Global Artificial Intelligence in Energy Market | Growing Demand for Data Integration and Visual Analytics to Boost Market Growth | Technavio
The global artificial intelligence in energy market size is poised to grow by USD 8.06 billion during 2020-2024, decelerating at a CAGR of almost 48% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Artificial Intelligence in Energy Market 2020-2024 (Graphic: Business Wire)
The global artificial intelligence in energy market is driven by the growing demand for data integration and visual analytics. Rising proliferation and complexity have made the process of deploying and maintaining reliable data interfaces difficult. Therefore, enterprises around the world are adopting data integration solutions. AI allows real-time synthesis of data to facilitate real-time analysis for effective decision-making. Thus enterprises can monitor, transform, and deliver data; understand business processes; and bridge the gap between businesses and IT. Similarly, AI helps energy companies integrate technical and business process data from different sources and convert it into meaningful business insights. With the exponential increase in data volume, the need for analyzing, transforming, monitoring, and interpreting data has become a priority for business operations.
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Increasing Adoption of Cloud-based Solutions will be a Key Market Trend
Increasing adoption of cloud-based solutions is one of the major trends being witnessed in the global artificial intelligence in energy market. With the increasing applications of robotics in repetitive and risky tasks, end-users are increasingly seeking avenues to ensure the elimination of limitations of industrial automation and robotics technologies. These limitations arise due to factors such as cost, computational capacity, storage, size, power supply, motion mode, and working environment. Thus, the adoption of cloud-based Al solutions is increasing in the energy sector to enhance the capabilities of existing systems.
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Artificial Intelligence in Energy Market 2020-2024: Key Highlights
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