MarketsandMarkets forecasts the global Energy and Utilities Analytics Market size 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.
Large enterprises segment to hold a larger market size during the forecast period
The energy and utilities analytics market is segmented by organization size into large enterprises and Small and Medium-sized Enterprises (SMEs). The large enterprises segment is expected to hold a larger market size during the forecast period, due to the increasing urge among organizations to adopt energy and utilities analytics solutions and services for delivering better customer experience. Today, most organizations are in the urge to adopt energy and utilities analytics solutions and services to provide better data insights from a large volume of customer data.
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Energy vertical to grow at a higher CAGR during the forecast period
The energy and utilities analytics market by vertical is segmented into two categories: energy and utilities. The energy vertical is expected to grow at a higher CAGR during the forecast period. The growth can be attributed to the increasing volume of customer data, changing customer needs, and growing need for efficient supply chain management. These factors have created the need for energy and utilities analytics solutions and services. The energy vertical is a category of stocks that relate to producing or supplying energy. It includes companies involved in the exploration and development of oil or gas reserves, oil and gas drilling, and refining. It also includes integrated power utility companies, such as renewable energy and coal. It has been driving industrial growth, providing fuel to power economies. Companies are focusing on the adoption of various technologies, including IoT and analytics, for powering their respective economies and facilitating the means of production and transportation. It also includes secondary sources such as electricity. Energy prices, along with the earnings performance of energy producers, are largely driven by the supply and demand for worldwide energy.
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.
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.
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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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