Study: Energy Industry Bets Big on Big Data and Analytics

Posted August 5, 2014 at 5:00am reports that the “energy industry is spending big on big data and analytics, and is estimated to grow at a CAGR of 25 percent from 2014 to 2019, says a new research from ABI Research.”  

“Currently energy industry represents over 15 percent of the overall cross-industry spending, and the spending on energy analytics is estimated to surpass $21 billion in 2019, the research titled ‘Big Data and Analytics in Energy Industry’ said.”  

“The need to invest in big data and analytics is driven by the growing pressure to improve profitability. Energy companies, which were conservative in adopting new technologies, now realize huge cost savings are possible by making the operations more driven by data, says principal analyst Aapo Markkanen.”