IoT In Utility Market Scope
IoT technology solutions help utilities to coordinate different business processes that push the utility industry toward its growth stage in an exponential way. Integrating technologies with existing operations is anticipated to extend the by and large operational proficiency of the utility endeavors with less framework venture. The IoT technology is implemented over the entire utility esteem, such as energy generation, transmission, conveyance, resource administration, workforce management, security, energy management, shopper-side analysis. This helps to diminish the downtime in giving utility services, gives buyers a seamless experience, and increments the overall operational productivity of the organization.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | IBM (United States), Oracle (United States), Verizon (United States), Cisco ((United States), Vodafone (United Kingdom), Telit (United Kingdom), Landis Gyr (Switzerland), Itron (United States), Schneider Electric (France) and Huawei (China) |
CAGR | % |
The companies are exploring the market by adopting expansions, investments, and new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global IoT In Utility market throughout the predicted period.
IBM (United States), Oracle (United States), Verizon (United States), Cisco ((United States), Vodafone (United Kingdom), Telit (United Kingdom), Landis Gyr (Switzerland), Itron (United States), Schneider Electric (France) and Huawei (China) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Trimble (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global IoT In Utility market by Type , by Application (Water and Wastewater Management, Utility Gas Management and Electricity Grid Management.) and Region with country level break-up.
On the basis of geography, the market of IoT In Utility has been segmented into South America (Brazil, Argentina, Chile, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Singapore, Indonesia, Thailand, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Spain, Sweden, Belgium, Finland, Denmark, Russia, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In December 2020, IBM announced acquisition of Expertus Technologies Inc. The acquisition strengthens IBM’s portfolio as an end-to-end digital payments solution provider & assist advances IBM’s hybrid cloud and AI strategy.
In August 2021, Vodafone has launched a new IoT-based technology to help water companies improve monitoring and detection systems, increase efficiency, reduce wastage, and meet regulatory requirements.
Influencing Trend:
Technological Advancement in All Sector including Public Sector
Market Growth Drivers:
Continuous advancements in utilities and oil and gas industries and Public and government promoting IoT in Utility Sector
Challenges:
Issues in Interoperability and Data Management
Restraints:
Low Awareness among People and High Service Cost
Opportunities:
Growing Adoption of IoT Technology Among Various Industries
Key Target Audience
IoT vendors, Device and network providers, Integration service providers, Governments, Public safety app developers, Network infrastructure providers, System integrators and End Use Industry