Energy Sector Enterprise ICT Market Analysis and Future Outlook by Segments (Hardware, Software and IT Services)
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Energy Sector Enterprise ICT Market Overview
The energy sector enterprise ICT market size was pegged at $158.6 billion in 2022 and is expected to grow at a CAGR of over 14% during 2022-2027 to $309.2 billion in 2027. The global revenue opportunity for ICT in the energy sector is substantial and growing. Companies are expected to increase their ICT spend as digital technologies enable them to remain competitive and relevant in the market, optimize energy infrastructure, and improve overall operational performance.
Energy Sector Enterprise ICT Market Outlook, 2022-2027 ($ Billions)
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The Energy Enterprise ICT Vertical Intelligence Report, a new Vertical Intelligence Report by GlobalData, summarizes key findings from GlobalData’s ICT Customer Insight Survey carried out in H1-2023 and GlobalData’s Market Opportunity Forecasts to 2027: Energy. It reveals an executive-level overview of how the overall ICT budgets and their allocations towards various segments have changed for enterprises operating in the energy sector in 2023 compared to 2022 and ICT revenue opportunity with detailed forecasts of key indicators up to 2027. The report provides a detailed analysis of the overall energy sector’s enterprise ICT market trends and growth drivers based on GlobalData’s ICT Customer Insight Survey and GlobalData’s Market Opportunity Forecasts.
The report also discusses the market growth inhibitors impacting the energy sector’s overall ICT market. It sheds focus on enterprise ICT budget allocations and ICT revenue opportunities covering 18 solution areas, segmental analysis, and regional analysis. The report also includes a brief profile of some of the key ICT vendors within the energy vertical.
Market Size 2022 | $158.6 billion |
CAGR | >14% |
Forecast Period | 2022-2027 |
Enterprise ICT Budget Allocation Analysis Period | 2022-2023 |
ICT Segment | Hardware, Software, Services |
ICT Solution Areas | Cloud Computing, IoT, Communications and Collaboration, Client Computing, Consulting & Integration Services, Networking, Business Process Outsourcing, Application Development and Management, Business Process Applications, IT Management, Security, Storage, Data and Analytics, Servers, Data Center & Hosting, Artificial Intelligence, Mobility, Edge Computing |
Key Regions | Asia Pacific, Middle East & Africa, North America |
Key Digital Transformation Areas | Artificial Intelligence & Machine Learning, Automation/RPA, IoT, Edge Computing and Others |
Enterprise Technology Priorities and Spending Preferences | Internet of Things, Cloud Computing, Networking, Client Computing, and Consulting & Integration Services |
Companies Mentioned | Google, Microsoft, IBM, Meta Platforms and Oracle |
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Enterprise ICT Revenue Opportunity in Energy - Segment Analysis
GlobalData’s survey findings suggest that enterprise ICT budget allocations for all ICT products and services areas in the energy sector have increased in 2023 compared to 2022. For ‘software,’ over 70% claimed that their ICT budget allocation increased in 2023 compared to 2022.
According to GlobalData, the energy sector ICT market would see the majority share of its revenue come from the IT services segment over the forecast period. The report also discusses the enterprise ICT revenue opportunity across IT software and IT hardware segments over the forecast period.
- IT Services
- IT Software
- IT Hardware
Energy Sector Enterprise ICT Market Share by Segment, 2022 (%)
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Energy Sector Enterprise ICT Market Segmentation by IT Solution
The energy sector enterprise ICT vertical intelligence report offers ICT revenue market indicators across the following IT services solution areas:
- Cloud Computing Services
- Consulting & Integration Services
- Business Process Outsourcing Services
- Networking Services
- Application Development and Management Services
- Internet of Things (IoT) Services
- Communications and Collaboration Services
- Client Computing Services
- Data Center and Hosting Services
- Security Services
- Storage Services
- Server Services
- Artificial Intelligence (AI) services
- Mobility Services
- Edge Computing Services
Internet of Things was the largest ICT solution area in the energy vertical in terms of revenue opportunity. Revenue opportunity for IoT in the energy vertical was pegged at $27.8 billion in 2022. It is estimated to grow at a CAGR of over 18% during 2022-2027. IoT technology enables real-time asset/resource visibility, improves operational efficiency, enables companies to derive data-driven insights for quick decision-making, and enables remote monitoring of assets/resources. These factors are driving the adoption of IoT in the energy sector.
Energy Sector Enterprise ICT Market Share by IT Solution, 2022 (%)
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Energy Sector Enterprise ICT Market Segmentation by Region
ICT revenue opportunity in the Asia-Pacific energy sector is expected to grow from $62.3 billion in 2022 to $137.4 billion in 2027 at a CAGR of 17.1%. The energy sector has made a significant revenue contribution to the overall ICT sector. By adopting ICT solutions like RPA, chatbots, and cloud-based platforms, companies are streamlining operations, and enhancing digital experiences.
Energy Sector ICT Market Share by Region, 2022 (%)
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Scope
The vertical intelligence report provides an in-depth analysis of the following –
- The macroeconomic and regulatory context and government initiatives in the energy vertical.
- Enterprise ICT market outlook: Analysis as well as historical figures and forecasts of revenue opportunities from ICT segments, ICT solution areas, and key regions.
- Enterprise ICT Budget Allocations – 2022 vs 2023: Overview of survey findings regarding changes in the overall enterprise ICT budget allocations in 2023 compared to the previous year and across ICT segments, ICT solution areas, and existing vs new IT projects.
- Enterprise ICT growth drivers, market trends and challenges
- IT hardware segment revenue and budget allocations outlook: Analysis as well as historical figures and forecasts of revenue opportunities from ICT hardware solution areas and budget allocations by ICT hardware categories.
- IT software segment revenue and budget allocations outlook: Analysis as well as historical figures and forecasts of revenue opportunities from ICT software solution areas and budget allocations by ICT software categories.
- IT services segment revenue and budget allocations outlook: Analysis as well as historical figures and forecasts of revenue opportunities from ICT services solution areas and budget allocations by ICT services categories.
- Enterprise Technology Priorities: Overview of survey findings on enterprise investment priority for key solution areas in current vs next two years.
- Company landscape: Analysis of the market position of leading ICT providers in the energy market.
- Underlying assumptions behind our published base-case forecasts, as well as potential market developments that would alter, either positively or negatively, our base-case outlook.
- The survey was conducted in H1 2023 via an online methodology, with respondents all having ICT decision-making responsibility (typically CIOs and IT Managers). GlobalData plans to repeat the survey in H1 2024, to monitor ICT budget changes on an ongoing basis.
Reasons to Buy
- This Vertical Intelligence Report is based on GlobalData’s IT Customer Insight Survey carried out annually covering key ICT decision makers from enterprises in the energy vertical and GlobalData’s Market Opportunity Forecasts to 2027, to offer a thorough, forward-looking analysis of the energy sector enterprise ICT investment priorities and ICT revenue opportunity market.
- Accompanying GlobalData’s IT Customer Insight Survey and Market Opportunity Forecasts to 2027, the report examines the assumptions and drivers behind ongoing and upcoming trends in the energy sector enterprise ICT market.
- The report offers a thorough analysis of enterprise ICT investment trends and how it has changed this year compared to the previous year.
- The report presents an analysis of enterprise ICT budget allocations by various spending areas, business functions, and product/service categories and how they have changed this year compared to previous years.
- The report presents an analysis of enterprise ICT revenue opportunities by various solution areas, enterprise size bands, end-use verticals, and segments over the forecast period 2022-2027.
- With more than 50 charts and tables, the report is designed for an executive-level audience, boasting presentation quality.
- The report provides insights in a concise format to help executives build proactive and profitable growth strategies.
- The report provides an easily digestible market assessment for decision-makers built around research gathered from the local IT decision-makers, which enables executives to quickly get up to speed with the current and emerging trends in enterprise ICT investment priorities.
Table of Contents
Frequently asked questions
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How did the overall enterprise ICT budget in the energy vertical change in 2023 compared to 2022?
More than 55% of respondents from the energy vertical claimed that there has been an increase in their enterprise ICT budget for 2022-23 compared to 2021-22.
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What was the enterprise ICT revenue market size for the energy sector in 2022?
The energy sector enterprise ICT revenue market size was valued at $158.6 billion in 2022.
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What is the enterprise ICT revenue market growth rate for the energy sector?
The energy sector enterprise ICT revenue is expected to grow at a CAGR of more than 14% during the forecast period 2022-2027.
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What are the key ICT revenue market drivers for the energy sector?
Rising ICT budgets and digital transformation efforts along with investments and partnerships with tech startups are the key market drivers for the energy sector enterprise ICT market growth.
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Which was the leading segment in the energy sector enterprise ICT market in 2022?
IT services was the leading segment in the energy sector enterprise ICT market in 2022.
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Which was the leading region in the energy sector enterprise ICT market in 2022?
Asia Pacific was the leading region in the energy sector enterprise ICT market in 2022.
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Which was the leading IT solution in the energy sector enterprise ICT market in 2022?
Internet of Things was the leading IT solution in the energy sector enterprise ICT market in 2022.
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Which are the leading ICT companies mentioned in the enterprise ICT vertical intelligence report for the energy sector?
The companies mentioned in the enterprise ICT vertical intelligence report for the energy sector are Google, Microsoft, IBM, Meta Platforms, and Oracle among others.
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