In a recent published report, Kenneth Research has updated the market report for Energy and Utility Analytics Market for 2024 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2024- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2024, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2024. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2024. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2024. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2024 till March 2024 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Energy and Utility Analytics Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Energy and Utility Analytics Marketwhich emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2024 2030. The Energy and Utility Analytics Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The Global Energy and Utility Analytics Market was valued at USD 1.92 billion in 2016 and is projected to reach USD 6.18 billion by 2025, growing at a CAGR of 13.86% from 2017 to 2025.
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 have several benefits including – vendor performance & risk management, demand forecasting, spend analytics, inventory optimization, logistics & routing analytics, and predictive analytics.
The Final Report will cover the impact analysis of COVID-19 on this industry:
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Sample Infographics:
Market Dynamics:
1. Market Drivers
1.1 Increasing adoption of cloud technology in energy and utility sector
1.2 Increasing demand for energy
1.3 Rising demand from consumer about their energy consumption pattern
1.4 Emergence of smart grid and its usage in energy and utility sector
2. Market Restraints
2.1 Lack of technical expertise
2.2 Poor data management
Market Segmentation:
The Global Energy and Utility Analytics Market is segmented on the application, component, deployment model, vertical, and region.
1. Application:
1.1 Emergency Response Management
1.2 Load Research & Forecasting
1.3 Predictive Maintenance
1.4 Transmission & Distribution Management
1.5 Meter Operation & Optimization
1.6 Workforce Management
2. By Component:
2.1 Software
2.1.1 Operations
2.1.1.1 Logistics & Supply Chain Analytics
2.1.1.2 Financial & Revenue Analytics
2.1.1.3 Customer Analytics
2.1.2 Infrastructure
2.1.2.1 Smart Grid Analytics
2.1.2.2 Risk Analytics
2.1.2.3 Asset Optimization Analytics
2.2 Services
2.2.1 Consulting services
2.2.2 Support and Maintenance
2.2.3 Deployment and Integration
2.2.4 Managed services
3. By Deployment Mode:
3.1 Cloud-based
3.2 On-premises
4. By Vertical:
4.1 Utilities
4.1.1 Waste and Recycle
4.1.2 Water
4.1.3 Electricity
4.2 Energy, Oil, and Gas
4.2.1 Renewable Energy
4.2.2 Nuclear Power
4.2.3 Natural Gas
4.2.4 Oil
4.2.5 Coal
5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. Schneider Electric Company
2. Eaton Corporation
3. Tibco Software Inc.
4. IBM Corporation
5. SAP SE
6. Intel Corporation
7. Capgemini
8. Oracle Corporation
9. Cisco Systems Inc.
10. Ericsson
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Energy and Utility Analytics Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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