Guidehouse Insights Estimates Global Market for Electric Utility Software & Services Will Grow to Nearly $37 Billion by 2032

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Jan 25, 2024, 05:15 ET

Market drivers include evolutions in software architecture, pricing innovations, and growing acceptance of cloud and SaaS models

BOULDER, Colo., Jan. 25, 2024 /PRNewswire/ -- A new report from Guidehouse Insights examines the global marketplace for enterprise information technology/operational technology (IT/OT) and energy analytics software and services.

The proliferation of smart grid technologies and renewable energy around the world is leading utilities to invest in sophisticated software to process this data and deliver actionable and impactful insights. According to a new report from Guidehouse Insights, the global market for energy IT, OT, and analytics spending is projected to reach $19.8 billion in 2023 and nearly $21.0 billion in 2024, growing at a compound annual growth rate (CAGR) of 7.2% through 2032 to $36.9 billion.

"The energy software market is converging as the traditional lines of delineation between vendor categories, software development strategies, and T&D networks become increasingly blurred," says Michael Kelly, principal research analyst with Guidehouse Insights. "As utilities embrace enterprise systems and data analytics, they must recognize that no two companies are alike, and software vendors must be nimble to deliver low cost, intuitive, interoperable, and sophisticated solutions."

While product and strategy roadmaps naturally vary by vendor, common macrotrends include architectural transformations, revamped pricing and deployment models, streamlined upgrade frameworks, mobility, and cloud enablement, among many others. Leading energy analytics providers, meanwhile, continue to innovate via superior algorithms and user experiences, extended application portfolios, and logical, value driven strategic partnerships. Whereas rudimentary use cases formed the foundation of energy analytics strategies just a few years ago—and still do to a large degree—conversations are shifting to more ambitious goals centered on grid-edge intelligence, power quality optimization, end-to-end program management, economic planning, smart home optimization, EV management, and complex rate analytics, among others, according to the report.

The report, Energy IT, OT, and Analytics, analyzes the market for 12 different enterprise IT and OT systems, as well as 14 segments of data analytics. The 10-year analyses (2023-2032) include regional spending projections and spending segment breakouts for software license fees, implementation and integration services, annual maintenance fees, and software-as-a-service (SaaS) revenues. An executive summary of the report is available for free download on the Guidehouse Insights website.

About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today's rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.

About Guidehouse
Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has more than 17,000 professionals in over 55 locations globally. Guidehouse is led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.

* The information contained in this press release concerning the report, Energy IT, OT, and Analytics, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.

For more information, contact:

Cecile Fradkin for Guidehouse Insights
+1.646.941.9139
[email protected]

SOURCE Guidehouse Insights