Tracking individual usage of energy and other utilities gives an idea about the requirement pattern and the means of controlling it. Rising global demand for efficient energy management is great news for the energy and utility analytics market. Utility analytics is a crucial aspect of the advanced metering infrastructure or AMI. Reducing the global energy consumption will directly affect the growing costs, supply shortage and potential damage to the environment. All these facts highlight the importance of energy data analytics, which includes detailed study of the utilities used by various industry verticals.
Segmentation in the Energy Analytics Market
The global utility analytics market has an interesting segmentation based on the types of technologies, solutions, deployments and industry verticals. The facts about geographical demands for these services also have an impact on the market research and forecasting reports. The amount of revenue generated by various technologies including big data platform, business analytics, information integration, and optimization and governance services determines the market trends and turnover of the market on global levels. Utility analytics are available in cloud-based, on-premise and hybrid forms, which make them versatile.
As far as the industry verticals are concerned, energy data analytics have extended applications in different business verticals. These include energy, oil and gas, which include nautical power, coal, natural gas, oils and solar energy. Utilities such as electricity, water management, waste management and recycling fields also require data analytics services. According to the marketing research reports, the global utility analytics market is estimated to rise at the CAGR of about 27.3%. As per the expectations, North America will dominate the market, which is followed by Europe, Asia Pacific and Latin America, Middle East and Africa.
Enhanced efficiency and dependability are two strong features of utility analytics market that make it highly popular across different ecosystems. The services provide assistance in optimization and utilization of the available resources. It helps analyzing and communicating the status and capabilities of various appliances such as thermostats and small meters helps in digital format. This helps in keeping a tab on energy consumption and discovers various ways to control it. Another advantage, which also drives the market, is real-time information storage. This method is time saving and helps better optimization of decision-making abilities of the concerned industries.
Overall, the global energy and utility analytics market is poised to witness some great discoveries and greater expansion in the next four to five years. Considering this fact, it is safe to say that the market definitely has a bright future in terms of expansion and revenue.
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