Despite these reasons, the adoption rate has gone up significantly
promoting growth in this industry. According to the study, ‘Big
Data In Utilities - Thematic Research’, some of the companies that are
providing services of big data analytics in the utilities market includes, Amazon,
Arista Networks, Cisco, Cloudera, Hortonworks, HP Enterprise, IBM, Intel, Google,
Juniper Networks, Micron, MicroStrategy, Microsoft, NeoPhotonics, Nutanix, Nvidia,
Oracle, Pure Storage, Red Hat, SAP, Software AG, Tableau, Talend and Vmware. More
electronic advancements such as cloud computing, Internet of Things, Artificial
Reality, Augmented and Virtual Reality robotics as well as crypto currencies
have led to an increase in the amount of data that is being circulated.
In the present time, there is no dearth of data. IT systems,
machines, gauges, devices, customers, quick messaging services and the list of
data sources are endless. Anything and everything is spewing huge amount of
data which can be utilized by many companies. Companies have started to make
use of this complex data in order to put this to their advantage.
Unfortunately, utility segment is clearly lagging behind in taking advantage of
this huge potential that is being presented by this huge amount of data. Studies
suggest that currently, companies are not able to seize the smart grid data
opportunity especially when it comes to utility companies. There are mainly
three reasons for the slow growth of this industry which includes few numbers
of people with the expertise to actually put big data to use; the experts also
do not have high degree of preparedness to handle big amount of data and lack
of clarity as to the purpose of the data.
The amount of data that is being generated is
increasing at a very fast pace and the growth in the future would be immense.
The data that is being generated can be easily monetized growing band of hyper
scale, internet-facing data centres around the world.
Analytics can easily help utilities to reduce
their cost by a huge amount thus allowing them to save millions in the form of
maintenance and operating expenses. This would enable efficiency in capital
deployment which would lead to further effectiveness of operations being
undertaken. Advanced analytic can also help companies to increase their
reliability to a huge extent by accurate predictions thus preventing outages.
Big data analytics also allows companies to easily understand customer
preferences in a more hassle free manner from which consumers can draw out
conclusions and plan their future course of operations. The present time has
seen many companies either enter this segment or trying to establish
collaboration with a data analytics firm which would allow them to take
advantage of this growing trend.
As the analytical capabilities evolve, utility
companies would need to adapt to more rigorous standards for storing, managing
and capturing data. The future of this market holds some of the most
unimaginable things such as the advance modelling techniques to get more
insights into the data which shall enable the organization to make use of this
data in a better manner. Overall, the future of this industry is bright with
the entire industry expecting a strong growth rate.
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Ankur Gupta, Head Marketing & Communications
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Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
