By Staff, Greentech Media
GTM Research forecasts cumulative global spending on power utility data analytics to top $20 billion over the next nine years, with an annual spend of $3.8 billion globally by 2020. GTM’s latest report, The Soft Grid 2013-2020: Big Data & Utility Analytics for Smart Grid, forecasts grid operations analytics will see the most significant investment, with consumer analytics as the second largest area. The report forecasts U.S. utilities alone will spend nearly $100 per home in grid operations and consumer-related analytics over the next nine years.
This 133-page report from GTM Research is the first of its kind to take a competitive look at power utility data analytics, the smart grid’s next big growth market. With smart meters and distribution sensors beginning to populate “big data” from every corner of their territories, utilities must seek out data analytics solutions capable of managing this incoming data and realizing the promise of the smart grid.
“With the influx of big data, the potential of smart grid has shifted dramatically from the original aim of adding a myriad of new devices toward a complete re-invention of the way utilities do business,” said Rick Thompson, President and Co-Founder at GTM Research. “We are now moving into a market where the spotlight will be on the data analytics software that will allow utilities to track, visualize and predict everything from grid operations to electricity consumption. These capabilities are the core elements of what GTM Research calls the ‘soft grid.’”