Energy and Utilities Analytics Market 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 according to a new report by MarketsandMarkets™. 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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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.
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.
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North America to hold the largest market size during the forecast period
North America is expected to hold the highest share in the global energy and utilities analytics market, while Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The North America region is witnessing significant developments in the energy and utilities analytics market. North America is also projected to hold the largest market size during the forecast period. Key factors favoring the growth of the energy and utilities analytics market in North America include the growing investments in the development of various technologies and increasing application of energy and utilities analytics solutions. The growing number of energy and utilities analytics players across regions is also expected to drive the market growth. Major North American vendors in the energy and utilities analytics market are Microsoft (US), IBM (US), Intel (US), GE (US), Cisco (US), Google (US), Oracle (US), SAS Institute (US), Salesforce (US), Teradata (US), AWS (US), MicroStrategy (US), Alteryx (US), TIBCO Software (US), Qlik (US), and Infor (US).
The report includes the study of key players offering energy and utilities analytics solutions and services. The major 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). The report also includes an in-depth competitive analysis of the key players in the energy and utilities analytics market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
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