The global energy and utility analytics market is predicted to grow from $2.26bn in 2017 to more than $5.7bn in 2025, according to a report by Research and Markets.
Research and Market's report also projected global energy demand would increase over the next 10 years by around 15–18%. Growing demand is expected to come from increasing standards of living and the rapid expansion of the global population, meaning greater energy usage and dependency on energy and utility resources.
The report stated that the growth of the market was set to bring transformation to industries "where alterations related to low carbon emission targets, regulatory landscape, low commodity prices, an uptick in industry consolidation and generation of affordable and more competitive renewables would procure the chief attention".
"While the energy and utility sector is growing in terms of reinvention and adaption of a dynamic environment, it also provides a promising outlook for innovation and growth opportunities for analytics solution and services adoption," the report noted.
The report said that the key trend set to affect the energy and utility market in the coming year was an upshot in the amount of data sharing among the energy and utility network. This trend is predicted to create more opportunities for analytical solutions which, Research and Markets noted, "would make a significant contribution to the growth in areas such as smart cities".
While data sharing is currently limited to more developed economies in the world, the report predicted there would be an adoption of data sharing in less developed countries over the forecast period.