India International Times Latest Business News from India
This acquisition will enhance IBM’s foothold in the rapidly growing energy and utilities market, where companies are increasingly looking to optimize their wind, solar, and energy storage assets. By incorporating Prescinto’s AI-powered tools, IBM plans to offer enhanced monitoring, analytics, and automation capabilities for renewable energy operations.
According to IBM, the global utilities asset management market is projected to grow from $4.3 billion in 2022 to $12.4 billion by 2031, at a compound annual growth rate of 11.3%. The rising demand for these solutions is fueled by the global shift toward renewable energy, as companies seek to reduce emissions and lower energy costs.
Prescinto’s technology helps energy firms streamline operations by providing real-time tracking of energy production and storage assets. The platform identifies performance bottlenecks and delivers actionable insights, allowing companies to maximize returns on their renewable energy investments.
IBM’s Maximo Application Suite is already widely used across sectors such as water, natural gas, oil, and nuclear energy. With Prescinto’s capabilities, IBM aims to better support its clients’ sustainability and net-zero goals by offering more advanced tools for managing renewable energy assets.
Founded in 2016, Prescinto operates in 14 countries, managing 16 gigawatts of renewable energy assets. The acquisition aligns with IBM’s strategy to lead the digital transformation of the energy sector.
Recently, IBM’s Maximo platform was ranked first in IDC’s 2023 global market share report for asset lifecycle management, holding a 10.8% share. This acquisition is expected to further solidify IBM’s leadership in the sector.
