According to a new market research report “Energy and Utility Analytics Market by Type (Software and Service), Application (Predictive Maintenance, Load Research & Forecasting, Transmission & Distribution Management), Vertical (Energy, Oil & Gas and Utilities), Deployment – Global Forecast to 2021″, The energy and utility analytics market is estimated to grow from USD 1.81 Billion in 2016 to USD 3.41 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 13.5%.
Dynamic forecasting and load management, operational efficiency and risk mitigation, increasing government initiatives for Advanced Metering Infrastructure (AMI), and predictive analytics for businesses are the driving forces that are driving the growth of energy and utility analytics market. The enormous benefits of infusing analytics in the energy and utility industry operations and infrastructure have attracted enterprises operating in this vertical to deploy energy and utility analytics software and services in their operations.
Browse 100 market data Tables and 52 Figures spread through 151 Pages and in-depth TOC on “Energy and Utility Analytics Market by Type (Software and Service), Application (Predictive Maintenance, Load Research & Forecasting, Transmission & Distribution Management), Vertical (Energy, Oil & Gas and Utilities), Deployment – Global Forecast to 2021”
Asset optimization analytics software segment is estimated to hold the largest market share during the forecast period
Asset optimization analytics is expected to have the largest market share during the period of 2016–2021. This software is utilized to predict the future existence of assets. It helps in identifying the asset lifecycle pattern and determining the factors behind their failure using real-time and historical data.
Predictive maintenance, among the applications, is expected to witness the highest growth rate during the forecast period
The energy and utility analytics market by application has been segmented into load research and load management, operational efficiency and risk mitigation, transmission and distribution management, predictive maintenance, workforce management, emergency response management and others. Predictive maintenance application is expected to grow at the highest CAGR during the forecast period, as it helps companies to determine the condition of in-service equipment in order to predict when maintenance of the assets needs to be performed.
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North America is expected to dominate the energy and utility analytics market during the forecast period
North America is expected to hold the largest share of the global energy and utility analytics market in 2016 due to the presence of large enterprises, technical experts, and the growing demand for energy and utility analytics software and service in this region. The market in Asia-Pacific (APAC) is expected to grow at the highest CAGR between 2016 and 2021. The primary driving force for this growth is the massive growth of data through various channels such as IoT devices and appliances and increasing government initiatives in this region for AMI.
The report also encompasses different strategies, such as mergers & acquisitions, partnerships & collaborations, and product developments, adopted by major players to increase their shares in the market. Some of the major technology vendors include IBM Corporation (U.S.), SAP SE (Germany), Eaton Corporation (Ireland), Cisco Systems (U.S.), Ericsson (Sweden), Intel Corporation (U.S.), Oracle Corporation (U.S.), and TIBCO Software Inc. (U.S.)