A smart grid is based on digital technology that supplies electricity through digital communication. It facilitates the gathering and distribution of the information and ensures that electricity services are more reliable and cost-effective. It was introduced with an aim to overcome the weaknesses of conventional grids.

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The smart grid data analytics market is currently accounted for USD 4.3 Billion by 2018 and is expected to reach USD 5.1 Billion by 2023. The market is accounted for to rise in the near future because of the growing popularity and the increasing investment in the technologies by the top-notch companies of the market. The market also aims to achieve CAGR of 17.8% during the forecasted span.

(1) It assists in managing huge amount of data.
(2) It improves reliability and delivering personalized services to the customers.
(3) It decreases the number of electric outages.
(4) They are capable of producing a large amount of data.
(5) It gives access to electric consumption during high usage peaks.
(6) Energy saving through reducing consumption
(7) Cost effective technique

Segmentation analysis-
The smart grid data analytics market is bifurcated into application and technology. On application, it is divided into Healthcare, energy consumption, automotive industry, smart meters and information technology. By technology, it is divided into Infrared, resistive, capacitive and electromagnetic and others. The market aims to predict each segment during the forecasted span of 6 years. The market is evaluated on the factors such as customer base, revenue earned, new product launch, acquisition of the raw materials and many other factors that directly and indirectly affect the demand of the market.

Geographical analysis-
The smart grid data analytics market is geographically distributed in the countries such as North America, Europe, Asia-Pacific and the Middle East. The statistics reveal that North America is likely to lead the market as its large market share during the forecasted period. Further, countries like India and China also expected to rise in the near future because of technological advancements.

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Competitive landscape-
The major competitors of the smart grid data analytics market are Google, Panasonic Corporation, Samsung Display Corporation, LG Display, Microsoft Corporation, Cisco Inc., Ricoh Ltd., NEC Corporation, FOXCONN tech group, Hitachi Ltd. and Other Prominent Players. These market players are continuously working to garb the large customer base in the market. Even the government has also started working on the smart grid projects as it reduces the cost of maintenance and procurement. Further, the rise in investment in the research and development helps the government to re-allocate their funds on the core projects.

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