A new report from Navigant Research released this week says that revenue from device and data management technologies could grow from approximately $14.8 billion in 2018 to more than $22.1 billion in 2027 at a compound annual growth rate (CAGR) of 4.6%.
Utilities are increasingly interested in big data management, whether at the device-level (edge computing) or in the back-office (databases, lakes, warehouses). These solutions include most functionality for the process of analyzing data from connected devices: data acquisition, preparation, cleansing, storage, integration, analysis, and the delivery of insights.
According to the report, the next evolution in the data management space is expected to come from the advancement of Internet of Things (IoT) analytics platforms. Currently, IoT platform adoption remains low, with few customers using these platforms at scale. Until the market further matures, utilities are likely to continue using traditional data stores in lieu of IoT platforms.
The report, Big Data Management for Utilities, analyzes the trends, drivers, and barriers to adoption of data platforms and other big data management solutions within the utility industry and includes several submarkets within the utility data management space alongside global market adoption trends.
“Data is changing the utility market,” says Michael Kelly, research analyst with Navigant Research. “It frees up capital through efficiency savings, creates new digital products and services, and helps to improve understanding of customers.”
