The global carbon and energy management software market to grow at a CAGR of 11.73% during the period 2017-2021.
The report, Global Carbon and Energy Management Software Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in market is emergence of analytics in carbon and energy management software. The sudden increase in energy costs is compelling enterprises to prefer smarter ways to manage the energy consumption. Energy suppliers have imposed huge penalties on enterprises that are using inefficient devices having low power factor. The government is raising the bar for complying with energy standards and reducing carbon footprints. Big data and analytics technology is helping organizations operating in the energy sector to reduce operational expenditure through predictive modeling techniques. Real-time data analytics is helping organizations in the energy sector to adhere to the regulatory requirements. Real-time information has become an important component to run a business successfully.
According to the report, one driver in market is digital transformation and automation of energy sector. Digitization of the energy sector in the developed nations, such as the US and Singapore, has created a high demand for IT solutions. Digital transformation in the energy sector is a key enabler of IT spending. Modernization of the energy sector has increased the procurement of advanced IT solutions, such as energy analytics and Internet of Things (IoT), to reduce the energy consumption. Automation in the energy sector has also attracted investments in IT solutions. Fully automated IT systems in organizations operating in the energy sector have attracted significant spending on IT solutions. Industrial automation solutions, such as supervisory control and data acquisition, programmable logic controller, remain the top selection of enterprises in 2016. Clean energy initiatives in numerous countries have also helped the market to attract significant IT spending. With a rise in the number of connected devices in the energy sector, it has become more difficult to manage, monitor, and maintain data in organizations. With an increase in the number of smart connected devices, the demand for IoT solutions is expected to increase in the energy sector, which in turn drives the carbon and energy management software market.