High Investments in Smart Grid Systems Propels Growth in Smart Grid Data Analytics Market
The growing investment directed towards the installation and operation of intelligent grid systems is among the main reasons for expanding and advancing the global market for intelligent grid data analytics. The ever-growing demand for electricity has forced utility providers to choose highly-technical solutions and products that are part of the smart grid market for data analytics. The global smart grid market for data analytics in the Asia Pacific region is expected to show the highest compound annual growth rate in the overall market over the coming years.
The most popular kinds of solutions and services offered by service providers and other players in the worldwide innovative grid data analytics markets are solutions (such as managed service as well as expert services) as well as products (including demand-response analytics asset management, demand response analytics data visualization tools, AMI analytics, grid optimization and energy forecasting in addition to other things. The continuous advancements of AMI, also known as advanced metering infrastructures and intelligent meters, are driving global expansion in smart grid analytics. This also fuels the development 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
The use of AMI solutions and systems aids in reducing the cost necessary for the operation and reduces the price of utility services. Additionally, the need for advanced AMI analytics is enormous in the global market for intelligent grid data analytics due to the ease of use offered by these systems for their customers. In addition, consumers across the globe are gradually moving towards the installation of advanced and intelligent meters. This trend is likely to positively impact the market for global smart grid data analytics market over the future years. Furthermore, significant technological advancements in areas like Big Data analytics and Internet of Things technology are expected to accelerate grow the global smart grid data analytics market in the future years.
The BSS solutions offered to utility companies by suppliers and companies in the market for intelligent grid analytics comprise generalized solutions (for front-end), which include billing the Business Intelligence, CRM, and customer service, in addition to specific solutions (for back-end), which include billing, business intelligence CRM, as well as customer service as well as other. These solutions and products that are part of the smart grid market for data analytics are implemented via cloud-based methods, on-premise modules, and hybrid modules. The products and services offered by players on the market for intelligent grid analytics are utilized by the public sector, small and medium companies, and large corporations.
North America Dominates the Smart Grid Data Analytics Market
Geographically, it is believed that the North American region is anticipated to be at the top of the list within the global smart grid data analytics market in the future years. The top regional players within the North American brilliant grid data analytics market focus on providing utility companies with AMI analytics solutions. The United States, United States contributes to the bulk of the demands within the global smart grid data analytics market in the North American region. This is due to the increasing number of investments in installing intelligent grid systems across the United States. The second-largest regional industry of the world’s smart grid market for data analytics in Europe.
The world’s smart grid market for data analytics is populated with regional and international developers, vendors, and players. Some of the most well-known players and vendors operating on 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. and many more.