Thursday February 13, 2020 0 comments
BOULDER -- The global annual market for energy IT and cybersecurity for software and services is projected to surpass $19 billion in 2020 and reach more than $32 billion in 2028, according to a new report from Navigant Research.
The report examines the drivers, barriers, and regional trends influencing the deployment of energy IT systems, analytics, and cybersecurity solutions.
Electric utilities are in a state of massive transformation as digital technologies and changing business landscapes converge to create new pressures and opportunities.
An influx of data and rapid growth in distributed energy resources (DER) is leading utilities to invest in IT solutions that can mitigate the associated disruptive effects, the report notes.
“Today’s utilities have turned to data as a new source of value in the Energy Cloud future,” said Michael Kelly, Navigant research analyst.
“This has led to the expansion of low-cost sensors throughout the transmission and distribution networks and unprecedented levels of data generation. Yet, without advanced IT systems to process this data, true situational awareness and operational insights cannot be achieved.”
According to the report, IT systems and analytics are expected to account for a significant -- and growing -- portion of utility investment over the next decade, especially as customers come to expect higher levels of service from their utilities.
However, financial constraints and competing budget items, as well as existing complex homegrown systems, mean utility investment in new IT solutions is likely to remain incremental in most regions.
The report, Energy IT and Cybersecurity Overview, focuses on the drivers, barriers, and regional global trends influencing the deployment of energy IT systems, analytics, and cybersecurity solutions.
The global market for these software solutions is anticipated to grow as utilities look to improve operational efficiencies and reduce costs.
Global market forecasts extend through 2028 and are segmented by market and region. Profiles of key energy IT players are also provided in the report.
An executive summary of the report is available for free download on the Navigant website.