Energy and Utility Analytics Market Research Report - Global Forecast till 2027

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 2027

ID: MRFR/ICT/6638-HCR | February 2021 | Region: Global | 111 pages

Energy and Utility Analytics Market Overview


The energy and utility analytics market is expected to grow from USD 1.98 billion in 2018 to USD 5.32 Billion by 2024, at a CAGR of 16.6% during the forecast period.


The smart revolution currently has a disruptive impact on the industry. Also, the volume, type, and complexity of data are increasing at a high rate. In order to thrive in this highly competitive and regulated environment, the energy and utilities industry leverage analytical capabilities to address these challenges. The analytical solutions 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 analytics, and risk analytics, which helps in enhancing and optimizing the operational performance and help in decision making.


Increasing adoption of analytics to discover insights from the vast volumes of data generated across energy and utilities sector is expected to drive the growth of the market. Implementation of the Internet of Things (IoT) across the energy and utilities sector has resulted in the generation of significant volumes of data across the industries. Applying analytics to this huge volume of data provides insights related to customer usage patterns, which helps in demand forecasting and to effective energy management, thereby preventing fraud, reducing loss, improving compliance with regulatory requests, and enhancing customer services. Furthermore, increasing government initiatives for adopting advanced metering infrastructure (AMI) further propel the market growth. Growing adoption of cloud platform across energy and utilities sector is expected to have a positive impact on the market growth. However, data security and privacy concerns and lack of skilled analytical expertise are the major challenges faced by the market. Furthermore, issues related to integrating the solution with the legacy architecture is limiting the market growth.


Segmentation


The global energy and utility analytics market has been broadly segmented on the basis of component, deployment, application, industry vertical, and region.


By component, the market has been segmented into solution and services. The solution segment has been further segmented into asset management analytics, smart grid analytics, risk analytics, customer analytics, financial analytics, logistics and supply chain analytics, and others. The service segment has been further segmented into deployment and integration, support and maintenance, and consulting.


By deployment, the market has been segmented into on-cloud, on-premise, and hybrid.


By application, the market has been segmented into predictive maintenance, energy/load forecasting, revenue assurance, energy distribution and transmission management, meter optimization, emergency response management, and others.


By industry vertical, the market has been segmented into energy and utility. The energy segment has been further segmented into oil, natural gas, renewable energy, nuclear power, and coal. The utility segment has been further segmented into water, electricity, and others.


By region, the market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.


Key Players



  • 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)

  • Energysavvy Inc. (US)


Regional Analysis


The global energy and utility analytics market is estimated to grow at a significant rate during the forecast period from 2019 to 2024. The geographic analysis of the global energy and utility analytics market has been conducted for North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.


North America is expected to dominate the global energy and utility analytics market during the forecast period. The major analytics solutions provider for energy and utility sector, which includes Oracle Corporation, IBM Corporation, General Electric Company, SAS Institute Inc., and Tibco Software Inc. are from North America. These players are heavily investing in R&D to offer enhanced capabilities to their solutions, which increases the operational efficiency. The region has been segmented, by country, into the US, Canada, and Mexico.


Europe is following North America in the global energy and utility analytics market in terms of market share. Well-established infrastructure, high technical expertise, and increasing adoption of the cloud platform is driving the growth of energy and utility analytics market in the region. However, data security and privacy concerns are hindering the market growth. The region has been segmented, by country, into the UK, Germany, France, Italy, Spain, Benelux, and the rest of Europe.


The market in Asia-Pacific is expected to grow at a significant pace during the forecast period. The region has been segmented, by country, into China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific. Increasing adoption of IoT technology and cloud platform across the region is driving the growth of energy and utility analytics market. Furthermore, government initiatives such as smart cities, which increases the demand for analytical solutions for demand forecasting, load management, and enhancing operational efficiency, further propels the market growth.


Intended Audience



  • Organizations, Firms, Enterprises

  • Government Bodies and Departments

  • Energy and Utility Service Providers

  • Analytics Service Developers

  • Analytics Software Vendors

  • Independent software vendors

  • Channel Partners

  • IT Service Providers

  • Market Research and Consulting Firms

  • Cloud Service Providers

  • System Integrators

  • Application design and software developers



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Frequently Asked Questions (FAQ) :


The market gained USD 1.98 billion in 2018.

The market will be gaining a valuation of USD 5.32 Billion by 2024.

The market will be calculating for a CAGR of 16.6% for its growth in the forecast period.

The collective adoption of analytics to discover insights from the vast volumes of data generated across energy and utilities sector is driving the growth of the market.

The component, deployment, application, industry vertical are the segments mentioned in the segmental analysis of the market.