Energy and Utilities Analytics Global Market Report 2024

The global energy and utilities analytics market has grown rapidly in recent years. It will grow from $2.87 billion in 2023 to $3.37 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. Historical growth can be attributed to the increasing complexity of energy systems, the surge in adopting renewable energy sources, the development of smart grids, the management of demand response, and the focus on efficiency and optimization efforts.

The global energy and utilities analytics market is expected to see rapid growth in the next few years. It will grow to $6.12 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The anticipated growth in the forecast period is linked to a focus on energy efficiency, preparedness in cybersecurity, heightened customer engagement strategies, emphasis on predictive maintenance, and the optimization of demand response systems. Major trends expected during this period involve the integration of AI and machine learning, the incorporation of renewable energy sources, initiatives for modernizing grids, making decisions based on data insights, and effective management of demand response systems.

The increased adoption of smart meters is expected to drive the growth of the energy and utilities analytics market. Smart meters, by detecting electrical flow and voltage at intervals, enhance power usage efficiency by facilitating bidirectional data flow between utilities and consumers. This real-time data communication aids in outage detection, power theft identification, and curbing meter tampering, ultimately providing improved service. For instance, according to a report by The Edison Foundation’s Institute for Electric Innovation in April 2021, smart meter installations in the United States reached 107 million in 2020 and were projected to reach 115 million in 2021. Hence, the rising deployment of smart meters is a key driver behind the growth of the energy and utilities analytics market.

The increasing focus on renewable energy sources is expected to further propel the energy and utilities analytics market. The effective application of energy and utility analytics contributes to a sustainable and efficient implementation of renewable energy technologies. This approach encourages a shift towards cleaner energy systems. For example, data from the International Renewable Energy Agency (IRENA) in March 2023 showed a 10% expansion in global renewable energy capacity in 2022, marking a 0.4% rise compared to the previous year's 9.6%. Consequently, the growing emphasis on renewable energy plays a significant role in driving the energy and utilities analytics market.

Technological advancements stand out as a prominent trend shaping the energy and utilities analytics market. Energy and utility companies leverage advanced technologies like artificial intelligence and cloud computing to analyze vast datasets and gain insights into energy consumption patterns. Leading companies in this market are focused on developing new technological solutions to strengthen their market positions. For instance, in April 2021, Bidgely, a US-based UtilityAI innovation partner, introduced energy analytics for utilities on the Salesforce AppExchange. This integration allows customers to enrich account analysis for utilities by leveraging Bidgely's energy insight widgets within the Salesforce CRM system. This solution addresses a significant challenge for utility system integrators by centralizing customer data and integrating consumption-level insights into their existing systems.

Major companies in the energy and utilities analytics market are opting for strategic partnerships aimed at enabling SAP business transformation in the energy and utilities sector. Strategic partnerships involve leveraging mutual strengths and resources to achieve shared benefits and success. For example, in October 2023, the International Business Machines Corporation (IBM) announced an expanded partnership with KPMG LLP to assist clients deploying SAP S/4HANA in the energy and utilities industries. This partnership combines IBM's technology deployment expertise and KPMG's proficiency in governance, risk, finance, and operational aspects. The collaboration aims to enhance client outcomes and enable effective business resource planning transformations in the energy and utilities sector. KPMG LLP, an independent professional services firm, provides audit, tax, and consulting services.

In December 2021, GE Digital, a leading US-based provider of software and industrial Internet of Things (IoT) services for industrial sectors, successfully acquired Opus One Solutions Energy Corporation, with the financial specifics undisclosed. This strategic merger aimed to synergize Opus One's expertise in renewable energy planning with GE Digital's network management and optimization portfolio. The collaboration seeks to empower utilities by providing crucial insights for integrating renewable and distributed energy resources (DERs) on a large scale across the electric grid. Opus One Solutions Energy Corporation, headquartered in Canada, specializes in software solutions that optimize energy planning, operations, and market management through advanced analytics. The acquisition positions GE Digital to enhance its capabilities in addressing the complex challenges of integrating renewables and DERs into the electric grid, enabling utilities to make informed decisions critical for future energy strategies.

Major companies operating in the energy and utilities analytics market report are Eaton Corporation, Salesforce Inc., International Business Machines Corporation (IBM), SAP SE, Intel Corporation, General Electric, Schneider Electric, Siemens AG, Cisco Systems Inc., Google LLC, Oracle Corporation, SAS Institute, Yellowfin, OpenText, Teradata Corporation, Infor, Atos World Line India Pvt Ltd., MicroStrategy, Alteryx, TIBCO Software, Qlik, Honeywell International Inc., Capgemini SE, ABB Limited, IBM Corporation, Hitachi Ltd., Siemens Energy AG, Wipro Limited, Infosys Limited, and Accenture plc.

North America was the largest region in the energy and utilities analytics market share in 2023. The regions covered in the energy and utilities analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the energy and utilities analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The key categories within energy and utilities analytics encompass software and services. Software comprises a set of instructions, data, or programs aimed at operating machinery and executing specific tasks. In energy and utilities analytics, software serves as a tool for energy management, data analysis, and financial services. These tools can be deployed via cloud or on-premises setups, employed across functions like load forecasting, meter operations, distribution planning, demand response, and other pertinent areas within the sector.

This report provides energy and utilities analytics market statistics, including energy and utilities analytics industry global market size, regional shares, competitors with a energy and utilities analytics market share, detailed energy and utilities analytics market segments, market trends and opportunities, and any further data you may need to thrive in the energy and utilities analytics industry. This energy and utilities analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The energy and utilities analytics market include revenues earned by entities by analyzing real-time data management, bill management, auditing and tracking bill, customer analytics. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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