Global Energy Cloud Market: Overview
Energy cloud is an emerging concept acquired from cloud computing that challenges conventional hub-and-spoke grid architecture with a wide spectrum of regulatory, environmental, commercial, and technical changes. The constant broadening of smart grid infrastructure and stable rise in distributed energy resources (DER) capacity are expected to be the two critical trends propelling the shift to the transparent, responsive, and dynamic energy cloud landscape. Energy cloud evolution is considered as an unparalleled opportunity for vendors and customers alike to improve or replace their status quo.
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Global Energy Cloud Market: Key Trends
The world energy cloud market is anticipated to fuel its growth due to the increasing requirement of organizations to avail the advantages of customer relationship management (CRM). Other key factors such as concerns regarding grid security and growing aging infrastructure are expected to lay a solid foundation for the world market. Utilities, energy, and other similar enterprises could be challenged by exacting compliances and regulations and elevating levels of cyberattacks. Howbeit, there could be some lucrative business opportunities in solution and service markets waiting for players to capitalize on.
Managed services are predicted to register a significant growth in the global energy cloud market during the course of the forecast period. This service segment finds an expansive and vital application in utility and energy enterprises for the management of smart and nuclear grids and downstream and upstream oil and gas. Managed services can also be engaged for addressing client needs and pre and post-deployment queries of customers.
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According to the segmentation by solution, enterprise asset management is prognosticated to rake in a larger share in the international energy cloud market. Benefits such as governing assets, improving the return on them, and accessing real-time visibility into their usage could set the tone for this segment.
Global Energy Cloud Market: Market Potential
Genesis Energy, one of the largest power generators and gas and power retailers in New Zealand, has teamed up with Spark to migrate its IT infrastructure to a cloud-based platform. The technology and digital executive general manager of Genesis Energy expressed that the shift to Spark’s Revera cloud platform was a great move for the company in the fast-changing energy sector. Genesis Energy will now be able to offer innovative energy solutions to customers and enhance its efficiencies. The highly competitive five-year partnership will present a robust IT managed services package tailored to the business needs of the energy company.
Global Energy Cloud Market: Regional Outlook
As a result of a telling adoption of technologies in the forefront and voluminous presence of a number of enterprises, countries such as Canada and the U.S. are prophesied to be the major markets for energy cloud. In this regard, North America is envisaged to secure a tremendous share in the worldwide energy cloud market. Quickly catching up the pace at which larger markets are growing, Asia Pacific is foretold to display a higher CAGR during the forecast years. The analysts could also be interested in studying other convincing regions such as Europe and Rest of the World.
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Global Energy Cloud Market: Competitive Landscape
Leading companies in the global energy cloud market could be dependent on constant technological innovations with a view to further customer satisfaction and sustain their position in the industry. The global market is envisioned to be served by these players as they count their growth on various strategies such as partnerships, acquisitions, and new product development. Some of the crucial players in the market are Oracle Corporation, Cisco Systems, Inc., SAP SE, HCL Technologies, IBM Corporation, and Accenture PLC.