Global Energy and Utilities Analytics Market was valued US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of XX % during a forecast period.
Global Energy and Utilities Analytics Market
The report study has analyzed revenue impact of the COVID-19 pandemic on the sales revenue of the market leader, market followers and market disrupters in the report and same is reflected in our analysis.
Analytics have helped to transform a range of operational processes. It helps to match power generation with expected demand, manage peak load through variable pricing, and optimize the integration of decentralized energy generation. Utility business units have main ownership for the selection and funding of specific applications and business strategy. It is readily apparent as utilities take an enterprise approach for forward movement with analytics. IT participates are ensuring the proper infrastructure, which help to take full advantage of the analytics capabilities.
Global Energy and Utilities Analytics Market, Dynamics:
The advent of smart meters, intelligent electronic devices and phasor measurement units have created a wealth of data, which can be more effectively mined and applied by global utilities to increase their operational performance. The applications for advanced analytics in the utilities industry have the potential for adding significant business value in a number of ways to increase the revenue enhancement, operational efficiency, and reduced costs. With the introduction of smart technologies, utilities are exploring new analytics use cases , which is depend on legacy IT foundation systems as referential data sources.
Despite the benefits of advanced analytics, adoption levels appear low. A key challenge facing in the utilities is low customer satisfaction levels. Also, the lack of customer-focused analytics initiatives is driven by infrastructure limitations that are expected to limit the global energy and utilities analytics market.
The Covid-19 Impact on Global Energy and Utilities Analytics Market:
The recent outbreak of Covid-19, the governments across the globe are increasingly limiting the movement of people primarily to slow down the spread of virus. The COVID-19 crisis has a major impact on the utility and energy sector. The existing company suppliers are facing challenges to fulfil the urgent requirements of the consumer. Industries are still adjusting to the COVID-19 economy, from new internal logistics and building out infrastructure to manage up with the increased demand.
Global Energy and Utilities Analytics Market, Segment Analysis:
The software segment is expected to grow at a XX% rate of CAGR during the forecast period. Energy and utilities analytics software is becoming suitable prevalent among utility organizations to transform the underlying infrastructure. The proliferation of analytics has enforced key players to deliver end-to-end benefits across utilities' value chain. The benefits include enhanced customer experience, cost reduction, increased up-sell or cross-sell opportunities, and enhanced brand loyalty.
The energy vertical is expected to grow at a contribute XX% share global energy and utilities analytics market during the forecast period. The growth in the market is attributed to the volume of customer data, shifting customer requirements, and need for efficient supply chain management. The driving factors have created the demand for energy and utilities analytics solutions and services. The energy vertical is a classification of stocks, which relate to produce or supply energy. It comprises key players, which are involved in the exploration and development of oil or gas reserves, oil and gas drilling, and refining. It also includes integrated power utility companies like renewable energy and coal.
Global Energy and Utilities Analytics Market, Regional Analysis:
North America region is expected to contribute XX% share in the global energy and utilities analytics market. The demand in the region is driven by an increased focus on innovations through R&D and technology advancement in developed economies like United States and Canada. The region has large consumption of energy, which is supporting the growth of the regional market. Also, presence of the prominent key players like IBM Corporation, Oracle Corporation, BuildingIQ, and SAS Institute Inc are also contributing growth in the market.
The US government is upgrading its energy grids and adapting to advanced metering infrastructure (AMI) to reduce energy consumption. For instance, according to the US Energy Information Administration, the residential sector has witnessed the high AMI adoption in the country. The penetration of smart meters in Canada is high because of its ambitious initiatives undertaken by the country. A large number of cooperative and municipal utilities are also expected to play a vital role in market penetration.
Global Energy and Utilities Analytics Market, Competitive Analysis:
Some of the prominent key players are leveraging strategic collaborative initiatives to increase their market share and profitability. The key players operating in the global market are also acquiring or partnering with start-ups working on utility and energy analytics technologies to increase their product capabilities and introduce new features. For instance, In 2020, Eaton upgraded its intelligent power solutions with its redesigned PredictPulse remote monitoring and management service in the US. The new version of PredictPulse delivers a completely redesigned user interface for both browsers and mobile devices. The new mobile portal interface delivers a view into real-time data, trends, events, service history, and alarms from any mobile or tablet device. Also, 2020, SAP has introduced a co-developed solution for upstream oil and gas companies with Accenture to assist upstream oil and gas key players to increase visibility into operations and cash flows.
The objective of the report is to present a comprehensive analysis of the Global Energy and Utilities Analytics Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Energy and Utilities Analytics Market dynamics, structure by analyzing the market segments and projects the Global Energy and Utilities Analytics Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Energy and Utilities Analytics Market make the report investor’s guide.
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Scope of the Global Energy and Utilities Analytics Market
Global Energy and Utilities Analytics Market, By Component
o Managed Services
o Professional Services
Deployment and Integration
Support and Maintenance
Global Energy and Utilities Analytics Market, By Deployment Mode
Global Energy and Utilities Analytics Market, By Application
o Exploration and Drilling Analytics
o Production Planning and Forecasting Analytics
o Field Surveillance Analytics
o Workforce Management Analytics
o Predictive Asset Analytics
o Logistics and supply chain Analytics
o Grid Analytics
o Storage Optimization Analytics
o Pricing Analytics
o Advanced Infrastructure Analytics
o Customer Analytics
o Call Center Optimization
Global Energy and Utilities Analytics Market, By Vertical
o Oil and Gas
o Renewable Energy
Global Energy and Utilities Analytics Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in Global Energy and Utilities Analytics Market
• Microsoft Corporations
• Eaton Corporations
• IBM Corporations
• Sap Corporations
• Schneider Electric
• Aws Corporations
• Oracle Corporations
• Google Inc.
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