Big Data Analytics in Energy Market to Reach $ 36.76 Bn with Rise in Demand, Competitive Landscape by Companies to 2031
The big data analytics in energy market forecast is offered along with information related to key drivers, restraints, and opportunities.
PORTLAND, PORTLAND, OR, UNITED STATE, April 12, 2023 /EINPresswire.com/ — According to the report published by Allied Market Research, the global big data analytics in energy market generated $9.51 billion in 2021, and is projected to reach $36.76 billion by 2031, growing at a CAGR of 14.6% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, drivers & opportunities, key investment pockets, and regional landscape.
The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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Increase in importance of effective forecasting, prioritization of power generation strategy, and surge in digital channel investments to improve customer processes, experience, & perceived value boost the growth of the global big data analytics in energy market. In addition, growth in need for operational efficiency and risk mitigation in the energy sector positively impacts the growth of the big data analytics in energy market.
However, factors such as technological and analytical skill gaps in workforce and stringent government rules & regulations are expected to hamper the big data analytics in energy market growth. On the contrary, rise in internet penetration and adoption of IoT devices are expected to offer remunerative opportunities for the expansion of the market during the forecast period.
COVID-19 Scenario:
• The outbreak of COVID-19 had a positive impact on the growth of the global big data analytics in energy market, owing to the occurrence of lockdowns in various countries across the globe.
• Lockdowns resulted in increased internet penetration, and hence more and more companies were increasingly receiving significant investments in advanced technologies such as IoT and smart technologies.
• Besides, various organizations have initiated work-from-home culture for their employees, which created an immense demand for the cloud-based big data analytics to manage critical information of organizations. This, in turn, creates lucrative opportunity for the market expansion during the forecast period.
The report offers a detailed segmentation on the global big data analytics in energy market based on offering, application, end-user, enterprise size, and region.
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Based end-user, the utilities segment held the largest market share in 2021, garnering nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The energy segment, on the other hand, is expected to cite the fastest CAGR of 15.8% during the forecast period.
Based in enterprise size, the large enterprises segment held the dominating market share in 2021, holding nearly three-fourths of the global market, and is expected to maintain its leadership status during the forecast period. The SMEs segment, on the other hand, is predicted to cite the fastest CAGR of 16.5% during the forecast period.
Based on offering, the solution segment held the largest market share in 2021, garnering nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The service segment, on the other hand, is predicted to cite the fastest CAGR of 15.6% during the forecast period.
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Based on application, the asset analytics segment held the dominating market share in 2021, holding nearly one-third of the global market, and is expected to maintain its leadership status during the forecast period. The customer analytics segment, on the other hand, is expected to cite the fastest CAGR of 17.5% during the forecast period.
Based on region, the market across North America held the largest market share in 2021, garnering nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 17.0% during the forecast period.
The key players analzyed in the global big data analytics in energy industry report include Intel Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Siemens AG, SAS Institute Inc, Accenture, ALTERYX, INC., Dell Technology, Energyly, Enview, Google LLC., HEWLETT PACKARD ENTERPRISE, Teradata, TIBCO Software Inc., Infosys Limited, and IBM Corporation.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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