
At the same time, the increasing adoption of analytics has resulted in the discovery of visions from the vast volumes of data produced across the energy and utility sector, which is yet another prime factor boosting the market to grow at a rapid pace. Implementation of the Internet of Things (IoT), abiding by the preference, in the entire energy and utility sector has also resulted in the generation of significant volumes of data in various industries. Therefore, applying analytics to the enormous volume of data has enabled useful features such as energy management, preventing fraud, reduction of loss, improved compliance and enhanced customer services. All these factors have been spotlight in the course of market expansion and helped the flow of its growth in a very précised way. Therefore, the study has stated that the global market for Energy and Utility Analytics can achieve a higher valuation during the assessment period.
On the other hand, the growing adoption of cloud platforms in the energy and utility sector has also been a positive aspect that has driven the market substantially. On the flip side, factors such as data security and privacy concerns and lack of skilled analytical expertise are the primary concerns that could hinder the growth of the global Energy and Utility Analytics market during the assessment period.
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
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.
