The market size of global energy and utility analytics is anticipated to rise from $ 1.82 billion in 2016 to $ 3.98 billion by 2022, at a Compound Annual Growth Rate of 13.93%. The market is growing on basis of some factors like increasing in demand for energy, and rising demand from the consumer to know their energy consumption pattern and need for the green environment. The market is anticipated to grow at a double digit growth rate in the forecasted period.
The market can also be segmented based on type of deployment that includes hybrid, cloud and on premises. To take an advantage of new opportunities, energy and utility companies are transforming their systems into smarter system of energy that will feature a two-way flow of information and energy. But the pressure is increasing on the companies to deliver cost effective continoussources of energy but at the same time environmental concerns should be in mind.
This market is also segmented on the basis of services and software. The services segment is anticipated to rise at the highest CAGR in the coming years. Infrastructure software in the market of energy and utility analytics ensures which business applications and processes in this industry can run effectively . The demand for infrastructure software in utility analytics and energy is increasing because of its capability to configure automatic alerts for its users about the related work and current activities. The infrastructure software of energy and utility analytics is further categorized into risk analytics, smart grid analytics and asset optimization analytics, among which asset optimization analytics having the biggest share of market, whereas smart grid analytics is projected to have the highest rate of growth in the forecast period.
In 2016 North America is holding the largest share of market and is anticipated to grow in the forecasted period. In the presence of big enterprises, the demand for energy, technical experts, and utility analytics service and software are increasing in this region. The market of energy and utility analytics is showing a strong positive trend in this region as various companies and industries are adopting energy and utility analytics at many levels as a part of their strategy to gain a competitive benefit over other companies. On the basis of regions global market is segmented into Asia-Pacific, North America, Europe, Middle East and Latin America and Africa. The North American region is followed by Europe and is anticipated to grow as the highest revenue generating region and energyin energy and utility market for the next five years.
Some of the key participants of the market of energy and utility analytics are Intel Corporation (US), IBM Corporation (US), Schneider Electric Company (France), Oracle Corporation (US), Capgemini (France), and TIBCO Software Inc. (US). These participants adopted various type of strategies like partnerships & collaborations, launching of new product , mergers & acquisitions to expand their business. However several others players are coming in the market giving energy analytics solution which projects the goodpotential growth of the market at present and in near future too.