Big data analytics in energy market plays a crucial role in reducing energy consumption and improving energy efficiency. In addition, the use of fossil fuel augments the demand for clean energy sources such as solar, wind, and tidal energy, which helps to increase the power consumption, so that it becomes essential to use big data analytics tool to understand the consumption and nature of power.
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 market. However, factors such as technological and analytical skill gaps in workforce and stringent government rules & regulations are expected to hamper the 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.
The big data analytics in energy market is segmented on the basis of component, enterprise size, application, industry vertical, and region. On the basis of component, the market is categorized into solutions and service. On the basis of enterprise size, the market is bifurcated into large enterprises and SMEs. On the basis of application, the market is classified into workforce analytics, supply chain & logistics analytics, customer analytics, pricing analytics, asset analytics, and others. On the basis of industry vertical, it is classified into energy and utilities. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the big data analytics in energy market are Accenture, ALTERYX, INC., Dell Technology, Energyly, Enview., Google LLC., HEWLETT PACKARD ENTERPRISE, Infosys Limited, IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Siemens AG, SAS Institute Inc, Teradata, and TIBCO Software Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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 market. However, factors such as technological and analytical skill gaps in workforce and stringent government rules & regulations are expected to hamper the 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.
The big data analytics in energy market is segmented on the basis of component, enterprise size, application, industry vertical, and region. On the basis of component, the market is categorized into solutions and service. On the basis of enterprise size, the market is bifurcated into large enterprises and SMEs. On the basis of application, the market is classified into workforce analytics, supply chain & logistics analytics, customer analytics, pricing analytics, asset analytics, and others. On the basis of industry vertical, it is classified into energy and utilities. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the big data analytics in energy market are Accenture, ALTERYX, INC., Dell Technology, Energyly, Enview., Google LLC., HEWLETT PACKARD ENTERPRISE, Infosys Limited, IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Siemens AG, SAS Institute Inc, Teradata, and TIBCO Software Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the big data analytics in energy market analysis from 2021 to 2031 to identify the prevailing big data analytics in energy market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the big data analytics in energy market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global big data analytics in energy market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Offering
- Solution
- Service
By Application
- Workforce Analytics
- Supply Chain and Logistics Analytics
- Customer Analytics
- Spatial Analytics
- Pricing Analytics
- Asset Analytics
- Others
By End-user
- Energy
- Utilities
By Enterprise Size
- Large Enterprises
- SMEs
By Region
- North America
- U.S.
- Canada
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- Australia
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Accenture
- ALTERYX, INC.
- Dell Technology
- Energyly
- Enview.
- Google LLC
- HEWLETT PACKARD ENTERPRISE
- Infosys Limited
- IBM Corporation
- Intel Corporation
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- Siemens AG
- SAS Institute Inc
- Teradata
- TIBCO Software Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: BIG DATA ANALYTICS IN ENERGY MARKET, BY OFFERING
CHAPTER 5: BIG DATA ANALYTICS IN ENERGY MARKET, BY APPLICATION
CHAPTER 6: BIG DATA ANALYTICS IN ENERGY MARKET, BY END-USER
CHAPTER 7: BIG DATA ANALYTICS IN ENERGY MARKET, BY ENTERPRISE SIZE
CHAPTER 8: BIG DATA ANALYTICS IN ENERGY MARKET, BY REGION
CHAPTER 9: COMPANY LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Big Data Analytics in Energy Market," the big data analytics in energy market was valued at $9.51 billion in 2021, and is estimated to reach $36.76 billion by 2031, growing at a CAGR of 14.6% from 2022 to 2031.The big data analytics in energy market is a service-oriented offering, with highly efficient system for utility companies to analyze all aspects of energy production and consumption. Big data analytics in energy sector often connects technologies such as artificial intelligence (AI), internet of things (IoT), and smart grid with advanced metering infrastructure to get strategic insights that would foster efficient energy use. For instance, the key technologies such as smart meters, big data, and IoT-based predictive maintenance help energy industry in fault detection and predictive maintenance. Furthermore, the key factors that drive the big data analytics in energy market trends include increase in importance of effective forecasting, prioritization of power generation strategy, and surge in digital channel investments to improve customer processes, experience, and perceived value. 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 during the big data analytics in energy market forecast.
Depending on organization size, the large enterprise segment holds the largest big data analytics in energy market share as it helps to maintain functionalities such as billing, rating, charging, and customer experience. However, SMEs segment is expected to witness growth at the highest rate during the forecast period due to advancement of IT, 5G, IoT technologies, and other technologies that help organizations to get efficiently handle complex operations, and support services along with considerable reductions in operational expenditure.
Region wise, the big data analytics in energy market size was dominated by North America in 2021 and is expected to retain its position during the forecast period owing to growth in demand for adoption of 5G, IoT technology, and faster network accessibility. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rise in adoption of cloud big data analytics solutions in applications, which encourages players to capitalize on R&D and to introduce innovative products to meet the growing needs of customers.
Rise in number of patients across the globe has led to a significant decrease in the adoption of big data analytics and preplanned investments, owing to the closing of work places & industries such as energy and utility sector. However, the COVID-19 pandemic has led to increased adoption of cloud technology to help consumers across big data analytics in energy industry to combat against the pandemic situation. Furthermore, many companies are providing free and open data set tools to researchers and scientists for helping them to develop remote solutions at a faster pace.
In addition, various companies have started acquiring companies to improve their market reach and improve their product portfolio. For instance, in June 2020, ReNew Power acquired Climate Connect, an artificial intelligence (AI) and machine learning start-up, to get access to energy management services. In addition, the acquisition would strengthen ReNew Power’s ongoing digital and analytics initiative, which aims to leverage its data and optimize decision making across business operations. Therefore, increasing number of innovations is driving the growth of the big data analytics in energy market.
Key Findings of the Study
- By offering, the solution segment accounted for the largest big data analytics in energy market share in 2021.
- By region, North America generated highest revenue in 2021.
- By end user, the utilities segment generated the highest revenue in 2021.
- The key players that operate in the big data analytics in energy market analysis are Accenture, ALTERYX, INC., Dell Technology, Energyly, Enview., Google LLC., HEWLETT PACKARD ENTERPRISE, Infosys Limited, IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Siemens AG, SAS Institute Inc, Teradata, and TIBCO Software Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the big data analytics in energy industry.
Companies Mentioned
- Accenture
- Alteryx, Inc.
- Dell Technology
- Energyly
- Enview.
- Google LLC
- Hewlett Packard Enterprise
- Infosys Limited
- Ibm Corporation
- Intel Corporation
- Microsoft Corporation
- Oracle Corporation
- Sap Se
- Siemens AG
- Sas Institute Inc
- Teradata
- Tibco Software Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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