A new report from Guidehouse Insights examines the global marketplace for enterprise information technology/operational technology (IT/OT) and energy analytics software and services.
The proliferation of smart grid technologies and renewable energy around the world is leading utilities to invest in sophisticated software to process this data and deliver actionable and impactful insights. According to a new report from Guidehouse Insights, the global market for energy IT, OT, and analytics spending is projected to reach $19.8 billion in 2023 and nearly $21.0 billion in 2024, growing at a compound annual growth rate (CAGR) of 7.2% through 2032 to $36.9 billion.
“The energy software market is converging as the traditional lines of delineation between vendor categories, software development strategies, and T&D networks become increasingly blurred,” says Michael Kelly, principal research analyst with Guidehouse Insights. “As utilities embrace enterprise systems and data analytics, they must recognize that no two companies are alike, and software vendors must be nimble to deliver low cost, intuitive, interoperable, and sophisticated solutions.”
While product and strategy roadmaps naturally vary by vendor, common macrotrends include architectural transformations, revamped pricing and deployment models, streamlined upgrade frameworks, mobility, and cloud enablement, among many others. Leading energy analytics providers, meanwhile, continue to innovate via superior algorithms and user experiences, extended application portfolios, and logical, value driven strategic partnerships. Whereas rudimentary use cases formed the foundation of energy analytics strategies just a few years ago—and still do to a large degree—conversations are shifting to more ambitious goals centered on grid-edge intelligence, power quality optimization, end-to-end program management, economic planning, smart home optimization, EV management, and complex rate analytics, among others, according to the report.
The report, Energy IT, OT, and Analytics, analyzes the market for 12 different enterprise IT and OT systems, as well as 14 segments of data analytics. The 10-year analyses (2023-2032) include regional spending projections and spending segment breakouts for software license fees, implementation and integration services, annual maintenance fees, and software-as-a-service (SaaS) revenues. An executive summary of the report is available for free download on the Guidehouse Insights website.
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