[April 20, 2018] |
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Global Energy Management Software Market - Need for Increased Operational Efficiency to Boost Growth | Technavio
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.
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180420005635/en/
Technavio has published a new market research report on the global energy management software market from 2018-2022. (Graphic: Business Wire)
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. Cloud-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, typically, 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 market
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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View source version on businesswire.com: https://www.businesswire.com/news/home/20180420005635/en/
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