The energy cloud market is expected to grow from USD 5.12 Billion in 2016 to USD 15.18 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 24.3%, owing to the existing market offerings and increasing market reach for the energy providers.
The major players in the energy cloud market include Accenture PLC (Chicago, Illinois, U.S), IBM Corporation (New York, U.S.), HCL Technologies (Noida, India), SAP SE ( Walldorf, Germany), Cisco Systems, Inc. ( California, U.S.), Oracle Corporation (California, U.S.), Capgemini (Paris, France), TCS (Mumbai, India), HPE (California, U.S.), Microsoft Corporation (Washington, U.S.), and Brillio (California, U.S.). These players have adopted various growth strategies, such as new product launches, partnerships, agreements, mergers & acquisitions, and expansions. Partnerships, agreements, & collaborations and mergers & acquisitions were the two major strategies adopted by these players to achieve a strong foothold in the energy cloud market.
Accenture PLC is a pioneer in the energy cloud market. The company primarily focuses on issues related to digital disruption, competitive agility, global operating models, cloud & security, and future workforce for the energy cloud landscape. The company helps energy and utilities enterprises to reduce operating costs and improves the quality of power supply, by offering to manage complex grid networks. Accenture has expanded its product offerings with the help of technological developments and collaborations. For instance, in 2015, Accenture PLC and SAP SE announced an expansion of their strategic partnership, by offering asset analytics solution with the help of Internet of Things (IoT). This solution is expected to improve the management & maintenance of transmission and distribution assets of the energy & utilities enterprises. This collaboration has also helped energy and utilities enterprises to reduce cost, make better & faster decisions, and increase the productivity.
Furthermore, IBM Corporation is an eminent player in the energy cloud market. IBM offers an extensive set of cloud solutions to enhance operational excellence, increase customer satisfaction, and cost reduction, by improving agility & reliability. The company, as a part of its strategy, offers industry-specific solutions also, which addresses customer-specific technology challenges. The company diligently strives to provide its customers with updated offerings through innovation and Research & Development (R&D). The company spent a substantial amount of USD 5,247million on its R&D in 2015 to support innovations, which can enhance its product portfolio. For example, the company launched a product, Modern Era Energy Grid (MEeG), the energy integrator for energy and utilities enterprises. MEeG offers reliability, security, safety, and sustainability of the energy and utilities enterprises.
The energy cloud market research report analyzes the global adoption trends, future growth potentials, key drivers, vendor portfolio analysis, restraints, opportunities, and value chain.
Energy Cloud Market by Solution (Customer Management, Reporting and Analytics Enterprise Asset Management), Service, Service Model (SaaS, PaaS, and IaaS), Deployment Model, Organization Size, and Region - Global Forecast to 2021
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