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 detailed segmentation of the global big data analytics in the energy market based on offering, application, end-user, enterprise size, and region.
Based on the offering, the solution segment held the largest market share in 2021, garnering nearly two-fifths of the global market. It 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.
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Based on application, the asset analytics segment held the dominating market share in 2021, holding nearly one-third of the global market. It is expected to maintain its leadership status during the forecast period. On the other hand, the customer analytics segment is expected to cite the fastest CAGR of 17.5% during the forecast period.
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 analyzed 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.
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 cloud-based big data analytics to manage critical information of organizations. This, in turn, creates a lucrative opportunity for market expansion during the forecast period.
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