Global Annual Market for Energy IT and Cybersecurity for Software and Services Is Expected to Reach $32 Billion by 2028
IT systems and analytics are expected to account for a significant—and growing—portion of utility investment over the next decade
A new report from Navigant Research examines the drivers, barriers, and regional trends influencing the deployment of energy IT systems, analytics, and cybersecurity solutions.
Electric utilities are in a state of massive transformation as digital technologies and changing business landscapes converge to create new pressures and opportunities. An influx of data and rapid growth in distributed energy resources (DER) is leading utilities to invest in IT solutions that can mitigate the associated disruptive effects. Click to tweet: According to a new report from @NavigantRSRCH, the global annual market for energy IT and cybersecurity for software and services is projected to surpass $19 billion in 2020 and reach more than $32 billion in 2028.
“Today’s utilities have turned to data as a new source of value in the Energy Cloud future,” says Michael Kelly, research analyst with Navigant Research. “This has led to the expansion of low-cost sensors throughout the transmission and distribution networks and unprecedented levels of data generation. Yet, without advanced IT systems to process this data, true situational awareness and operational insights cannot be achieved.”
According to the report, IT systems and analytics are expected to account for a significant—and growing—portion of utility investment over the next decade, especially as customers come to expect higher levels of service from their utilities. However, financial constraints and competing budget items, as well as existing complex homegrown systems, mean utility investment in new IT solutions is likely to remain incremental in most regions.
The report, Energy IT and Cybersecurity Overview, focuses on the drivers, barriers, and regional global trends influencing the deployment of energy IT systems, analytics, and cybersecurity solutions. The global market for these software solutions is anticipated to grow as utilities look to improve operational efficiencies and reduce costs. Global market forecasts extend through 2028 and are segmented by market and region. Profiles of key energy IT players are also provided in the report. An executive summary of the report is available for free download on the Navigant Research website.
*The information contained in this press release concerning the report, Energy IT and Cybersecurity Overview, 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 Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.