The swelling significance of IoT in Utilities has encouraged the government of various countries to make investments in the sector, which is likely to benefit the market.
The global IoT in the utility market is estimated to garner US$ 129.1 Billion while exhibiting an 11.9 % CAGR during the forecast period. The growing support from several governments is likely to fuel the market growth in the coming years. The industry is expected to secure US$ 41.8 Billion in 2022.
The swelling significance of IoT in Utilities has encouraged the government of various countries to make investments in the sector, which is likely to benefit the market. For instance, the U.S government aims to reduce carbon emissions by 50-52% by 2030 and accomplish the goal of 100% clean energy by 2032.
Thus, the current US administration allocated approximately US$500 billion to fund the development of new infrastructure over the next five years. Along with this, several key players are developing new software to augment the significance of IoT in the regular world. For instance, IBM Corporation is developing its own IBM Watson IoT Platform which emphasizes being simple, secure, and scalable.
Request a Sample of this Report @
https://www.futuremarketinsights.com/reports/sample/rep-gb-14683
The asset management & monitoring segment is likely to offer remunerative opportunities for the global IoT in the utility market. Several key players are investing in IoT-enabled asset management for better optimization of their assets. Since this system could assist in any case of malfunction or breakdown, the segment is catching the eye of numerous manufacturers.
Key Takeaways:
Competitive Landscape
Key players in the global IoT in the utility market include IBM, Oracle, Verizon, Cisco, and Vodafone, among others. Recent developments among key players are:
Speak to the Research Expert @
https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-14683
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global IoT in the utility market presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights based on component (management, safety and security, supervisory control and data acquisition, workforce management, network management and customer information system and billing system), solution (asset monitoring and management, safety and security, supervisory control and data acquisition, workforce management, network management and customer information system and billing system)
Service (consulting, integration and deployment and support and maintenance) and application (water and wastewater management, utility gas management, and electricity grid management) across five major regions (North America, Europe, Asia Pacific, Middle East & Africa and Latin America).
Request for Customization @
https://www.futuremarketinsights.com/customization-available/rep-gb-14683
Key Segments Covered in the IoT in Utilities Industry Survey
By Component:
By Solution:
By Service:
By Application:
By Region:
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jul 03, 2023