IoT Utilities Market Trends 2024: ABB Ltd., Bosch Software Innovations GmbH, Cisco Systems Inc., Hitachi Ltd, Honeywell, Huawei Technologies Co. Ltd., IBM Corporation, Intel, Microsoft, NEC Corporation, NXP Semiconductors, Osis

IoT utilities market has penetrated deeply across myriad geographies, and is expected to continue demonstrating its appreciable growth rate. The U.S. IoT in utility market share for instance, is likely to driven by the robust use of IoT technology for resource management. In addition, mounting demand for the most advanced technologies in large gas production units to save time and energy will further accelerate the growth of the regional industry. The growing digitization trends and use of modern technologies by electricity production & distribution units are also expected to generate lucrative growth avenues for APAC IoT in utility industry.

The advent of IoT has paved the way for new utility services and business prototypes. Experts have forecast that network management systems will serve as a main component of the IoT utility industry, with utility service providers handling heterogenous communication systems such as multi-vendor and multi-protocol networks. In addition, the deployment of network management systems would have a considerable impact on IoT utilities market size, which is likely to accrue substantial gains subject to the robust growth of the telecommunications sector.

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The competitive spectrum of IoT utilities market comprises the big shots such as Cisco Systems, Huawei Technologies Company Limited, Intel Corporation, and Honeywell International Incorporation, striving to bring about up-to-the-minute technological advancements that would have a commendable impact on the revenue of this business space. In the years to come, IoT utilities market is likely to have firmly established itself amidst the realm of IoT influenced business spheres. Aided by extensive R&D investments, IoT utilities market will, in all probability, carve out a profitable growth path over the forthcoming seven years, with a target valuation of USD 15 billion by 2024.

One of the most profitable avenues for the expansion of IoT utilities market is the United States. Mass awareness regarding the benefits of IoT technology in sync with the presence of oil & gas production units across the country demanding the deployment of connected solutions are expected to drive U.S. IoT utilities market share. Across the APAC zone however, the escalating need for smart meters coupled with the development of smart cities & construction activities in China and India will help transform the regional IoT utilities market outlook.

IoT applications assist utilities in interpreting the power consumption patterns and problem recognition, facilitating the effective allocation of resources. The evolution of IoT has made it viable for smart meters to connect with consumer electrical equipment through wireless connections and provide them with real time information about power consumption. On these grounds, over the last few years, the deployment of smart meters has gained intense popularity across the utility sector. The concept of smart cities has further helped promote the application of IoT devices across the construction sector, for the reason that IoT helps upgrade building and smart energy grid connectivity,

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