IoT Utilities Market size to grow high CAGR over the forecast timeframe, to surpass $15 billion by 2024

Asia Pacific IoT utilities market size 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 size will grow considerably owing to increasing demand for smart solutions coupled with the presence of advanced infrastructure across the region.

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IoT Utilities industry, By Platform

  • Network Management
  • Device Management
  • Application Management

IoT Utilities industry, By Technology

  • Sensor
  • RFID
  • Connectivity technology
  • Others

IoT Utilities Market size is expected to grow at a double digit CAGR to reach USD 15 billion by 2024. Increasing concerns for efficient usage of energy sources to meet the growing energy demand will drive the IoT utilities industry growth over the forecast timeline. The technology has huge potential to transform the power sector pertaining to the benefits such as obtaining visibility into business processes in real-time. Furthermore, growing demand for improvising the operational efficiency in the sector is providing impetus to the industry demand.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

  • ABB Ltd.
  • Bosch Software Innovations GmbH
  • Cisco Systems Inc.
  • Hitachi Ltd
  • Honeywell International Inc.
  • Huawei Technologies Co. Ltd.
  • IBM Corporation
  • Intel Corporation
  • Microsoft Corporation
  • NEC Corporation
  • NXP Semiconductors
  • Osisoft, LLC
  • SAP SE
  • Trilliant, Inc.

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Rising adoption of cloud platforms across the sector coupled with government initiatives for smart grid modernization across the U.S., UK, China and India provides lucrative growth opportunities to the IoT utilities market. For instance, smart grid modernization initiative by Indian MNC Crompton Greaves, NDPL offer significant opportunities to the industry. Smart grids allow the efficient & timely distribution of generated energy providing security & reliability to the users. It has the potential to reshape the electric power grid with the use of the technology by integration of devices, processes and the infrastructure making it a more connected process.

IoT Utilities industry, By Component

  • Software
    • Data management
    • Streaming analytics
    • Security
    • Remote monitoring
    • Bandwidth management
  • Hardware

IoT Utilities industry, By Service

  • Professional service
  • Managed service

IoT Utilities Market, By Application

  • Electricity grid management
  • Gas management
  • Water & waste management

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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.