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.
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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.
Report Highlights:
- 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.
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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sections of the report, such as the market size and forecast, drivers,
challenges, trends, and more. Request a free sample report
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