Big Data Analytics in Energy Market Size to Hit USD 36.76 Billion by 2031

Big Data Analytics in Energy Market Size

The energy segment is expected to experience fastest growth in the coming years, owing to increased data generated from big data analytics.

PORTLAND, PORTLAND, OR, UNITED STATES, October 27, 2022 /EINPresswire.com/ — 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.

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.

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The report offers a detailed segmentation on the global big data analytics in energy market based on offering, application, end-user, enterprise size, and region.

Based on offering, the solution segment held the largest market share in 2021, garnering nearly two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The service segment, on the other hand, is predicted to cite the fastest CAGR of 15.6% during the forecast period.

Based on application, the asset analytics segment held the dominating market share in 2021, holding nearly one-third of the global market, and is expected to maintain its leadership status during the forecast period. The customer analytics segment, on the other hand, is expected to cite the fastest CAGR of 17.5% during the forecast period.

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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.

Based in enterprise size, the large enterprises segment held the dominating market share in 2021, holding nearly three-fourths of the global market, and is expected to maintain its leadership status during the forecast period. The SMEs segment, on the other hand, is predicted to cite the fastest CAGR of 16.5% during the forecast period.

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Based on region, the market across North America held the largest market share in 2021, garnering nearly half of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 17.0% during the forecast period.

The key players analzyed in the global big data analytics in energy industry report include Intel Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Siemens AG, SAS Institute Inc, Accenture, ALTERYX, INC., Dell Technology, Energyly, Enview, Google LLC., HEWLETT PACKARD ENTERPRISE, Teradata, TIBCO Software Inc., Infosys Limited, and IBM Corporation.

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Article originally published on www.einpresswire.com as Big Data Analytics in Energy Market Size to Hit USD 36.76 Billion by 2031

This news story originally appeared at Tech - Social Gov on8 November 2022