According to a research report "Energy and Utilities Analytics Market by Component (Solutions and Services), Deployment Mode, Organization Size, Application (Upstream, Midstream, and Downstream), Vertical (Energy and Utilities), and Region - Global Forecast to 2025", size is expected to grow from USD 2.0 billion in 2020 to USD 4.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 16.3% during the forecast period.
The major growth factor of the energy and utilities analytics market is the mounting adoption of smart meters for enabling two‐way communication between companies and customers. The prioritization of power generation planning and the need for accurate forecasting, and the investments in digital channels to improve customer processes, experience, and perceived customer value are also expected to drive the market growth.
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The major energy and utilities analytics vendors include Microsoft (US), Eaton (Ireland), IBM (US), SAP (Germany), Intel (US), GE (US), Schneider Electric (France), Siemens (Germany), Cisco (US), Google (US), Oracle (US), SAS Institute (US), Salesforce (US), OpenText (Canada), Teradata (US), AWS (US), Atos (France), MicroStrategy (US), Alteryx (US), TIBCO Software (US), Qlik (US), Yellowfin (Australia), Board International (Switzerland), and Infor (US). These players have adopted various growth strategies, including partnerships, agreements, and collaborations and new product launches, to further expand their presence in the global energy and utilities analytics market. Partnerships, new product launches, acquisitions, and product enhancements have been the dominating strategies adopted by the major players from 2018 to 2020, which have helped them innovate their offerings and increase their customer base.
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Eaton’s (Ireland), a power management company, mission is to improve the quality of life and environment using power management technologies and services. It provides sustainable solutions that help customers effectively manage electrical, hydraulic, and mechanical power more safely, efficiently, and reliably. It operates through five business segments, which include electrical products, electrical systems and services, hydraulics, aerospace, vehicle, and eMobility. The company caters to various industries, including commercial, communications and data, industrial and manufacturing, mining, renewable energy, oil and gas, solar, and utilities. It focuses on various acquisitions to help its customers to effectively manage electrical, hydraulic, and mechanical power more safely, efficiently, and reliably. Eaton invests in research and development initiatives that enable it to enhance grid services and improve reliability in distribution systems with high solar penetration. Its continuous focus on new solution launches would enable it to enhance its product offerings across the globe.
To fight against the battle of COVID-19, Eaton and its partners have worked on a project by the United States Army Corps of Engineers at Stony Brook University Hospital in New York. The project involved supplying essential power distribution equipment to four temporary medical facilities with the capacity to treat more than 1,000 patients.
IBM (US), a multinational technology and consulting corporation, offers infrastructure, hosting, and consulting services. As of December 31, 2019, IBM’s total employee strength, including its wholly owned subsidiaries, was 352,600. The company operates through five major business segments: cognitive solutions, global business services, technology services and cloud platforms, systems, and global financing. IBM caters to various industries that include aerospace and defense, education, healthcare, oil and gas, automotive, electronics, insurance, retail and consumer products, banking and finance, energy and utilities, life sciences, telecommunications, media and entertainment, chemicals, government, manufacturing, travel and transportation, construction, and metals and mining. The company has robust presence in the Americas, Europe, MEA, and APAC and has clients in more than 175 countries. IBM is one of the global leaders that manufactures and markets hardware, middleware, and software. With a prime focus on R&D activities, the company invested more than 7% of its revenue, which was around USD 6 billion, in R&D activities in 2019. IBM has also developed products to meet the growing demand for analytical solutions and platforms across all the major verticals. To maintain its leading position and increase its footprint worldwide, the company offers a wide range of end-to-end energy and utilities analytics solutions. IBM aims at improving decision-making throughout the entire energy and utilities ecosystem and helping the ecosystem become safer, more reliable, and more efficient through improved forecasting, better use of resources, reduced plant downtime, reduced inventory and operating costs, and improved asset utilization.
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