Artificial intelligence—along with advancements in computer processing, cloud, and edge computing—can help enterprises address common energy industry issues
BOULDER, Colo.–(BUSINESS WIRE)–#AI–A new report from Navigant Research provides a detailed discussion of the development of different types of artificial intelligence (AI) technologies and how they can benefit stakeholders across the Energy Cloud. The report provides forecasts for enterprise spend on analytics within the Energy Cloud, with a focus on electricity utilities, energy service providers, commercial building owners and operators, and cities/local governments.
Of the many technologies the Energy Cloud will rely on in its evolution to the next phase of the smart grid, AI stands out as the one that turns data into business value. There are many applications of AI across the Energy Cloud, which include predictive maintenance in wind and solar farms, vegetation management in grid operations, optimization of customers’ distributed energy resources (DER) investments, digital assistants to control smart homes, and improved efficiency of transportation systems. Click to tweet: According to a new report from Navigant Research, Energy Cloud analytics revenue is expected to grow from $5.98 billion in 2019 to $18.1 billion in 2028, experiencing a compound annual growth rate (CAGR) of 12.7%.
“AI can help organizations work smarter,” says Stuart Ravens, principal research analyst at Navigant Research. “Each new deployed Internet of Things (IoT) device can improve an organization’s visibility into business or customer operations. Each new development in analytics allows companies to gain deeper insights from data, opening new market opportunities or improving existing business processes. Each new development in data management allows companies to access more complex datasets, gain insights more quickly, and increases their competitive edge.”
According to the report, AI can address many of the issues that a variety of industries are experiencing: pressure to improve profits through cost-cutting, increased competition, digitization of business processes created by the mass deployment of connected sensors and control equipment, new business model creation, and more. AI—along with advancements in computer processing, cloud, and edge computing—can help enterprises address these issues.
The report, AI and Advanced Analytics Overview, provides forecasts for enterprise spend on analytics within the Energy Cloud. The study focuses on electricity utilities, energy service providers, commercial building owners and operators, and cities/local governments. Global market forecasts, segmented by analytics type and region, extend through 2028. Asia Pacific is expected to become the largest region by 2026. This report also identifies key industry players in several applications. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of clean, intelligent, mobile, and distributed energy. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, AI and Advanced Analytics 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 Navigant undertakes any obligation to update any of the information contained in this press release or the report.