Asia Pacific IoT utilities market will witness substantial growth over the forecast timeline. The growth can be credited to the presence of large number of electricity & gas production facilities across the region. Growing adoption of digital technology followed by the increasing rate of use cases across the sector further contributes to the industry demand. Heavy investments by the utility companies across the region to upgrade energy infrastructure is boosting the consumption. However, North America IoT utilities market will grow considerably owing to increasing demand for smart solutions coupled with the presence of advanced infrastructure across the region.
IoT utilities market has been forecast to witness remarkable growth prospect in the years ahead, subject to the robust enhancements in healthcare infrastructure. Digitization, having paved its way toward healthcare, has prompted numerous hospitals and regional governments to undertake initiatives to deploy IoT in the healthcare sector, owing to the rise in the requirement for mobility and communication in medical care. With the implementation of IoT facilities, healthcare service providers may be able to deal with the challenges related to consumer data sharing, since this technology is highly capable of dealing with patient data operations very efficiently. The emergence of the internet of things has significantly impacted the overall IoT in healthcare industry trends since the last few years. Statistically, in 2016, IoT utilities market held a revenue of more than USD 2 billion.
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Nowadays, medical research institutes and healthcare product manufacturers have been joining hands to accelerate digitalization across the healthcare sector by deploying technologically advanced digital health products. For instance, Oxford University and National Institute for Health Research (NIH) have signed a five-year agreement with the London based giant in IoT utilities market, Drayson Technologies to build and commercialize digital healthcare tools. Through this research agreement, the Oxford Biomedical Research Center aims to deliver excellent benefits to patients from hospital to the comfort of their homes. For this research and development program, NIH has provided funding to Drayson Technologies, which also raised USD 53 million from several other funding agencies.
Recently, the integration of the internet of things with artificial intelligence (AI) has changed the outlook of healthcare institutions, having fortified medical care data maintenance with improved storage capability, robust connectivity, and high security. The well-known participants in IoT utilities market are also focusing on AI-based IoT healthcare facilities. For instance, IBM has recently developed an AI system for hospitals that will help to carry out tedious tasks much more efficiently and flawlessly than humans. In fact, IoT has helped bring about a paradigm shift in healthcare, subject to the introduction mof smart devices that help provide and secure patient data. IoT also enables doctors to get in touch with patients staying in remote areas very easily through video conferencing, on account of which patients can eliminate the need for routine checkups. With numerous benefits under consideration, healthcare professionals are increasingly adopting IoT systems, which is certain to have a positive impact on IoT in healthcare industry.
Companies operating in the IoT utilities market include: IBM Corporation, Cisco Systems Inc., Intel Corporation, Huawei Technologies Inc., Honeywell International Inc., Trilliant Inc., Microsoft Corporation, Osisoft LLC and General Electric. These technological solutions are considered as a necessity for the sector eliminating the need for physical visit for fault detection and restoration. The companies are investing heavily on R&D for fully connected solutions covering every aspect of the sector.
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Glimpse of Table of Content (ToC)
Chapter 3. IoT Utilities Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.3. Industry ecosystem analysis
3.3.1. Component suppliers
3.3.2. Software providers
3.3.3. Technology providers
3.3.4. Service providers
3.3.5. System integrators
3.3.6. Vendor matrix
3.3.7. Distribution channel analysis
3.4. Technology & innovation landscape
3.5. Regulatory landscape
3.6. Industry impact forces
3.6.1. Growth drivers
22.214.171.124. Increasing demand to enhance the operational efficiency in the U.S
126.96.36.199. Technological advancements in the U.S.
188.8.131.52. Low cost of components in Asia Pacific
184.108.40.206. Rising government initiatives in China and India
220.127.116.11. Growing adoption of cloud platform in Europe
18.104.22.168. Increasing demand for monitoring utility facilities in Europe
3.6.2. IoT utilities market pitfalls & challenges
22.214.171.124. Data security & privacy concerns
126.96.36.199. Unavailability of skilled workforce
188.8.131.52. High implementation cost
3.7. Growth potential analysis
3.8. Porter’s analysis
3.9. Competitive landscape, 2016
3.9.1. Strategy dashboard
3.10. PESTEL analysis
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