Artificial Intelligence In Energy Market : 40% Growth Contribution from North America | Software Segment to be Significant for Revenue Generation – JulieSimba
Artificial Intelligence In Energy Market : 40% Growth Contribution from North America |  Software Segment to be Significant for Revenue Generation

Artificial Intelligence In Energy Market : 40% Growth Contribution from North America | Software Segment to be Significant for Revenue Generation

NEW YORK, July 4, 2022 /PRNewswire/ — The artificial intelligence in energy market A market estimates a potential difference of USD 6.78 billion from 2020 to 2025, as per the latest market analysis report at Technavio. Furthermore, the report projects the market to witness a decelerating growth momentum at a CAGR of over 34.19%. 40% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for artificial intelligence in the energy industry in North America. Market growth in this region will be faster than the growth of the market in South America. The increased profit of manufacturers in other markets to establish smart factories will propel the artificial intelligence in energy market growth in North America over the forecast period.

Technavio has announced its latest market research report titled Artificial Intelligence in Energy Market by Solution and Geography - Forecast and Analysis 2021-2025

Technavio has announced its latest market research report titled Artificial Intelligence in Energy Market by Solution and Geography – Forecast and Analysis 2021-2025

For more highlights on the regional segment, Read Sample Report

Artificial Intelligence in Energy Market: Solution Segmentation Analysis

  • Software: The software solution segment held the largest market share in 2020. The segment will continue to dominate its position as the highest revenue-generating segment throughout the forecast period. The growth of this segment can be attributed to the increasing globalization and growth of IT in the energy sector for decision management, adoption of the machine learning platform, text analytics, robotic process automation, image and video analysis, deep learning, and speech recognition.

  • Hardware

  • Services

  • To know about the market share and growth contribution of each segment, Request Sample Report

Artificial Intelligence In Energy Market: Driver

  • The growing demand for data integration and visual analytics is one of the key drivers likely to propel the market growth.

  • Enterprises around the world are, therefore, adopting data integration solutions. AI allows real-time synthesizing of data to facilitate real-time analysis for effective decision-making, thus enabling enterprises to monitor, transform, and deliver data; understand business processes; and bridge the gap between businesses and IT.

  • With globalization, customers, suppliers, and companies are scattered across the world and require real-time information exchange. To accomplish this, energy companies require AI platforms to link multiple enterprise systems with the web and cloud-based applications.

  • Enterprises are also integrating business analytics software with their businesses for the dynamic representation of data. Hence, the demand for AI in the energy sector is likely to increase significantly during the forecast period.

Artificial Intelligence In Energy Market: Challenge

  • Existing issues of AI will emerge as a major threat for the global AI market during the forecast period.

  • The central problem with AI is to develop a self-improving algorithm, which is also known as machine learning. Creating an AI from machine learning makes AI powerful and capable of solving old and new problems, which were earlier programmed by a human.

  • The creation of efficient algorithms that can make logical assumptions and solve puzzles more easily and at a higher speed remains another challenge for the market.

  • Developers are still in the research stage to develop an efficient machine learning algorithm, which can efficiently work with the energy management system. Therefore, there is limited adoption of AI in the energy sector.

Grab your Sample Report Copy Right Here to Unlock Additional Insights on other key market dynamics

Get ready to achieve excellent business outcomes from this exclusive report by Technavio. The report offers highlights of the overall market answering some of the most frequently asked questions including –

  • What are historical revenue figures and estimated revenue figures as well as CAGR during the forecast timeframe?

  • What is the current trend taking place in the market space?

  • Which are business tactics that will influence competitive scenarios along with defining the growth potential of the market?

  • What are market drivers, restraints, and challenges impacting demand & growth of the market?

  • Which regions & segments will garner massive revenue and emerge as market leaders in upcoming years?

  • How is the competitive scenario like?

Have More Questions? Get all your queries solved just by Downloading this Sample Report Copy

Related Reports:

Artificial Intelligence (AI) Market in Healthcare Sector by Application and Geography – Forecast and Analysis 2022-2026

Artificial Intelligence (AI) in Construction Market by Solution and Geography – Forecast and Analysis 2022-2026

AI Edge Computing Market by Type and Geography – Forecast and Analysis 2022-2026

Artificial Intelligence In Energy Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Decelerate at a CAGR of 34.19%

Market growth 2021-2025

$6.78 billion

Market structure

Fragmented

YoY growth (%)

47.23

Regional analysis

North America, Europe, APAC, MEA, and South America

Performing market contribution

North America at 40%

Key consumer countries

US, Germany, China, Canada, and UK

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

ABB Ltd., Alphabet Inc., Flex Ltd., General Electric Co., Intel Corp., International Business Machines Corp., Microsoft Corp., Origami Energy Ltd., Siemens AG, and Verdigris Technologies Inc.

Market Dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized

Table of Content:

1 Executive Summary

2 Market Landscape

3 Market Size

4 Five Forces Analysis

5 Market Segmentation by Solution

6 Customer landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify existing opportunities in and potential markets and assess their competitive positions within changing market scenarios.

Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

Technavio (PRNewsfoto/Technavio)

Technavio (PRNewsfoto/Technavio)

Cision

Cision

View original content to download multimedia: https://www.prnewswire.com/news-releases/artificial-intelligence-in-energy-market–40-growth-contribution-from-north-america-software-segment-to -be-significant-for-revenue-generation–technavio-301579975.html

SOURCE Technavio

Leave a Comment

Your email address will not be published.