Utility Device and Data Management Technologies Revenue to Exceed $22 Billion by 2027
Internet of Things analytics platforms mark the next evolution in utility data management
A new report from Navigant Research analyzes the key trends, drivers, and barriers to adoption of data platforms and other big data management solutions within the utility industry, providing global market forecasts through 2027.
Utilities are increasingly interested in big data management, whether at the device-level (edge computing) or in the back-office (databases, lakes, warehouses). These solutions include most functionality for the process of analyzing data from connected devices: data acquisition, preparation, cleansing, storage, integration, analysis, and the delivery of insights. Click to tweet: According to a new report from Navigant Research, device and data management technologies revenue is expected to grow from approximately $14.8 billion in 2018 to more than $22.1 billion in 2027 at a compound annual growth rate (CAGR) of 4.6%.
“Data is changing the utility market,” says Michael Kelly, research analyst with Navigant Research. “It frees up capital through efficiency savings, creates new digital products and services, and helps to improve understanding of customers.”
According to the report, the next evolution in the data management space is expected to come from the advancement of Internet of Things (IoT) analytics platforms. Currently, IoT platform adoption remains low, with few customers using these platforms at scale. Until the market further matures, utilities are likely to continue using traditional data stores in lieu of IoT platforms.
The report, Big Data Management for Utilities, analyzes the key trends, drivers, and barriers to adoption of data platforms and other big data management solutions within the utility industry. The study includes several submarkets within the utility data management space alongside global market adoption trends. Global market forecasts, segmented by technology, application, and region, extend through 2027. The report examines different application segments for data management: data platforms, connected devices, edge computing, data storage, and IoT analytics. An Executive Summary of the report is available for free download on the Navigant Research website.
*The information contained in this press release concerning the report, Big Data Management for Utilities, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.