The utility sector is connected to the Internet of Things since smart grids are one of the applications of IoT. The global IoT in utility market is foreseen to grow exponentially within the forecast period owing to the emergence of several IoT applications.
The IoT in utility market represents a major demand due to the increasing need for better efficiency in utility and consumer service levels. Also, decreasing expense of IoT segments, the rise of cloud platforms, and initiatives by the government of different regions for smart grid modules are different elements boosting the demand in the global IoT in utility market. Also, reduction in carbon impressions and compelling expense savings, along with IoT for water utilities are certain aspects that are anticipated to give potential development opportunities to the IoT in the utility market in the future. However, the absence of customized experience and abilities may hamper the development of global IoT in utility market.
The IoT solution has the combination of various business measures which has dramatically driven the utility industry into the development stage. Integrating innovation into current cycles will improve operational proficiency with even less investment in infrastructure. The analytics is expected to develop at the quickest rate because of the rising trends in smart devices and cloud mobile, alongside factors like conductive analytics levels, end-to-end automation, and predictive analytics.
The global IoT in the utility market is broadly categorized into software, service, platform, application, and region. In terms of software, the market is divided into operational control, analytics, security, customer information system (CIS), predictive asset management, and utility billing & smart grid management. On the basis of service, the global market is segmented into deployment & integration, professional services, and support & maintenance. The platform segment is classified into network management platforms, application management platforms, and device management platforms. Based on application, the global IoT in the utility market is segregated as electricity grid management, utility gas management, and water & wastewater management.
The global IoT in the utility market is likely to be led by North America in the coming years as many of the projects are initiated by big firms in the US. In addition, Asia Pacific is expected to grow notably in the future due to the rising usage of advancements in software technology, improved regulations, and energy management, especially in rich nations like Hong Kong, Singapore, and South Korea being the major contributors.
The players leading in the global IoT in utility market include Osisoft, LLC, Silvers Spring Networks, Inc., Trilliant, Inc., Tibbo Technology Inc., Cryptosoft Ltd., C3 Energy, AmplíaSoluciones S.L., Energyworx, Grid4c, Waviot, and so on. Tocite, Itron has signed an agreement with a Brazilian utility firm to automate the water distribution system. The contract promises to install a smart water communication module by Itron over 1,400 miles of water pipelines.