Artificial intelligence in the energy market: 40% growth contribution from North America | Software segment important for monetization

NEW YORK† July 4, 2022 /PRNewswire/ — The artificial intelligence in the energy market estimates a market potential difference of USD 6.78 billion from 2020 to 2025, according to Technavio’s latest market analysis report. In addition, the report predicts that the market will witness slowing growth momentum at a CAGR of over 34.19%. 40% of the market’s growth will come from North America during the forecast period. the US and Canada are the main markets for artificial intelligence in the energy industry in North America† The market growth in this region will be faster than the market growth in South America. The increased propensity for manufacturers in other markets to set up smart factories will artificial intelligence in the growth of the energy market in North America during the forecast period.

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Artificial Intelligence in the Energy Market: Solution Segmentation Analysis

• Software: The software solutions segment had the largest market share in 2020. The segment will continue to dominate its position as the top revenue-generating segment over 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, machine learning platform adoption, text analytics, robotic process automation, image and video analytics, deep learning and speech recognition.

• Hardware

• Services

• To learn more about the market share and growth contribution of each segment, Request sample report

Artificial intelligence in the energy market: a driver

• Growing demand for data integration and visual analytics is one of the key drivers likely to drive market growth.

• Companies all over the world are therefore adopting data integration solutions. AI enables real-time synthesis of data to facilitate real-time analysis for effective decision-making, enabling enterprises to monitor, transform and deliver data; understand business processes; and bridge the gap between business and IT.

• Due to globalization, customers, suppliers and companies are scattered all over the world and require real-time information exchange. To achieve this, energy companies need AI platforms to connect multiple business systems to the web and cloud-based applications.

• Companies also integrate business analytics software with their company for the dynamic display of data. Therefore, the demand for AI in the energy sector is likely to increase significantly during the forecast period.

Story continues

Artificial intelligence in the energy market: challenge

• Existing issues with AI will pose a major threat to the global AI market during the forecast period.

• The central problem with AI is developing a self-improving algorithm, also known as machine learning. Creating an AI based on machine learning makes AI powerful and capable of solving old and new problems, previously programmed by a human.

• Creating efficient algorithms that can make logical assumptions and solve puzzles more easily and quickly remains another challenge for the market.

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

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Prepare for excellent business results with this exclusive report from Technavio. The report provides highlights of the overall market and answers some of the most frequently asked questions, including:

• What are historical sales figures and estimated sales figures, as well as CAGR over the forecast period?

• What is the current trend in the market space?

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

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

• Which regions and segments will generate huge revenues and become industry leaders in the coming years?

• What does the competitive scenario look like?

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Index:

1. Summary

2 Market landscape

3 Market size

4 Analysis of five forces

5 Market segmentation by solution

6 Customer landscape

7 Geographical landscape

8 drivers, challenges and trends

9 supplier landscape

10 Supplier Analysis

11 Appendix

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