Internet of Things IoT is considered as the next industrial revolution, Industry 4.0. The concept of IoT is to develop advanced solutions and services, enhance productivity & efficiency, solve critical problems, and improve real-time decisions. IoT is changing industry business models, and the utility industry is investing in IoT technology to transform its operations and enhance customer experience. In the current scenario, the utility industry is mostly governed by government policy and the need to comply with regulations. It is also driven by concerns about cost savings. Therefore, IoT helps the utility industry to overcome challenges and implement advanced services & solutions.
Furthermore, IoT connected utilities monitor support with real-time compliance and regulations about feeding power into the network to maximize remote monitoring & control in order to allow preventive maintenance. Moreover, IoT accelerates digital transformation in utilities. IoT technology helps the utility industry to shift to a decentralized process from a centralized one, and to remotely monitor energy consumption of the connected units and manage temporary shortfalls in energy.
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A few restraining factors that are likely to hamper the IoT in utilities market are insufficiency of technically skilled workforce and a lack of standards. Increasing incidents of cyber security breaches across the industry is expected to restrain the IoT in utilities market.
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The global IoT in utilities market can be segmented based on component, platform, and application. Based on component, the market can be classified into hardware, software, and services. The hardware segment can be further divided into sensors, RFID, connected devices, and others. The software segment can be bifurcated into on-premise and cloud. The services segment can be further sub-segmented into managed and professional services. In terms of platform, the market can be classified into network management, device management, and application management. Based on application, the IoT in utilities market can be bifurcated into electricity grid management, gas management, and water & waste management.
The IoT in utilities market in emerging economies, especially in Europe and Asia Pacific is anticipated to witness expansion at a considerable growth rate during the forecast period. The market in Asia pacific is expanding owing to the rising demand for smart metering solutions and efforts to promote smart buildings & cities. Furthermore, the IoT in utilities market in APAC is likely to expand due to the presence of a significant number of gas & electricity production facilities in the region. North America is expected to dominate the global market for IoT in utilities during the forecast period due to increasing adoption of smart connected devices and technological advancements in the region.
