According to the research report titled ‘GLOBAL UTILITY AND ENERGY ANALYTICS MARKET 2019-2027’, available with Market Study Report, global utility and energy analytics market is projected to accrue significant returns, expanding with a y-o-y growth rate 17.46% over 2019-2027.
 

As per the report findings, global utility and energy analytics market is largely driven by growing consumer awareness regarding energy consumption pattern along with inclination towards renewable energy sources. Besides, increasing adoption of cloud technologies in energy and utility sector, ongoing development of smart cities & infrastructures, and government support are other rationales contributing to the industry expansion.
 

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For those unfamiliar, utility and energy analytics industry deals with advanced analytics tools & techniques such as Big Data and cloud computing platforms which can potentially aid in a vast number of applications across the energy and utility sector. Predictive analytics play a vital role in identifying failing physical assets, evaluating inflating data volumes, and better understanding customer behaviour. Organizations in the utility sector are dependent on continuous operation, which require proper functioning throughout all stages of the process. Any discrepancy in these processes can lead to massive reverberations, hence, encouraging the adoption of predictive analytics. 
 

Based on deployment model, worldwide utility and energy analytics market is split into on-premises, cloud, and hybrid. In terms of type, the industry is divided into software and services. Moving on to the application spectrum, the industry is segmented into meter operation, demand response, load forecasting, distribution planning, and others.
 

Considering the regional outlook, global utility and energy analytics industry is fragmented among North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Trusted projections cite that Asia Pacific will garner a strong growth rate during the forecast period, with India, China, Australia, Japan, and South Korea experiencing a high adoption of the technology. Rapid digitization, flexible government policies, along with escalating demand for energy, and emphasis towards sustainable development due to strong economic growth are contributing to the regional market expansion. 
 

Key players influencing global utility and energy analytics market trends are Eaton Corp., Cisco Systems Inc., Teradata Corp., Schneider Electric SE, BuildingIQ Inc., Wipro Ltd., Infosys Ltd., SAP SE, General Electric Co., IBM Corp., Siemens AG, SAS Institute Inc., ABB Ltd., Oracle Corp., and Capgemini SE.