Cloud analytics solutions in the energy sector are about to gain traction as significant tech-backed transformations continue to trend.
FREMONT, CA: Advanced capabilities are the need of the hour for the energy sector. As stakeholders in the energy sector chart the course of transformation, energy cloud analytics is emerging as one of the essential components of modern energy infrastructure. According to a report published by Navigant Research, energy cloud analytics products will experience a CAGR of 12.7 percent, which will result in taking the value of sales from USD 5.98 billion in 2019 to USD 18.1 billion in 2028. Energy cloud analytics facilitates a range of advanced capabilities that are essential to any energy sector company in today’s time. Some ways in which cloud analytics empower companies in the energy sector are discussed below.
Enables Adoption of AI and ML
Cloud analytics can be a significant factor in enabling energy sector companies to adopt artificial intelligence and machine learning. The adoption of new technology always presents a challenge due to the limitations that legacy systems have. Today, many of the AI and ML-backed solutions are cloud-compatible. This allows energy companies to deploy digital solutions and leverage advanced analytics to optimize several functionalities.
Grants Flexibility to Operations
The value of cloud analytics is increasing in the energy sector. The maintenance of assets is becoming analytics-oriented. Such applications gain a major boost when cloud computing is involved. Cloud technology entitles energy companies to a lot of flexibility and agility in handling operations.
Greater Capacity, Better Security
Cloud analytics capacities are greater when compared to on-premise analytics systems. This works as an advantage for energy companies that want to scale up or down depending on consumption trends. Besides, applications that require higher computing capacities can run smoothly on the cloud. Security aspects of cloud analytics are also robust when cloud analytics providers are dependable.
In the run-up to a transformed energy sector, cloud analytics will play the role of the enabler and support energy companies in optimizing their services.
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