The energy and utility analytics market was valued at US$ 2,672.5 million in 2019 and is projected to reach US$ 6,971.2 million by 2027; it is expected to grow at a CAGR of 13.4% from 2020 to 2027.
The data gathered using the smart devices across the energy and utility networks provide the industries with a better understanding of their customer diversity. To further enhance their customer understanding and service pricing, the energy and utility enterprises are expected to continue to advance their capabilities to efficiently utilize the data available with them. The analytics help energy companies to reduce the pressure related to operational efficiencies, along with allowing them to save customers’ money. The energy and utilities enterprises are, therefore, expected increasingly adopt analytics solutions to ensure data-driven decision-making and smart operation management. Enhanced customer service capabilities are among the major factors bolstering the growth of the energy and utility analytics market.
Impact of COVID-19 Pandemic on Energy and Utility Analytics Market
According to the World Health Organization (WHO), the US, India, Brazil, Russia, Peru, Columbia, South Africa, and Mexico are a few of the worst-affected countries due to the COVID-19 pandemic. The pandemic is affecting the industries worldwide; the global economy is on the verge of taking the worst hit in 2020, and the impact is likely to continue in 2021 as well. The outbreak has created significant disruptions in energy and utility sector.
The emerging smart city projects and infrastructural developments across the developing countries such as India and China have been creating the excessive opportunities for the energy and utility analytics market players. Further, various developed countries are promoting the implementation of green industrialization and use of renewable energy. Further, there is rise in use of smart devices and IoT technologies for ensuring real-time accessibility, effectiveness, controlled and easy management. Smart cities technologies has gained momentum around the globe and set for rapid transformation. They also leverage intelligent transport systems, smart waste management, and robust information technology to improve the quality of living, employment opportunities, and urban services. Analytics solutions would be used for analyzing the essential decision making for the smart cities and for industrial development, as there is the requirement for monitoring and analyzing the expensive assets, manage price fluctuations and reduced operational cost. This is expected to boost the growth of the energy and utility analytics market.
The global energy and utility analytics market is segmented into type, deployment model, application, and vertical. Based on type, the market is further bifurcated into software and service. In 2019, the software segment accounted for a larger share of the overall market. Based on deployment model, the market is segmented into on-premise, cloud, and hybrid, and in 2019, the on-premise segment accounted for a significant share of the global energy and utility analytics market. Based on application, the market is segmented into load forecasting, customer analytics, grid analytics, asset management, smart meter analytics, and others. The others segment held the largest share of the overall market in 2019. Based on vertical, the market is segmented into oil & gas, renewable energy, nuclear power, electricity, water, and others, and in 2019, the oil & gas segment accounted for the largest market share.
A few major players operating in the global energy and utility analytics market are Atos SE; BUILDINGIQ, INC.; CAPGEMINI SE; IBM Corporation; Infosys Ltd.; Oracle Corporation; SAP SE; SAS Institute Inc.; WegoWise, Inc.; and Wipro Limited.
The overall energy and utility analytics market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the energy and utility analytics market with respect to all the segments. It also provides the overview and forecast of the global energy and utility analytics market based on all the segmentation provided with respect to five major regions?North America, Europe, Asia Pacific, Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants typically involved in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the energy and utility analytics market.