Seattle, WA -- (SBWire) -- 04/19/2017 --According to a new market research report "Energy Cloud Market by Solution (Customer Management, Reporting and Analytics Enterprise Asset Management), Service, Service Model (SaaS, PaaS, and IaaS), Deployment Model, Organization Size, and Region - Global Forecast to 2021", published by MarketsandMarkets™, the energy cloud market size is expected to grow from USD 5.12 Billion in 2016 to USD 15.18 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 24.3% during the forecast period.
The major drivers of this market include the need for Customer Relationship Management (CRM), aging infrastructure, and rising grid security concerns. The cloud-based energy solution helps control the risk and cost associated with the infrastructure.
The Enterprise Asset Management solution is estimated to dominate the energy cloud market share during the forecast period
Enterprise asset management is estimated to have the largest market share in the energy cloud market during the forecast period. The solution enables enterprises to track and manage assets to improve productivity & returns on asset investments. Energy cloud players provide asset management, which helps in clear visibility and control over critical assets that affect the risk & compliance.
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Professional services segment is expected to capture the highest market share during the forecast period
The professional services segment of the energy cloud market is estimated to have the highest market share during the forecast period, as the professional services help lower risks, reduce complexity, and improve the return on investment for the energy and utilities enterprises. The services can be tailored according to the business requirements of enterprises & enable planning, designing, implementing, and managing systems & applications.
North America is leading in terms of market share in the energy cloud market space
North America is expected to hold the largest market share and dominate the energy cloud market during the forecast period. Reduced Capital Expenditure (CAPEX) spending, low Information Technology (IT) management complexity, and improved agility & security are some of the major driving factors contributing to the growth of cloud computing for the energy sector in North America.
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The major players in the energy cloud market include Accenture PLC (Chicago, Illinois, U.S.), IBM Corporation (New York, U.S.), HCL Technologies (Noida, India), SAP SE ( Walldorf, Germany), Cisco Systems, Inc. ( California, U.S.), Oracle Corporation (California, U.S.), Capgemini (Paris, France), TCS (Mumbai, India), HPE (California, U.S.), Microsoft Corporation (Washington, U.S.), and Brillio (California, U.S.).
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Energy Cloud Market Expected to Reach 15.18 Billion USD by 2021
Energy cloud market categorizes the global market by solution as customer management, reporting and analytics enterprise asset management, by service, by service model as SaaS, PaaS, and IaaS, by deployment model, by organization size, and by region.