According to the latest market research study released by Technavio, the global IT spending in the energy sector is expected to grow at a CAGR of more than 3% during the forecast period 2016-2020.
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Technavio research analysts categorize the global IT spending in energy sector based on technology:
Global IT spending in energy sector share by technology 2015
|
IT Services |
44.50% |
|
Software |
28.80% |
|
Hardware |
26.70% |
Source: Technavio
Global IT spending in energy sector by IT services
The global IT services spending in the energy sector market was valued at around $79 billion in 2015 and will grow at a CAGR of over 4% by 2020. The growing adoption of cloud computing services is one of the primary drivers for this market segment. Some of the IT services offered in the market include project-oriented services, IT outsourcing services, IT support and services, and enterprise cloud computing services. The cloud-based services are flexible to deploy and can be configured at any point in time, and it also helps reduce the cost of replacement and upgradation of hardware for the energy firms.
“Various vendors in the market are launching cloud computing services, catering specifically to the oil and gas sector. These services are designed to help the industry undergo a digital transformation with the help of IT solutions such as cloud-based analytics and IoT. The IT outsourcing services help enterprises to access advanced technologies such as analytics services, IT infrastructure management services, and engineering services that enables easy and smooth business operations,” says Amit Sharma, a lead analyst at Technavio for research on IT spending by region and industry.
Global IT spending in energy sector by software
The global software spending in energy sector market was valued at more than $51 billion in 2015 and will grow at a CAGR of about 3% by 2020. The emergence of on-premise software solutions that offer seamless functioning across upstream, midstream, and downstream operations will boost the growth of this market segment during the forecast period. The solutions available in the market includes energy management software suite, ERP software, information management software, geographic information systems software, IT security software, analytics software, and mobility solutions. The market is primarily driven by the spending by energy sector on energy management software suite and analytics software solutions. The vendors are concentrating on providing on-premise and SaaS models to attract more consumers and increase their profitability.
Global IT spending in energy sector by hardware
The global hardware spending in energy sector market was valued at about $48 billion in 2015 and will grow at a CAGR of almost 1% by 2020. The growing requirement for network solutions and products that help organizations to enhance operational efficiencies for superior profitability, will boost the demand for hardware solutions in the market. These solutions include networking and communication equipment and devices, radio-frequency identification (RFID), sensors, and tracking devices, smart connected devices, switches and routers, and server and storage devices. The deployment of wireless solutions and IoT-enabled smart connected devices will help in the progress of this market segment.
The top leading vendors operating in the global IT spending in the energy sector are:
· Dell
· IBM
· Infosys
· SAP
Other prominent vendors in the market include ABB, Alcatel-Lucent, Capgemini, Cisco Systems, GE Oil and Gas, Hitachi, Huawei Technologies, HCL Technologies, Oracle, Siemens, and TCS.
A more detailed analysis is available in the Technavio report titled, ‘Global IT Spending in Energy Sector 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global IT Spending in Cold Chain Logistics Market 2016-2020
- Global IT Spending Market for Smart Homes 2016-2020
- Global Cloud Spending by SMBs Market 2016-2020
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