Internet of Things in Energy Market is expected to register a CAGR of 16.46% during the forecast period of 2018-2023| Top Vendors - AGT INTERNATIONAL, INTEL CORP., CISCO SYSTEMS INC., SAP SE, IBM, WIND RIVER SYSTEMS INC., amongst others

Market Analysis:

Asia-Pacific to Witness the Highest Growth
The rising influx of technology companies coupled with increasing investment in the region is expected to propel the market growth rate. Moreover, the governments of various countries in the region are focusing majorly on Internet of Things (IoT) in order to enhance the operations and to develop the nation. This is projected to fuel the market over the next six years.

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Internet of Things helps in connecting various smart devices to ease the operation and sharing of data amongst the peers. The use of e-commerce platform is increasing rapidly owing to the ease of shopping and smartphone penetration in the market, which is likely to boost the market. The data generated from the energy sector is huge and requires a high level of analysis. This gives rise to the integration of the Internet of Things (IoT) in energy sector, thereby propelling the market growth over the forecast period. The increasing energy consumption across the globe is expected to drive data generation thereby, requiring the incorporation of IoT in the industry. The adoption of cloud platform is on the rise owing to ease of storage and ability to share with diverse set of people. Furthermore, it offers high security from natural disaster and data loss, which is likely to boost the market growth over the next six years. Managed services are becoming popular owing to companies’ increasing focus on core competencies.

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Market Segments:
Internet of Things in Energy Market is segmented by:
1. Solution: Energy Analytics, Security, Predictive Maintenance, Others
2. Services: Managed, Professional
3. Application: Upstream, Midstream, Midstream, Others
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Recent Developments
•March 2018 - IBM showcased its cloud, artificial intelligence, and Watson offering pre-trained conversation in diverse domains including energy & utilities. This is expected to drive consumer growth thereby bringing high influx of revenue.

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