The global annual revenue for energy cloud analytics is expected to increase by 12.7% between 2019 and 2028 by Navigant Research.
The research firm forecasts the revenue to increase from $5.98 billion to $18.1 billion during forecasts period.
According to the research firm:
- Of the many technologies the Energy Cloud will rely on in its evolution to the next phase of the smart grid.
- AI is increasing its role to convert data into business value
- Predictive maintenance in wind and solar farms, vegetation management in grid operations, optimisation of customers’ distributed energy resources investments; digital assistants for smart homes are AI applications across the energy cloud
AI is being used to improve profits, gain relevance in a market full of competition, digitise business processes and create and adopt new business models.
Stuart Ravens, principal research analysts with Navigant Research, said: “AI can help organisations work smarter.
“Each new deployed Internet of Things (IoT) device can improve an organisation’s visibility into business or customer operations. Each new development in analytics allows companies to gain deeper insights from data, opening new market opportunities or improving existing business processes. Each new development in data management allows companies to access more complex datasets, gain insights more quickly, and increases their competitive edge.”
For more information about the report, visit AI and Advanced Analytics Overview,