Increasing ICT Investment Trends to Positively Boost the Energy Market
This report presents key findings from a survey done on the 114 energy companies and on the widespread trends in investments taking place in information and communication technology. Also, the survey investigates how energy companies currently allocate their ICT budgets across the core areas of enterprise ICT expenditure: software, hardware, IT services and consulting.
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Over the last hundred years, energy in the form of oil & electricity and ICT have played increasingly important roles in the processes of economic growth & industrialization. Initially, the report discusses that from the past few years’ energy companies across the globe are continuously facing major issues relating to price fluctuations and a weakening in demand for crude oils due to the global economic uncertainties. Moreover, Kable’s survey shows that in the current economic scenario in the market, energy companies are planning to make reasonable investments in ICT to become more competitive. They are doing this by reducing complexity through the optimization of their IT landscape, improving operational productivity and by meeting the terms of energy policies & regulations.
With the growth in population and improvement in living standards, the demand for energy is expected to witness a rising trend. The energy demand is further driven by the development of urban infrastructures and the migration of public from rural to urban areas. To overcome this issue, Energy companies are gradually moving towards technology investment trends. Increase customer satisfaction, survival and competitive advantage is the most important business objective that is influencing the ICT investment strategy of energy companies.
Furthermore, the report discusses ICT budget allocation which is further classified by core technology area and function. On the basis of core technology area it covers:
Hardware budget breakdown
Software budget breakdown
Cloud computing budget
Third-party IT services expenditure
The hardware budget of energy companies is largely dominated by network & communications equipment; however, software licenses and SaaS (software as a service) led the software budget of energy companies in 2015. Additionally, the report also illustrates the core technologies that energy companies are investing such as security products, IoT (Internet of Things), cloud computing and network services.
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In the end, the report focuses on energy companies ICT expenditure trends for specific business areas and technologies, identifying the top three IT projects and considering the business challenges faced by organizations.
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