Utilities Market Report Global IoT Trends Growth 2024, Outlook and Analysis Report 2023

The Business Research Company recently released a comprehensive report on the Global IoT In Utilities Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 Drivers and Trends:

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.

Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.

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Major Key Players of the Market:

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

IoT In Utilities Market 2024 Key Insights:

• 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%.
• Unlocking Growth Potential Through The Role Of Digitization In Powering IOT Advancements In The Utility Sector
• Revolutionizing IOT In Utility By Integrating New Technologies For Enhanced Efficiency
• North America was the largest region in the IoT in utilities market in 2023

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