Global revenue from utility analytics is expected to grow from $944.8 million in 2016 to $3.6 billion in 2025, according to a new report from Navigant Research. The report examines the global market for utility analytics platforms and services.
Although power utilities have used analytics for decades, it was generally used with a one-off, project-based approach and limited to specific departments. Today's utilities are more interested in a comprehensive analytics strategy that encompasses the entire enterprise rather than individual segments.
The report also found that utilities in the early stages of advanced analytics adoption face a number of internal and external obstacles, including organizational structure, funding and support from regulators, and concerns from new system deployments. It also examined the ways analytics solutions are being developed and deployed, significant market drivers, challenges in the market for utility analytics, and global market forecasts.
View the full report here.