Analysis of real-time or existing data from sources to improve business functions such as accurately predict demand, exploiting risks, controlling cost, etc. is included in the utility and energy analytics industry. Inkwood research projects that the utility and energy analytics market will evolve with a CAGR of 17.60% during the forecast period and will reach revenue of $1029.92 million by the end of 2027. For the market analysis, the projected period is from 2019 to 2027, while the base year is 2018.

The following factors drive the global utility and energy analytics market:

• Emphasis on greener environment is rising demand for energy and utility analytics
• Growing consumer focus on energy consumption pattern analysis
• Increasing infrastructure development and smart cities
• Rising adoption of cloud technology in the energy and utility industry

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The demand for energy across the world is rising. There is a vast amount of energy consumed by developed countries, while there is an increasing demand in developing countries. Technology plays a vital role to manage several government agencies working together in the city’s region more effectively, not just locally but regionally. Technology promotes the concept of co-creation, reduces overlapping tasks, and bureaucracies. The utility industry has already incorporated advanced technologies for meter reading, mapping, and SCADA systems. Also, to benefit smart city applications from these existing systems, the next step should be a review of these systems across multiple infrastructures of utilities. This would allow the sharing of system maintenance, forecasting, and the aggregation of data. As the system reviews are performed, security standards should be given special attention.

The meter operation segment is the leading segment in terms of revenue in the global utility and energy analytics market, with around 32.68% market share in 2018. The advent of the smart revolution had a significant impact on the energy and utility analytics market, which is considered to be stable, mature, and more conservative. Among the smart meter and smart grid programs, there has been an unprecedented explosion of data, combined with the regulators requiring complex data retention, new challenges, and opportunities that have been created for the transmission and distribution companies due to changing the competitive landscape in the industry. With the help of smart meters and smart grid programs, it becomes easy to understand the behavioral patterns of the consumers, which will help with developing new rate plans and services for customers. The two distinct advantages of Big Data analytics has resulted in billing from fewer truck rolls, more accurate and timely billing, reduced costs for metering, labor savings, improvements in operational efficiencies, and fewer customer disputes.    

On the other hand, the global utility and energy analytics market growth is restricted by the high capital investment required for the deployment, lack of skilled employees, and security concerns. The Predictive Analytics and Big Data is highly flexible to use, which applies to almost any business context. However, investment in Predictive Analytics and Big Data and application in renewable energy is challenging. The companies have to make high investments and make the right decision to choose either cloud-based technology or on-premises technology. The companies may have huge data that is very crucial due to which security is also an issue when they opt for a deployment.

Report scope of the global utility and energy analytics market segmentation includes analysis based on type, deployment, and application, which is sub-segmented into as follows:

Market by Deployment mode:

• On-premises
• Cloud
• Hybrid

Market by Type:

• Software
• Services

Market by Application:

• Meter operation
• Load forecasting
• Demand response
• Distribution
• Other application

The total revenue of the market is calculated by the adoption of utility and energy analytics across numerous verticals.

On the basis of geography, the global utility and energy analytics market has been segmented into four major regions:

• North America Utility and Energy Analytics Market: Canada and the United States
• Europe Utility and Energy Analytics Market: Italy, United Kingdom, Russia, France, Germany, Spain, & Rest of Europe
• Asia Pacific Utility and Energy Analytics Market: Japan, China, India, Australia, South Korea, & the Rest of Asia Pacific
• Rest of World: Middle East & Africa, and Latin America

On the basis of Geography, North America region dominates the market by generating a market share of 37.20% in terms of revenue in 2018. The presence of a majority of the key players that are offering their solutions in the region contributes to the dominance of North America. These include BuildingIQ, IBM Corporation, SAS Institute Inc., and Oracle Corporation, among others. Huge capital is invested by IT companies in utility and energy analytics for adoptions, technological development, and mergers & acquisition. For instance, in April 2018, to enhance productivity and save energy, Building IQ partnered with Cypress Envirosystems. Both of these companies aimed to bring energy optimization to facility managers in older buildings and explain how data analytics and visualization can result in real savings. The total energy consumption is expected to increase by 5% between 2016 and 2040, according to the US Energy Information Administration.

The Asia Pacific is the fastest-growing market for utility and energy analytics solutions and services mainly due to the flexible policies of governments in developing countries, as well as the increasing penetration of digital services in the expanding utility sector in the region. Escalating economic growth throughout the region has not only increased energy consumption but is also generating a need for efficient management for sustainable development. Though the countries in the region are moving towards renewable sources, the conversion needs time. Hence, these analytics solutions are helping utility providers to overcome the obstacles. Regulators are releasing new smart grid regulations that are used by the state authorities. Similarly, the Central Electrical Authority has been taking actions, and the Bureau of Indian Standards for smart meters has introduced standards.

The global utility and energy analytics market have been classified on the basis of type, application, and deployment. The type segment is further sub-divided into services and software. The market for utility and energy analytics by deployment included cloud, on-premises, and hybrid as sub-segments. Market by application includes meter operation, load forecasting, demand response, distribution, and other application.

Several players are present in the market, and some of the major players involved in the global utility and energy analytics market are:

• IBM Corporation
• Oracle Corporation
• Capgemini AG
• SAS Institute Inc.
• Cisco System, Inc.
• Others

 In May 2019, Eaton that stabilizes the grid and contributes to more renewable power launched a frequency response energy solution, called Energy Aware Eaton. Eaton’s reserve power technology is the base of Eaton Energy Aware UPS. The main aim of creating Eaton Energy Aware UPS was for Organizations that use large amounts of electricity. In June 2018, BuildingIQ launched a new Outcome-based Fault Detection (OFD) service offering, that will help in identifying issues, validate work performed, building, and prioritize repairs. In October 2018, Teradata and Sasol partnered to create an analytical ecosystem which will help the company to create a data-driven business strategy.

Key findings of the global utility and energy analytics market:

• North America leads the global utility and energy analytics market by occupying the market share of around 37.20% in 2018.
• Asia Pacific utility and energy analytics market is predicted to advance at the highest CAGR of XX% during the period.
• The rise of cloud deployment has enlarged the utility and energy analytics market growth for the period.
• The software segment accounts for the largest share in the utility and energy analytics market and is estimated to evolve with XX% CAGR during the projected years.