Big Data Analytics In Energy Market Projected to reach $36.76 billion by 2031, growing at a CAGR of 14.6%

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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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.

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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's 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.

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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.

The key players that operate in the big data analytics in energy market analysis are 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.

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.

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