Global IoT in Utility Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025
The market research report by IHR Insights includes a detailed segmentation of the global IoT in utility market by component (application software, network, device, and service), by application (smart grid, smart metering, and smart water), and by region (North America, Europe, Asia Pacific, Middle East Africa, and Latin America). This market research report identifies PingThings, Itron, Actility, Trilliant, Samppee, Verdigris, Energyworx, Grid4C, WAVIoT, and Tibber as the market leaders operating in the global IoT in utility market.
Overview of the Global IoT in Utility Market
IHR Insights’s market research report predicts that the global IoT in utility market will grow at a CAGR of more than 18% during the forecast period 2019–2025. The market for IoT in utility is determined by the increased interest among consumers to optimize and monitor the usage of electricity and water services, among others.
IoT in utility is poised to transform the utility industry in terms of energy distribution and usage. With a focus on analytics and AI, IoT is leveraging the power of data to make informed decisions that help in minimizing costs.
IoT in Utility Market Research Competitive Analysis and Key Vendors
The report covers and analyzes the global IoT in utility market. The key players are adopting various organic as well as inorganic growth strategies such as collaborations & partnerships, joint ventures, and few other strategies to be in a strong position in the market.
There are few other vendors that have been analyzed based on their portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D for analysis of the entire ecosystem.
IoT in Utility Market Segmentation By Component
o Analytics
o Billing
o Security
o SCADA
o Distribution Management
o Deployment and Integration
o Maintenance and Support
o Consulting
The network segment contributes significantly to the market growth. The application software segment is expected to grow at the highest CAGR during the forecast period 2019–2025.
IoT in Utility Market Segmentation By Application
The smart metering segment is estimated to hold the largest market share in 2019, and this trend will continue during the forecast period 2019–2025.
IoT in Utility Market Research Benefits
The report by IHR Insights provides an in-depth analysis of the global IoT in utility market. IoT in utility combines various technologies for improving, improvising, and offer better results to deliver. It analyzes customer touchpoints, network, and operational faults in systems and notifies in case of any failures. A number of emerging vendors are entering the market with a focus on leveraging IoT applications, and the leading IoT vendors, i.e., Schneider Electric and Siemens, are focusing on IoT platform and integration capabilities. The intelligent integration of building automation systems (BAS) and energy management systems is driving the growth of the IoT in utility market.