Energy Utility Analytics Market: Overview
For encapsulation of advantageous opportunities in the energy sector, utility and energy companies are transforming their systems into smarter energy systems, which would feature a new-way flow of information in energy and utility sectors. Energy utility analytics enables near real-time analysis of processes, thereby helping in optimization of operations through efficient identification and isolation of inefficiencies and failures. The energy utility analytics market has the following perspectives: vendor performance & risk management, demand forecasting, spend analytics, inventory optimization, logistics & routing analytics, and predictive analytics. Business analytics coupled with data mining, self-service, predictive analytics, and aggregation tools is employed to get more transparent information for critical decision-making and implementing the decision support system. This transforms mobility and supporting communication technologies into high-investment priority areas for utilities. Virtually all new technology projects in energy utility would require a combination of IT (Information Technology), OT (Operational Technology), and planning analytics such as advanced metering infrastructure (AMI) or advanced distribution management systems (ADMSs). More than any industry, the energy utility analytics market faces the challenge of separation between IT and OT management, coupled with the importance of hybrid projects that link IT and OT systems. The energy industry would benefit by aligning their OT support, standards, and procedures with those of IT. This would shorten the time consumed to develop governance over OT.
Energy Utility Analytics Market: Dynamics and Trends
Major forces driving the energy utility analytics market are the increasing demand for energy, need for greener environment, and increasing demand from the consumer side to know their energy consumption pattern. Big data analytics, supply chain analytics, cloud computing, and operational analytics are the latest trends applied in the energy sector. Big data analytics service puts in: place data, processes, analytics tools, and visualizations by enabling faster time to insights. It enhances the quality and reliability of insights through exploratory and self-learning models. Business outcomes are thus improved through data-driven decisions. Energy utility analytic’s Big Data has a smart grid development system. This smart grid development increases data quantity by high magnitude. This grid development is driven by a host of devices and new IT applications such as AMI, synchrophasors and smart appliances, microgrids, advanced distribution management, remote asset monitoring, event avoidance, and self-healing networks. AMI is one of the major constituents of smart grid that potentially provides a communication backbone for low-latency data. This is aimed at improving distribution asset utilization, failure detection and facilitating consumer inclusion in energy markets. Different market structures, regulatory drivers, and benefit expectations create different ownership models for components of the AMI technology stack. This favors different technology solutions across the globe.
Energy Utility Analytics Market: Segmentation
The energy and utility analytics market is segmented by type (software and services), by application (predictive maintenance, load research & forecasting, and transmission & distribution management), by end-use (energy, oil & gas, and utilities), and by region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
Energy Utility Analytics Market: Region-wise Outlook
North America and Europe hold the leading share of the energy and utility analytics market as of 2016. The market in Asia Pacific (APAC) is projected to expand at the maximum rate during the forecast period. This is due to flexible policies of governments in developing countries as well as the ever-expanding digital industry in the APAC region.
Energy Utility Analytics Market: Key Players
Key players include IBM Corporation, Intel Corporation, SAP SE, Ericsson, Cisco Systems Inc., Eaton Corporation, Schneider Electric Company, Capgemini, Oracle Corporation, TIBCO Software Inc., Infosys, and Wipro.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.