NEW YORK, July 4, 2022 /PRNewswire/ — The artificial intelligence in the energy market estimates a market potential difference of $6.78 billion from 2020 to 2025, according to Technavio’s latest market analysis report. Further, the report predicts that the market will witness a deceleration in growth momentum at a CAGR of over 34.19%. 40% of market growth will come from North America during the forecast period. The United States and Canada are the key markets for artificial intelligence in the energy industry in North America. Market growth in this region will be faster than market growth in South America. The increased propensity of manufacturers in other markets to establish smart factories will propel artificial intelligence in the growth of the energy market by North America over the forecast period.

Technavio has announced its latest market research report titled Artificial Intelligence in Energy Market by Solution and Geography – Forecast and Analysis 2021-2025

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Artificial Intelligence in the Energy Market: Solution Segmentation Analysis

  • Software: The software solutions segment held the largest market share in 2020. The segment will continue to dominate its position as the most revenue-generating segment throughout the forecast period. The growth of this segment can be attributed to increasing globalization and growth of IT in the energy industry for decision management, adoption of machine learning platform, text, robotic process automation, image and video analysis, deep learning and voice recognition.

  • Material

  • Services

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Artificial intelligence in the energy market: pilot

  • Growing demand for data integration and visual analytics is one of the major drivers likely to propel the growth of the market.

  • Enterprises around the world are therefore adopting data integration solutions. AI enables real-time synthesis of data to facilitate real-time analysis for effective decision-making, enabling businesses to monitor, transform and deliver data; understand business processes; and bridging the gap between business and IT.

  • With globalization, customers, suppliers and businesses are dispersed across the world and require real-time exchange of information. To do this, energy companies need AI platforms to connect multiple business systems to web and cloud-based applications.

  • Companies are also integrating business analytics software into their business for dynamic representation of data. Hence, the demand for AI in the energy sector is expected to increase significantly over the forecast period.

Artificial intelligence in the energy market: challenge

  • Existing AI issues will emerge as a major threat to the global AI market during the forecast period.

  • The central problem of AI is to develop a self-improvement algorithm, also known as machine learning. Creating AI from machine learning makes AI powerful and able to solve problems old and new, which were previously programmed by a human.

  • Creating efficient algorithms that can make logical assumptions and solve puzzles easier and faster remains another challenge for the market.

  • The developers are still in the research stage to develop an efficient machine learning algorithm, which can work effectively with the energy management system. Therefore, the adoption of AI in the energy sector is limited.

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Prepare for great business results with this exclusive report from Technavio. The report features highlights of the overall market answering some of the most frequently asked questions including –

  • What are the historical revenue figures and estimated revenue figures along with the CAGR during the forecast period?

  • What is the current trend in the market?

  • What are the business tactics that will influence the competitive scenarios while defining the growth potential of the market?

  • What are the market drivers, restraints, and challenges impacting market demand and growth?

  • Which regions and segments will generate massive revenue and emerge as market leaders in the coming years?

  • How is the competitive scenario?

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Artificial intelligence in the scope of the energy market

Report cover

Details

Page number

120

Year of reference

2020

Forecast period

2021-2025

Growth momentum and CAGR

Slowing down to a CAGR of 34.19%

Market Growth 2021-2025

$6.78 billion

Market structure

Fragmented

Annual growth (%)

47.23

Regional analysis

North America, Europe, APAC, MEA and South America

Successful market contribution

North America at 40%

Main consumer countries

United States, Germany, China, Canada and United Kingdom

Competitive landscape

Leading companies, competitive strategies, scope of consumer engagement

Profiled companies

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.

Market dynamics

Parent Market Analysis, Market Growth Drivers and Barriers, Fast and Slow Growing Segment Analysis, COVID 19 Impact and Future Consumer Dynamics, Market Condition Analysis for the Forecast Period,

Personalization area

If our report does not include the data you are looking for, you can contact our analysts and get custom segments

Contents:

1. Summary

2 Market landscape

3 Market sizing

4 Five forces analysis

5 Market Segmentation by Solution

6 Customer Landscape

7 Geographic landscape

8 drivers, challenges and trends

9 Supplier Landscape

10 Vendor Analysis

11 Appendix

About Technavio
Technavio is a global leader in technology research and consulting. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialist analysts, Technavio’s reporting library consists of over 17,000 reports and counts, spanning 800 technologies, spanning 50 countries. Their customer base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research, and actionable market intelligence to identify opportunities in existing markets and potentials and assess their competitive positions in changing market scenarios.

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Technavio (PRNewsfoto/Technavio)

Technavio (PRNewsfoto/Technavio)

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