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Navigant Research has released a new report analysing the global market for energy IT and cybersecurity for Software and Services to surpass $19 billion in 2020 and $32 billion in 2028.

Utilities are expected to increase investments in energy IT, analytics and cybersecurity software and services to address challenges presented by digital technologies and new business models.

An influx of data and rapid growth in distributed energy resources is leading utilities to invest in IT solutions that can mitigate the associated disruptive effects.

Consumer demands for improved services will drive utilities into investing in energy IT, analytics and cybersecurity software and services.

Michael Kelly, a research analyst with Navigant Research, said: “Today’s utilities have turned to data as a new source of value in the Energy Cloud future.

“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.”

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.

Click here for more information about the report.