Market Highlights
The worldwide energy and utility analytics market is set to experience a skyrocketing CAGR of 16.6 % during the forecast period 2019 – 2024 , claims Market Research Future in its well-elaborated study . The ever-advancing and smart revolution have always been on a lookout for bringing more opportunities in the world of analytics . Currently , it has a disruptive impact on the semiconductor industry , where the complexity of data is increasing at a higher pace . Therefore , the current trend of technology has taken the market by storm and now is eyeing to gain high-end market valuation during the forecast period .
The energy and utilities sector deals with unique set of challenges , which include increasing global demand , market volatility , risks related to safety , and unexpected downtime which slows down the operational process . The energy and utility sector demand smart grid solutions in order to provide the consumers with efficient and reliable energy transmission and distribution . Smart grid solutions offer transmission and distribution grid management , utility analytics which increases the grid efficiency , reliability , operational performance of the system and delivers high ROI .
Market Segmentation
In terms of components , the market has included solutions and services . Among these , the solution segment has also been segmented into customer analytics , smart grid analytics , risk analytics , logistics , financial analytics , asset management analytics , and supply chain analytics , and more . At the same time , service segment is also segmented into deployment and integration , support and maintenance , and consulting .
In terms of deployment , the market has been categorized into on-cloud , on-premise , and hybrid .
In terms of application , the market includes energy / load forecasting , emergency response management , revenue assurance , energy distribution , and transmission management , predictive maintenance , meter optimization , and many more .
In terms of industry vertical , the market includes energy and utility . Among which , the energy segment is also segmented into oil , natural gas , renewable energy , nuclear power , and coal . At the same time , the utility segment is also further segmented into water , electricity , and more .
Regional Outlook
The global energy and utility analytics market is projected to grow at a significant rate during the forecast period from 2019 to 2024 . The geographical analysis for global energy and utility analytics market has been conducted for North America , Europe , Asia-Pacific , the Middle East and Africa , and South America .
North America is expected to emerge as the leading region for global energy and utility analytics market during the forecast period . The region has been segmented , by country , into the US , Canada , and Mexico . Presence of leading analytical solution providers planning on investing in developing their solutions with advanced capabilities to cater to a wide application area is driving the growth of the market in North America . Well-established infrastructure and early adoption of advanced