ABB, Bosch Software, Cisco, General Electric, Hitachi, Honeywell International, Huawei Technologies, IBM, Intel, Microsoft, NEC, NXP Semiconductors, Osisoft, LLC, PTC, SAP SE Profiled In IoT Utilities Market Report 2018 by Global Market Insights, Inc.

According to Global Market Insights, Inc., Global IoT Utilities Market is set to exceed USD 15 billion by 2024; as per a new research report by Global Market Insights, Inc. The increasing need to enhance the operational efficiency in the utility sector is expected to boost the IoT utilities market growth.

Increasing concerns to make the most effective use of energy in order to reduce the ever-increasing energy need contributes to the growth. The potential of IoT in the utility sector is huge owing to the benefits provided by these solutions such as gaining real-time visibility into every process in the facility.

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The increasing need to enhance the operational efficiency in the utility sector is expected to boost the IoT utilities market growth. Increasing concerns to make the most effective use of energy in order to reduce the ever-increasing energy need contributes to the growth. The potential of IoT in the utility sector is huge owing to the benefits provided by these solutions such as gaining real-time visibility into every process in the facility.

The insufficiency of technically skilled workforce coupled with the lack of standards is expected to hinder the IoT utilities market growth. Growing incidents of cyber security breaches throughout the industries accessing highly sensitive information coupled with the lack of interoperability might pose a challenge to the IoT utilities market.

Increasing demand from users for remote monitoring of facilities for quick identification and restoration of any kind of leakage and faults is expected to give rise to the adoption of IoT solutions for gas management. Leakage in the facility assets such as pipelines might cause a large amount of destruction which can be avoided by using such advanced solutions.

Growth Drivers:

• Increasing demand to enhance the operational efficiency in the U.S
• Technological advancements in the U.S.
• Low cost of components in Asia Pacific
• Rising government initiatives in China and India
• Growing adoption of cloud platform in Europe
• Increasing demand for monitoring utility facilities in Europe

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Asia Pacific IoT utilities market is expected to witness huge adoption owing to the rising demand for smart metering solutions and efforts to promote smart buildings & cities. The potential of smart meters to significantly reduce cost by improved outage management & easier payments and enhanced customer service are enabling huge growth opportunities in the region. Moreover, the rising use cases coupled with the presence of large number of gas & electricity production facilities and heavy investments to improve the energy infrastructure in the region is fueling the IoT utilities market growth.

Increased demand for smart solutions in the energy sector in the U.S. will continue to bring demand for advanced solutions driving the growth. Moreover, advanced infrastructure of the country is increasing the demand for cloud solutions, which will further fuel consumption.

Key players in the IoT utilities market include ABB Ltd., Bosch Software Innovations GmbH, Cisco Systems Inc., General Electric, Hitachi Ltd., Honeywell International Inc., Huawei Technologies Co. Ltd., IBM Corporation, Intel Corporation, Microsoft Corporation, NEC Corporation, NXP Semiconductors, Osisoft, LLC, PTC Inc, SAP SE and Trilliant, Inc.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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