Utilities in the early stages of advanced analytics adoption are meeting internal and external obstacles
A new report from Navigant Research examines the global market for utility analytics platforms and services, providing discussion on significant market drivers and challenges, with forecasts for four segments of analytics, segmented into four spending components, through 2025.
While power utilities have used analytics for decades, they have often adopted a one-off, project-based approach, with decision-making, data storage, and procurement occurring in siloed departments. Because today’s utilities need a more comprehensive analytics strategy than ever before, many are working proactively to incorporate a strategy encompassing the entire enterprise. Click to tweet: According to a new report from @NavigantRSRCH, global utility analytics revenue is expected to grow from $944.8 million in 2016 to $3.6 billion in 2025.
“As utilities embrace analytics within their organization, there are a number of considerations to take on, especially in the initial planning and development stages,” says Lauren Callaway, research analyst with Navigant Research. “Likewise, vendors providing solutions to utilities will have to make some unique considerations to enable successful adoption by utilities.”
Utilities in the early stages of advanced analytics adoption are meeting obstacles, both internal and external, that complicate matters, according to the report. These include organizational structure, cultural acceptance of data-driven processes, funding and support from regulators, and the general complexity, risk, and security concerns of new system deployments.
The report, Utility Analytics, analyzes the global market for utility analytics platforms and services and describes the various use cases for which solutions are being developed and deployed. The study discusses significant market drivers and challenges in the market for utility analytics. Global market forecasts that include four segments of analytics broken down into four spending components extend through 2025. The report also provides in-depth profiles of key vendors in the utility analytics market and examines several utility deployment case studies. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Lindsay Funicello-Paul
* The information contained in this press release concerning the report, Utility Analytics, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.