Predicting The Future: WEMATICS' AI-Driven Approach to Next-Gen Weather Forecasting

EXECUTIVE SUMMARY

WEMATICS presents a groundbreaking approach to weather forecasting and nowcasting powered by artificial intelligence. Their core innovation lies in the seamless fusion of AI algorithms and advanced sky camera technology, enabling real-time, accurate nowcasts of up to 15 minutes across a spectrum of industries.

The potential of WEMATICS in this rapidly evolving market is immense. As the industry [KH1] grows, driven by the ever-growing need for precise weather data, WEMATICS finds itself in a market with relatively few competitors. This scenario offers a prime opportunity for WEMATICS to shape and potentially dominate this emerging field. The increasing importance of accurate weather information across various sectors, from energy-home-optimization to electricity grid management, highlights the market's significance and growth potential. WEMATICS, with its innovative fusion of AI and sky camera technology, is strategically positioned to become a leading force in defining the future of weather forecasting and nowcasting.

Goal

The cooperation between the E&I institute and WEMATICS aimed for the creation of a business plan, which can be used as a basis to apply for the InCubed program, a partnership between industry, national delegations and ESA, the European Space Agency, to support the commercial sector based on Earth observation data.

Methodology

To acquire the information needed for the business plan, data triangulation was used. On the one hand, the focus was on identifying different customer segments and their needs, by contacting over 300 stakeholders. This led to 20 expert interviews, 24 email responses, 43 phone calls and two surveys with a total of over 300 responses. On the other hand, various websites, articles and 3rd party research were used to verify the primary data sources. Thus, it was possible to single out customer segments, which do not show a clear problem-solution fit. To confirm a product-market fit, a market analysis was conducted, which analyzed the different markets in respect to their potential. Finally, this information was channeled into a financial plan, projecting the financial growth potential for WEMATICS.

Results

The research for WEMATICS has yielded crucial insights, identifying a primary customer segment and three additional promising areas for expansion. The main segment to target is customers with a solar panel and an energy-management-system. This customer segment not only holds the highest potential, with a total market size of 930 million euros, but also the opportunity to be used as a basis for a long-term strategy, in becoming an energy forecast provider. Furthermore, three more interesting segments, the alpine area, media companies, as well as racing track operators, have been identified as leads for WEMATICS to pursue. All this information, combined with an in-depth competitor analysis, and a financial analysis with a time-horizon until 2029, was added to the final business plan, which can now serve as a document for investors and funding proposals, and as a guideline for the next steps.

Cooperation Partner

• Max Aragon
  WEMATICS
  Schillerstraße 30, 5020 Salzburg, Austria
  https://www.wematics.com/

Contact Person

 

• Max Aragon - max.aragon@wematics.com

Student Team

• Katrin Hagedorn

• Floria Bade

• Leo Sollereder

• Moritz Kopecky

• Michael Tiefenböck

Project Manager

• Richard Olbrecht, M.Sc.

• Shtefi Mladenovska, M.Sc.