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Global Energy Management Software Market - Need for Increased Operational Efficiency to Boost Growth | Technavio
12:58 PM ET
Technavio's latest market research report on the global energy management software market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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According to Technavio market research analysts, the global energy management software market will grow at a CAGR of around 10% during the forecast period. The cost reduction advantage is a major factor driving the market's growth. Currently, organizations are focusing on cultivating and managing the resources necessary for efficient output, which increases the requirement for efficient energy management software.
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In this report, Technavio highlights the adoption of cloud-based energy management software as one of the key emerging trends driving the global energy management software market:
Adoption of cloud-based energy management software
One of the most significant trends in the global energy management software market is the adoption of cloud-based energy management software. Clou d-based energy management software typically offers the access to the application via web-based browsers where the admin defines the access level across the organization, and the user can log in to the management system simultaneously from any Internet-enabled device. Often, cloud-based energy management software provides users with mobile apps to make it easier to use the software on smartphones and tablets.
Another benefit of cloud-based energy management software is the scalability. A cloud-based system is designed to be flexible with expanding capacity. This is because if the energy requirements scale up (or down), the energy management software will expand, or contract based on the business requirements. Also, t ypically, the cost of cloud-based energy management software is often based on the number of users and storage requirements. Cloud-based energy management software has always been beneficial for the SMEs and manufacturing plants that need to reduce their IT expenses. When it comes to cloud-based solutions, the vendor is responsible for managing the software, providing updates across the system, and taking care of the technical glitches, bugs, and other issues.
According to a senior analyst at Technavio for enterprise application research, "Easy scalability is a major benefit of cloud-based energy management software. Also, the deployment of these solutions does not require wires, programmable logic controllers, drawings, or operator interface equipment, thereby reducing the installation and maintenance burden for users."
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Global energy management software ma rket segmentation
This market research report segments the global energy management software market by application (power industry, construction, and others), and key regions (the Americas, APAC, and EMEA).
The global energy management software market by application was dominated by the power industry segment in 2017 with over 65% of the total market share. It was followed by the others segment and the construction segment.
In 2017, the Americas accounted for over 37% of the global energy management software market, followed by EMEA and APAC. The emerging economies of APAC are expected to become the most significant markets for energy management software market during the forecast period. The rising demand for real-time tracking and automation and the requirements to increase the operational efficiency are major factors that will drive the growth of the global energy management software market.
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