High Investments in Smart Grid Systems Propels Growth in Smart Grid Data Analytics Market
The growing investment in the installation and operation of intelligent grids is a significant reason for expanding the world’s smart grid market for data analytics. The constant increase in demand for electric power is forcing utilities to choose advanced solutions and products from the smart grid market for data analysis. Globally, the global market for intelligent grid analytics in the Asia Pacific region is expected to have the highest average annual growth rate in the entire industry over the following years.
There are a variety of significant kinds of services and solutions that are offered by players and service providers in the worldwide innovative grid data analytics markets comprise solutions (such as management services, as well as professional services) or solutions (including demand-response analytics asset management, demand response analytics tools for data visualization, AMI analytics, grid optimization and energy forecasting in addition to other things. The ongoing advancements regarding AMI (Advanced Metering Infrastructure) infrastructures and intelligent meters are driving expansion in global markets for smart grid analytics. This also fuels the expansion of AMI analytics solutions that are part of the world smart grid market for data analytics.
Rising Installation of AMIs Brings Opportunities to Smart Grid Data Analytics Market
They are utilizing AMI systems and products aids in reducing the expenses necessary for operations and aids in reducing the price of utility services. Additionally, the need for advanced AMI analytics is especially significant in the global market for intelligent grid data analytics because of the convenience provided by the systems to their users. In addition, consumers worldwide are increasingly choosing to install advanced and intelligent meters. This trend is likely to boost the global smart grid data analytics market over the future years. In addition, the rapid technological advancements in areas like Big Data analytics and the internet of things technology are expected to accelerate increase growth in the global market for intelligent grid data analytics in the coming years.
The BSS solutions offered to utility companies, by companies and players on the international market for data analytics in smart grids, comprise generalized solutions (for front-end) that include billing the Business Intelligence, CRM and customer service, and many more as well as customized solutions (for back-end) which include billing businesses intelligence, CRM and customer service as well as customer care, among other. These solutions and products that are part of the world smart grid market for data analytics are implemented using cloud-based techniques or on-premise modules and hybrid or on-premises modules. The products and services provided by the companies of the world smart grid data analytics market are utilized by the public sector, small and medium-sized businesses, and large corporations.
North America Dominates the Smart Grid Data Analytics Market
Geographically, it is believed that the North American region is anticipated to lead the charts in the global market for intelligent grid data analytics over the next few years. The most prominent regional vendors within the North American bright grid data analytics market focus on providing utility companies with AMI analytics solutions. The United States contributes to the bulk of the demands within the global smart grid data analytics market within the North American region. This can be attributed to the increasing amount of investments in installing intelligent grid systems across the country—the second-largest regional industry of intelligent grid analytics in Europe.
The global landscape of the Smart Grid data analytics industry is dotted with local and international developers, vendors, and players. Some of the top players and vendors operating in the market for global intelligent grid analytics are AutoGrid Systems, Inc., Dell EMC, Hansen Technologies, L. P., International Business Machines (IBM) Corporation, NetCracker Technology Corporation, SAP SE, Schneider Electric SE, Tata Consultancy Services, Ltd., Amdocs Ltd., Capgemini SE, General Electric, Hewlett Packard Development Company, Hitachi Ltd., Itron, Inc., Oracle Corporation, SAS Institutes, Inc., Siemens AG, and ZTEsoft Technology Co., Ltd. There are many others.