Increased investment in advanced technologies by utilities contributes to growth. Request TOC Schedule a Call. The report also dispenses valuable statistics about market size, participant share, and consumption data in terms of key regions, along with an insightful gist of the behemoths in the IoT in Utilities market. In a traditional electrical grid, utility providers have been informed of power failure through customers. The utility industry is associated to the Internet of Things (IoT) as smart grids are considered as a prominent application of IoT technology. The demand for operational control technology is the highest category of software sales. Your request is being processed. Additionally, IoT sensors can improve workplace safety for oil and gas workers. Pre Book. . 1.4 Base Currency, Base Year and Forecast Periods, 6.1 IoT in Utilities Market, By Component, 6.1.4 Market Size Estimations & Forecasts (2019-2024), 6.2 IoT in Utilities Market, By Application, 6.2.4 Market Size Estimations & Forecasts (2019-2024), 6.3.4 Market Size Estimations & Forecasts (2019-2024), 7.1 Global Identity Governance and Administration Market, by Region, 7.2 North America - Market Analysis (2018 - 2024), 9. The IoT in utility market is growing; however, data access, data security, and data integration still remain as areas of concern for many organizations and individuals.The major utility vendors are focusing on systems or platforms to enable different applications in the IoT … The increase in incidents of cybersecurity breaches in the industry is expected to limit the global IoT in the utility market. . . If you are planning to understand the IoT in Utilities market in and out, then this is a must have report. Global Internet of Things (IoT) in Utility Market analysis delivers important insights and provides a competitive and useful advantage to the pursuers. Moreover, decreasing cost of IoT components, emergence of cloud platform, and initiatives taken by regional government for smart grid rollouts are other factors driving the demand for IoT in utility market. IoT in Utilities Market The report also offers recent market dynamics, such as driving factors, restraining factors, and market news such as mergers, investments, and acquisitions. The increasing digitization trend, coupled with the increase in industry use cases, is expected to fuel demand in the future. Some limiting factors that could hinder IoT in the utility market are a lack of technically skilled labor and a lack of standards. IBM (US) is one of the leading company in IoT in utilities market. The analytics solution is expected to grow faster due to the growing trends of mobile and smart cloud devices, as well as factors such as predictive analytics, end-to-end automation and conductive analytics platforms. It also stimulates local and micro-energy production, such as wind turbines and solar panels, creating a platform for new sources of income and improving the efficiency of production and distribution. IoT in utility market is expected to reach USD 78.46 billion by 2027 witnessing market growth at a rate of13.4% in the forecast period of 2020 to 2027. Who will be your Top Customer; what will make them switch? The application of IoT in utilities is expected to improve efficiency, generate revenue, and conserve resources. IoT Utilities Market size value crossed USD 4 billion in 2016 and is anticipated to register gains at over 20% to 2024. . Global IoT in Utilities Market Analysis - Segmenta . The Watson IoT Platform provides capabilities, such as device registration, connectivity, control, rapid visualization and storage of IoT data. Smart sensors, receivers, smart meters, and power boxes are a part of IoT network that can support mutual communication. The main providers in the public services IoT market include IBM (United States), Oracle (United States), Verizon (United States), Cisco (United States), Vodafone (United Kingdom), Telit (United Kingdom), Landis Gyr (Switzerland), Itron (United States), Schneider Electric (France), Huawei (China), Trimble (United States), Aclara (United States), Trilliant (United States)), Energyworx (Netherlands), HCL (India) , Altair (United States), Actility (France), Waviot (Russia), Rayven (Australia), Saviant Consulting (India), ABB (Switzerland), Siemens (Germany), Honeywell (United States) and GE (United States). Depending on the application, the IoT in the utility market can be divided into electricity grid management, gas management, and waste management. North America is likely to rule the global IoT in the utilities market over the conjecture period due to the rising implementation of connected smart devices and technological progressions in the area. Itron (US), one of the leading utility solutions and services provider in the market,  offers Automated Meter Reading (AMR), Distribution Automation, and OpenWay Riva solutions. Iot In Utilities Market. ©2021 MarketsandMarkets Research Private Ltd. All rights reserved, Key Players Adopted Various Growth Strategies, such as Partnerships, Agreements, and Collaborations; and New Product Launches, to Further Expand their Presence in the Global IoT in Utilites Market, Communication and Connectivity Technology, Coatings Adhesives Sealants and Elastomers, Automotive Electronics and Electrical Equipment, Construction Technology and Sustainability, Get Data as per your Format and Definition, Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor, What are the Known and Unknown Adjacencies Impacting the IoT in Utilities Market. The U.S. market share for instance, is likely to driven by the robust use of IoT technology for resource management. The Asia Pacific regional market is developing because of the rising need for smart metering solutions and efforts to promote smart buildings and cities. IoT in the utility market is primarily driven by the growing adoption of smart meters as they provide real-time information on transmission and power consumption. Rising focus on making energy usage more efficient to relieve stress on increasing energy demand is expected to drive the IoT utilities market over the forecast timeline. The size of IoT in utilities market is set to reach USD 15 billion by 2024, says latest research report by Global Market Insights, Inc. based on industry segment covering Platform (Network Management, Device Management, Application Management), Technology (Sensors, RFID, Connectivity Technology), Component (Hardware, Software [Data Management, Streaming Analytics, Security, … © 2019 Market Data Forecast All Rights Reserved. . IoT in the utility market in emerging economies, particularly in Europe and Asia Pacific, is expected to expand at a considerable rate of growth during the forecast period. . 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