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(Wireless-NewsWire.Com, May 26, 2018 ) SUMMARY
Research Cosmos forecast the Internet of Things (IoT) in utility market size 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. Globally, deployed smart grid rollouts, emergence of cloud platform, scalability of IPV6 and increasing internet connectivity along with rapid adoption of smart phones and increase in global ICT spending across utility sectors are identified as the potential growth drivers of the IoT in utility market. The market also has the potential growth opportunities for the niche IoT analytics market players, water utility providers, and the associated system integrators for the IoT technology.
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The report segments the IoT in utility market by application which is further segmented into water and waste water management, utility gas management, and electricity grid management. The market shows a growing trend with many utility companies transforming their conventional practices into an analytical performance-powered approach. The electricity grid management application is estimated to have the largest market share during the forecast period and is expected to grow at the highest CAGR.
The IoT technology solutions have helped the utilities integrate various business processes that pushed the utility industry toward the growth phase in an exponential way. Integrating technologies with the existing operations would increase the operational efficiency even with less infrastructure investment. The operational control software market is the highest revenue generating software segment. The analytical solutions are expected to grow at a highest CAGR as the increasing trends of mobile, cloud, and smart devices, along with factors such as predictive analytics for business, conducive analytics platforms, and end-to-end automation.
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The IoT in utility market in North America is expected to have a steady growth rate by 2020 as most projects funded for investor-owned larger utilities in the U.S. would reach completion by early 2018. But the current market size for the region is estimated to be the highest. While the APAC region is expected to experience extensive growth opportunities in the next few years. The increasing adoption of smart grid architecture, technology upgrades, energy management, regulatory mandates and affluent countries such as South Korea, Singapore, and Hong Kong are the major contributing factors for the growth of IoT solutions in this region.
However, due to the lack of specialized skills & experience and interoperability & standard interface, the organizations are exposed to revenue leakage and are restraining the growth of the market. The key innovators identified for the IoT in Utility market are Silver Spring Networks, Inc., Trilliant, Inc., OSI Soft Inc., C3 Energy, Energyworx, Cryptosoft, Tibbo Technology Inc., Amplia Soluciones S.L., WAVIoT, and Grid4C. These are some of the niche players of the market offering out of the box technology for the market.
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Dani Rodriguez
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