IoT Utilities Market Size

IoT Utilities Market size value crossed USD 4 billion in 2016 and is anticipated to register gains at over 20% to 2024.

Rising focus on making energy usage more efficient to relieve stress on increasing energy demand is expected to drive the IoT utilities market over the forecast timeline. Smart grid modernization across regions such as the U.S. UK, China, etc. lies significant growth opportunities. Moreover, government initiatives associated with smart grid in countries such as Japan and India are expected to boost the market demand.

Increasing adoption of cloud-based platforms across the utility industries for remote monitoring of the facilities industries are implementing advanced solutions to gain the visibility into each step of the business processes with high investment on infrastructure development.

Lack of interoperability coupled with the unavailability of proper standards might hinder the market growth over the forecast timeline. In addition, lack of skilled workforce with low technical expertise coupled with rising number of cyber-attacks across industries will restrain the implementation.