Energy and Utility Analytics Market Trends, Competitive Landscape, Strategies, Opportunities, Revenue Forecast, Business Insights and Impact of COVID-19

Energy and Utility Analytics Market Research Report

Market Overview

The energy and utility analytics market is expected to reach USD 5.32 Billion with a CAGR of 16.6% during the forecast period. The market value was recorded at USD 1.98 Billion during the historic forecast period. The global energy crisis is recognized as a worldwide issue, and various groups are working hard to address it. As a result, demand for energy management systems has risen in recent years, particularly in the industrial verticals. The expanding population and concerns about carbon footprints are creating attractive prospects for energy conservation and control technologies to be implemented. To manage their energy and utilities efficiently, developed countries are rapidly deploying efficient energy management systems.

Several industry verticals have been stumbling blocks as a result of the epidemic of COVID; industrial and manufacturing sectors have been shut down and are not running smoothly. The demand for energy and utilities to run hospitals, health care facilities, the food, and beverage industry, and other major industries was fast rising. This prospect has greatly raised the market worth of energy and utility analytics. However, the epidemic has slowed the expansion of the energy and utility sectors significantly.

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Market Segmentation

Based on the Component, the market is segmented into Solution, Asset management analytics, Smart grid analytics, Risk analytics, Customer analytics, Financial Analytics, Logistics, and supply chain analytics, Services, Deployment and integration, Support and maintenance, Consulting, and Others.

Based on the Deployment, the market is segmented into On-cloud, On-Premise, and Hybrid.

Based on the Application, the market is segmented into Predictive maintenance, Energy/load forecasting, Revenue assurance, Energy distribution, Transmission Management, Meter optimization, Emergency response management, and Others.

Based on the Market Vertical, the market is segmented into Energy, Oil, Natural gas, Renewable energy, Nuclear power, Coal, Utility, Water, Electricity, and Others.

Based on the Market’s Type, the market is segmented into Software and Service.

Based on the Region, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

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Regional Classification

Because of the presence of established market players such as Oracle Corporation, IBM Corporation, General Electric Company, and Tibco Software Inc. in the region, North America is likely to dominate market growth. These well-established businesses are boosting their investments in the energy and utilities analytics sector, with a focus on improving operational efficiency and capacities. Because of the region’s well-established infrastructure, higher technological competence, and growing interest in cloud-based technologies, Europe is likely to see higher market growth. As the demand for energy analytics grows across numerous countries in the region, the Asia-Pacific region is also developing steadily. This is due to the increased adoption of IoT-based technologies and cloud technologies.

Industry News

The major key players in the market are Microsoft (US), IBM (US), Intel (US), GE (US), Cisco (US), Google (US), Oracle (US), SAS Institute (US), Salesforce (US), Teradata (US), AWS (US), MicroStrategy (US), Alteryx (US), TIBCO Software (US), Qlik (US), and Infor (US). The growing use of smart grids and smart meters to monitor and optimize energy consumption is propelling the energy and utilities analytics industry forward.

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