Internet of Things (IoT) in Utilities Market Trends & Forecast by 2026

1. ICT Internet of Things (IoT) in Utilities - The next industrial revolution July 13, 2021  IoT is considered as the next industrial revolution, Industry 4.0. The concept of IoT is to develop advanced solutions and services, enhance productivity & e?ciency, solve critical problems, and improve real-time decisions. IoT is changing industry business models, and the utility industry is investing in IoT technology to transform its operations and enhance customer experience. In the current scenario, the utility industry is mostly governed by government policy and the need to comply with regulations. It is also driven by concerns about cost savings. Therefore, IoT helps the utility industry to overcome challenges and implement advanced services & solutions. Furthermore, IoT connected utilities monitor support with real-time compliance and regulations about feeding power into the network to maximize remote monitoring & control in order to allow preventive maintenance. Moreover, IoT accelerates digital transformation in utilities. IoT technology helps the utility industry to shift to a decentralized process from a centralized one, and to remotely monitor energy consumption of the connected units and manage temporary shortfalls in energy. Request for a sample: https://www.transparencymarketresearch.com/sample/sample.php??ag=S&rep_id=44652 IoT in utilities market is majorly driven by the rising adoption of smart meters. Smart meters provide real-time information about energy transmission and consumption. It is also boosting local and micro production of energy such as wind turbines and solar panels, which creates a platform for new revenue streams and improves e?ciency of production and distribution. Furthermore, importance of IoT is rising in the energy sector due to the smart meter, as it enables digital measurement of consumer data. Decentralization of the energy sector is a key factor driving the IoT in utilities market. Some trends that are driving the adoption of IoT technologies in the utilities industry are regulation compliance & operational e?ciency, strong customer relationships & new revenue streams, development of digital business models, and automatic meter reading. A few restraining factors that are likely to hamper the IoT in utilities market are insu?ciency of technically skilled workforce and a lack of standards. Increasing incidents of cyber security breaches across the industry is expected to restrain the IoT in utilities market. PreBook Now: https://www.transparencymarketresearch.com/checkout.php?rep_id=44652&ltype=S The global IoT in utilities market can be segmented based on component, platform, and application. Based on component, the market can be classi?ed into hardware, software, and services. The hardware segment can be further divided into sensors, RFID, connected devices, and others. The software segment can be bifurcated into on- premise and cloud. The services segment can be further sub-segmented into managed and professional services. In terms of platform, the market can be classi?ed into network management, device management, and application management. Based on application, the IoT in utilities market can be bifurcated into electricity grid management, gas management, and water & waste management. The IoT in utilities market in emerging economies, especially in Europe and Asia Paci?c is anticipated to witness expansion at a considerable growth rate during the forecast period. The market in Asia paci?c is expanding owing to the rising demand for smart metering solutions and efforts to promote smart buildings & cities. Furthermore, the IoT in utilities market in APAC is likely to expand due to the presence of a signi?cant number of gas & electricity production facilities in the region. North America is expected to dominate the global market for IoT in utilities during the forecast period due to increasing adoption of smart connected devices and technological advancements in the region. Ask for brochure: https://www.transparencymarketresearch.com/sample/sample.php??ag=B&rep_id=44652 The IoT utilities market witnesses several companies investing for advanced solutions and services. Some companies such as Microsoft Corporation are creating cloud ecosystem in order to support utilities for deployment of IoT. Furthermore, Microsoft Corporation is also expected to invest US$ 5 Bn in IoT in the near future. However, companies operating in the IoT in utilities market are announcing partnerships to launch advanced hardware, solutions, and services in order to manage and process the data generated by IoT platforms. Major companies operating in the global IoT in utilities market include Cisco Systems Inc., Comcast Corporation., Ericsson, Fujitsu Ltd., General Electric Corporation., Honeywell International Inc., IBM Corporation., Oracle Corporation., Qualcomm, Robert Bosch GmbH, SAP SE, and Teradata Corporation. TMR Latest News Publication: https://www.prnewswire.com/news-releases/global-labels-market-to-ride-on-the-back-of-growing-popularity-of- linerless-labels-emergence-of-rfid-technology-to-emerge-as-a-game-changer-in-the-market---tmr-301325484.html Enter your comment... Popular posts from this blog Massive construction of residential buildings to indirectly in?uence the demand for Wire and Cable Market By 2026 July 13, 2021   According to a new market report published by Transparency Market Research, the   global wire and cable market   is expected to reach US$ 235.9 Bn by 2026, expanding at a CAGR of 4.1% from 2018 to 2026. 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