Despite these reasons, the adoption rate has gone up significantly promoting growth in this industry. According to the study, ‘Big Data In Utilities – Thematic Research’, some of the companies that are providing services of big data analytics in the utilities market includes, Amazon, Arista Networks, Cisco, Cloudera, Hortonworks, HP Enterprise, IBM, Intel, Google, Juniper Networks, Micron, MicroStrategy, Microsoft, NeoPhotonics, Nutanix, Nvidia, Oracle, Pure Storage, Red Hat, SAP, Software AG, Tableau, Talend and Vmware. More electronic advancements such as cloud computing, Internet of Things, Artificial Reality, Augmented and Virtual Reality robotics as well as crypto currencies have led to an increase in the amount of data that is being circulated.
In the present time, there is no dearth of data. IT systems, machines, gauges, devices, customers, quick messaging services and the list of data sources are endless. Anything and everything is spewing huge amount of data which can be utilized by many companies. Companies have started to make use of this complex data in order to put this to their advantage. Unfortunately, utility segment is clearly lagging behind in taking advantage of this huge potential that is being presented by this huge amount of data. Studies suggest that currently, companies are not able to seize the smart grid data opportunity especially when it comes to utility companies. There are mainly three reasons for the slow growth of this industry which includes few numbers of people with the expertise to actually put big data to use; the experts also do not have high degree of preparedness to handle big amount of data and lack of clarity as to the purpose of the data.
The amount of data that is being generated is increasing at a very fast pace and the growth in the future would be immense. The data that is being generated can be easily monetized growing band of hyper scale, internet-facing data centres around the world.
Analytics can easily help utilities to reduce their cost by a huge amount thus allowing them to save millions in the form of maintenance and operating expenses. This would enable efficiency in capital deployment which would lead to further effectiveness of operations being undertaken. Advanced analytic can also help companies to increase their reliability to a huge extent by accurate predictions thus preventing outages. Big data analytics also allows companies to easily understand customer preferences in a more hassle free manner from which consumers can draw out conclusions and plan their future course of operations. The present time has seen many companies either enter this segment or trying to establish collaboration with a data analytics firm which would allow them to take advantage of this growing trend.
As the analytical capabilities evolve, utility companies would need to adapt to more rigorous standards for storing, managing and capturing data. The future of this market holds some of the most unimaginable things such as the advance modelling techniques to get more insights into the data which shall enable the organization to make use of this data in a better manner. Overall, the future of this industry is bright with the entire industry expecting a strong growth rate.
For more information on the research report, refer to below link:-
Ankur Gupta, Head Marketing & Communications