The global artificial intelligence in energy market size is poised to grow by USD 8.06 billion during 2020-2024, decelerating at a CAGR of almost 48% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Artificial Intelligence in Energy Market 2020-2024 (Graphic: Business Wire)
The global artificial intelligence in energy market is driven by the growing demand for data integration and visual analytics. Rising proliferation and complexity have made the process of deploying and maintaining reliable data interfaces difficult. Therefore, enterprises around the world are adopting data integration solutions. AI allows real-time synthesis of data to facilitate real-time analysis for effective decision-making. Thus enterprises can monitor, transform, and deliver data; understand business processes; and bridge the gap between businesses and IT. Similarly, AI helps energy companies integrate technical and business process data from different sources and convert it into meaningful business insights. With the exponential increase in data volume, the need for analyzing, transforming, monitoring, and interpreting data has become a priority for business operations.
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- The major artificial intelligence in energy market growth came from the software segment in 2019, and it is expected to witness the fastest growth during the next five years. This is primarily because of an increase in the number of renewable energy producers in emerging economies such as China, India, Brazil, Indonesia, and Mexico, which demand software solutions for business-related insights.
- North America was the largest AI in energy market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to the increased propensity of manufacturers in other markets to establish smart factories in the region to ensure that they are closer to end-user markets and undertake better customization of products as per end-user preferences.
- The global artificial intelligence in energy market is fragmented. ABB Ltd., Alphabet Inc., Flex Ltd., General Electric Co., Intel Corp., International Business Machines Corp., Microsoft Corp., Origami Energy Ltd., Siemens AG, and Verdigris Technologies Inc. are some of the major market participants. To help clients improve their market position, this artificial intelligence in energy market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global artificial intelligence in energy market 2020-2024 is expected to have positive growth. As the pandemic spreads in some regions and plateaus in other regions, we continue to revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/artificial-intelligence-in-energy-market-industry-analysis
Increasing Adoption of Cloud-based Solutions will be a Key Market Trend
Increasing adoption of cloud-based solutions is one of the major trends being witnessed in the global artificial intelligence in energy market. With the increasing applications of robotics in repetitive and risky tasks, end-users are increasingly seeking avenues to ensure the elimination of limitations of industrial automation and robotics technologies. These limitations arise due to factors such as cost, computational capacity, storage, size, power supply, motion mode, and working environment. Thus, the adoption of cloud-based Al solutions is increasing in the energy sector to enhance the capabilities of existing systems.
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Artificial Intelligence in Energy Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist artificial intelligence in energy market growth during the next five years
- Estimation of the artificial intelligence in energy market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the artificial intelligence in energy market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of artificial intelligence in energy market vendors
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- Market Overview
- Market ecosystem
- Market characteristics
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Solution
- Market segments
- Comparison by Solution
- Software – Market size and forecast 2019-2024
- Hardware – Market size and forecast 2019-2024
- Services – Market size and forecast 2019-2024
- Market opportunity by Solution
- Geographic segmentation
- Geographic comparison
- North America – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- APAC – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Volume driver-Demand led growth
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- ABB Ltd.
- Alphabet Inc.
- Flex Ltd.
- General Electric Co.
- Intel Corp.
- International Business Machines Corp.
- Microsoft Corp.
- Origami Energy Ltd.
- Siemens AG
- Verdigris Technologies Inc.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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