The increasing amount of investments aimed at installation and functioning of smart grid systems is one of the most prominent drivers for the growth and development in the global smart grid data analytics market. The constantly increasing global demand for electricity is compelling utility providers to opt for highly sophisticated products and solutions from the global smart grid data analytics market. The global smart grid data analytics market in Asia Pacific region is expected to display the highest compound annual growth rate within the overall industry in coming years.
Major types of solutions and services offered by the service providers and players working in the landscape of the global smart grid data analytics market include services (such as managed services as well as professional services) and solutions (including demand response analytics, asset management, data visualization tools, AMI analytics, grid optimization, and energy forecasting, among others. The constant developments in AMI or advanced metering infrastructure and smart meters is fuelling growth in the global smart grid data analytics market. This trend also drives the growth of the AMI analytic solutions from the global smart grid data analytics market.
Rising Installation of AMIs Brings Opportunities in Smart Grid Data Analytics Market
The utilization of AMI systems and solutions aids in cutting down the costs required for operations and also helps in minimize the cost of utilities. Furthermore, the demand for advanced AMI analytics is particularly high in the global smart grid data analytics market owing to the convenience offered by these systems to their users. Additionally, the customers across the world are slowly opting for installation of smart and advanced metering infrastructure. This trend is anticipated to positively influence the demand in the global smart grid data analytics market in coming years. Additionally, considerable advancements in sectors such as Big Data analytics as well as internet of things technologies are also anticipated to fast track growth in the global smart grid data analytics market in coming years.
The BSS solutions, offered for utility providers, by the vendors and participants in the global smart grid data analytics market include generalized solutions (for front end), including billing, business intelligence, CRM, and customer care, among others as well as specialized solutions (for back end), including billing, business intelligence, CRM, and customer care, among others. These products and solutions in the global smart grid data analytics market are deployed through cloud based methods, on premises modules, or hybrid modules. The products and solutions offered by the players in the global smart grid data analytics market are used by public sector, small and medium enterprises, and large enterprises.
North America Dominates the Smart Grid Data Analytics Market
Geographically, the North America region is anticipated to top the charts within the global smart grid data analytics market in coming years. The leading regional vendors in the North America smart grid data analytics market are focused on offering AMI analytics solutions to utility providers. The United States contributes to the majority of the demand within the global smart grid data analytics market in North America region. This trend can be attributed to the rising amount of investment aimed at installing smart grid systems in the nation. The second largest regional industry in the global smart grid data analytics market is Europe.
The landscape of the global smart grid data analytics market is filled with various regional as well as international developers, vendors, and participants. Some of the most prominent players and vendors operational in the global smart grid data analytics market include 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., among others.
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