IoT In Utilities Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | International Business Machines Corporation, Oracle Corporation, Verizon Communications Inc., Cisco Systems Inc

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The Business Research Company offers in-depth market insights through IoT In Utilities Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The iot in utilities market size has grown rapidly in recent years. It will grow from $47.8 billion in 2023 to $53.49 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to early adopters and pilot projects, regulatory requirements, demand response and energy conservation, predictive maintenance, smart meter deployment..

The iot in utilities market size is expected to see rapid growth in the next few years. It will grow to $89.32 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to customer-centric services, cybersecurity measures, smart cities and infrastructure development, water and waste management solutions.. Major trends in the forecast period include grid modernization, energy efficiency and optimization, renewable energy integration, asset management and predictive maintenance, smart metering and billing..

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Market Segmentation:
The iot in utilities market covered in this report is segmented -

1) By Component: Platform, Solutions, Services, Other Components
2) By Technology: Sensors, RFID, Connectivity Technology
3) By Application: Electricity Grid Management, Gas Management, Water and Waste Management, Other Applications

Major Driver - Unlocking Growth Potential Through The Role Of Digitization In Powering IOT Advancements In The Utility Sector
The increasing demand for digitization is expected to propel the growth of the IoT in the utility market going forward. Digitization in the IoT in the utility market uses digital tools to logically monitor and upgrade physical infrastructure, automation to improve workforce safety and efficiency, and hence improve customer interaction. Digitization also improves the integration of distributed systems with an advanced grid digital technology. For instance, according to Trade Arabia, an Abu Dhabi-based news agency, in April 2022, the utility sector saw a spike in the implementation of digitization technology driven by a reduction in operating expenses of up to 25% and performance gains of 20% to 40% in areas such as safety, reliability, customer satisfaction, and regulatory compliance. Therefore, increasing demand for digitization is driving the IoT in the utility market growth.

Competitive Landscape:
Major companies operating in the iot in utilities market report are International Business Machines Corporation, Oracle Corporation, Verizon Communications Inc., Cisco Systems Inc., Vodafone Group Plc, Telit Communications PLC, Landis+Gyr AG, Itron Inc., Schneider Electric SE, Huawei Technologies Co. Ltd., Trimble Inc., Asea Brown Boveri Corporation, Honeywell International Inc., Siemens AG, General Electric, Aclara Technologies LLC, Trilliant Networks Inc, Energyworx, Hindustan Computers Limited, Altair Engineering, Actility S. A, WAVIoT, Rayven LLC, Bosch Software Innovations, C3. ai Inc., Parametric Technology Corporation, Spectrum, Samsara Inc., Advanced RISC Machines Ltd., Sierra Wireless, SoluLab, Silver Spring Networks, Sensus, Badger Meter Inc., Kamstrup A/S, Elster Group GmbH

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Top Trend - Revolutionizing IOT In Utility By Integrating New Technologies For Enhanced Efficiency
Integration of new technologies has emerged as a key trend gaining popularity in the IoT in the utility market. Major companies operating in the market are focused on integrating new technologies to gain a competitive advantage. For instance, in March 2022, according to the Dubai Electricity and Water Authority (DEWA), a Dubai-based utility firm launched a 6U nanosatellite with customized high-resolution image sensing technology specifically designed to communicate with its IoT terminals. They are mainly designed to be used in energy and water networks and will be deployed to detect thermal fingerprints in excessive voltage transmission lines, substations, homes, and solar power stations.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. IoT In Utilities Market Characteristics
3. IoT In Utilities Market Trends And Strategies
4. IoT In Utilities Market - Macro Economic Scenario
5. IoT In Utilities Market Size And Growth
…..
27. IoT In Utilities Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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