About Digital Transformation in Energy & Utilities
Digital transformation refers to the adoption of cutting-edge and advanced technologies in order to improve business operations and customer experience. Rising IT spending in the energy and utility industries to reduce downtime, improve productivity, and automate the business processes is accelerating the digital transformation. The increasing demand for energy at the global level due to growing industrialization, development of smart infrastructure, and smart cities will boost the digital transformation in energy & utility industries.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Digital Transformation in Energy & Utilities market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Palo Alto Networks (United States), IBM (United States), Microsoft Corporation (United States), SAP (Germany), Accenture (Ireland), Oracle Corporation (United States), Atos (France), DXC Technology (United States), Anyline (Austria), Capgemini (France), HCL Technologies (India) and Tech Mahindra (India) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Digital Transformation in Energy & Utilities market by , Application (Workforce Engagement, Customer Relationship Management, Predictive Maintenance, Automation, Meter Reading and Others) and Region.
On the basis of geography, the market of Digital Transformation in Energy & Utilities has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Solutions will boost the Digital Transformation in Energy & Utilities market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organization Size, the sub-segment i.e. Small and Medium Businesses will boost the Digital Transformation in Energy & Utilities market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Technology Type, the sub-segment i.e. Communication Tools will boost the Digital Transformation in Energy & Utilities market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Evolution of 5G Network Technology and Increasing Popularity of RPA in the Utility Industries and Increased Focus on Innovation and Integration of AI and ML in the Solutions to Improve Data Analysis
Market Growth Drivers:
Increasing Digital Transformation in the Energy & Utility Industry to Automate Operations, Improve Maintenance, and Extend Equipment Lifecycle and Surging Demand for IoT and Big Data Analysis Solutions in the Energy & Utility Sector Will Boost the Market
Challenges:
Availability of Global Tech Giants in the Market May Create Challenges for the New Entrances
Restraints:
High Cost of Continually Upgrading Software and Privacy Concern Due to Increasing Cyberattacks
Opportunities:
Rapidly Growing Renewable Energy Sector Across the Globe Will Create Significant Opportunities
Market Leaders and their expansionary development strategies
In November 2021, Tech Mahindra partnered with Tanzania Electric Supply Company Ltd. for digital transformation. Tanzania Electric Supply Company Ltd. is transforming itself into a digital enterprise by deploying full spectrum of technology. Tech Mahindra is a leading solution provider in the energy and utility business and will implement digital solutions to drive innovation and accelerate TANESCO’s digital transformation journey. The partnership is a huge step for Tech Mahindra that will open the door to offer NexGen Utility solutions and services across the Middle East and Africa.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Digital Transformation Providers, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.