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Smart Grid Data Analytics Market to Exhibit 13.40% CAGR between 2015 and 2022
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On the basis of solution type, the global market for smart grid data analytics has been segmented into demand response analytics, asset management, AMI analytics, grid optimization, and others (such as data visualization tools and energy forecasting). In 2014, the asset management segment led the overall market, holding a share of 31% in the global market for smart grid data analytics. Nevertheless, the rising adoption of smart meters is expected to boost the demand for AMI analytics. Furthermore, this segment is anticipated to log a 14.30% CAGR between 2015 and 2022. By service, the global market for smart grid data analytics is categorized into support and maintenance services and professional services. In 2014, support and maintenance services held a massive share of 70% in the overall market.
On the basis of deployment model, the global market for smart grid data analytics has been segmented into cloud-based, on-premise, and hybrid. Among these segments, in 2014, the cloud-based deployment segment held a 48% share in the global market. This segment is estimated to register a 16.20% CAGR between 2015 and 2022 owing to the rising penetration of cloud-based services around the world. By end use, the global market for smart grid data analytics has been segmented into large enterprises, medium and small enterprises, and public sector enterprises. Presently, in terms of revenue, the public sector holds the dominating position and is projected to register a 12.60% CAGR between 2015 and 2022.
On the basis of geography, the global market for smart grid data analytics market has been divided into Latin America, North America, Asia Pacific, the Middle East and Africa, and Europe. In 2014, North America led the global market, holding a share of 33% in the global market for smart grid data analytics. The high share of this region is due to the rising investments in and increasing adoption of smart grid data analytics. The North America smart grid data analytics market is projected to register a healthy 11.40% CAGR between 2015 and 2022. On the other hand, the Asia Pacific market is expected to grow rapidly and register a progressive 14.80% CAGR between 2015 and 2022. Countries such as Australia, Japan, South Korea, and China and other regions in South Asia are expected to exhibit a high growth rate, enabling the Asia Pacific market to surpass the North America market in the coming years owing to the high investments.
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Some of the prominent players operating in the global market for smart grid data analytics are Siemens AG, Accenture Plc., IBM Corporation, Opower, Inc., Hewlett-Packard, Cap Gemini SA, EMC Corporation, Oracle Corporation, SAS Institute, Inc., and SAP SE.
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