"Emergence of cloud-based platforms and declining cost of Internet of Things (IoT) components will drive the adoption of IoT-based software solutions in utility sector”
IoT in Utility market size is estimated to grow from USD 4.63 billion in 2015 to USD 11.73 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 20.4% during the forecast period. The emergence of cloud platform, declining cost of IoT components, regional government initiatives for smart grid roll-out, necessity of operational efficiency for utilities are some of the factors driving the demand for IoT in utility industry across the globe..
Factors such as predictive analytics for business, conducive analytics platforms, and end-to-end automation are expected to contribute toward the growth of the analytical solutions. The analytical solutions are expected to grow at the highest CAGR due to the increasing trends of mobile, cloud, and smart devices.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted with key industry personnel.
The break-up of profile of primary discussion participants is given below;
- By Company Type: Tier-1 (35%), Tier-2 (45%), and Tier-3 (20%) companies
- By Designation: C-level (35 %), Director Level (25 %), and Others (40%)
- By Region: North America (45 %), Europe (20%), Asia-Pacific (APAC) (30%), and Rest of World (5%)
Currently, The IoT is the most focused area for a majority of IT companies who design solutions for utilities to unleash the potential for the optimization of processes across the value chain. One such untapped business opportunity for the IoT vendors is the analysis of huge amount of data in the utility sector. Predictive analytics, load forecasting analytics, in-stream analytics, and edge analytics are some the potential offerings that can be offered by the vendors.
Some of the key innovators identified in the IoT in Utility market space are as follows:
- Silver Spring Networks, Inc.
- Trilliant, Inc.
- OSI Soft Inc.
- C3 Energy
- Energyworx B.V.
- Tibbo Technology Inc.
- Amplia Soluciones S.L.
- This report segments the IoT in utility market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the sub-segments across different verticals and regions.
- The report will help stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to better understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, new product develpoments, partnerships, and mergers and acquisitions.