The energy and utility analytics market size is expected to grow from USD 1.81 Billion in 2016 to USD 3.41 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 13.5% during the forecast period. The major growth drivers of the market include dynamic forecasting and load management, operational efficiency and risk mitigation, increasing government initiatives for Advanced Metering Infrastructure (AMI), and predictive analytics for businesses.

Northbrook, IL -- (SBWire) -- 01/24/2018 --The energy and utility analytics market size is expected to grow from USD 1.81 Billion in 2016 to USD 3.41 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 13.5% during the forecast period. The major growth drivers of the market include dynamic forecasting and load management, operational efficiency and risk mitigation, increasing government initiatives for Advanced Metering Infrastructure (AMI), and predictive analytics for businesses.

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The energy and utility analytics market is segmented by software and service. The services segment is expected to grow at the highest CAGR during the forecast period, out of which energy and utility analytics services in the services segment is projected to witness the highest demand due to the growing need for energy and utility analytics software solutions across organizations.

Energy, oil, and gas holds the largest share of the energy and utility analytics market in 2016. The growth is fueled by the growing need of people to simplify their workload related to security and their increasing dependence on data generated from various devices used in the energy, oil, and gas vertical. Utilities is expected to grow at the highest CAGR during the forecast period due to the increasing need to store and manage data coming from various utilities used across organizations.

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Major business applications for which the energy and utility analytics is deployed are load research & forecasting, meter operation & optimization, transmission & distribution management, predictive maintenance, workforce management, emergency response management, and others. The adoption of energy and utility analytics for predictive maintenance is expected to increase significantly in the coming years because of the increasing need to predict when the maintenance of assets needs to be performed to increase field crew efficiency, customer satisfaction, and reliability.

Organizations are fast deploying energy and utility analytics solutions either on their premises or on-demand. The demand for on-demand or cloud-based energy and utility analytics market solutions is increasing due to the cost-effective and time-efficient features; its growth is specifically high in small and medium enterprises where low cost solutions are much required.

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