IoT Utilities Market size to rise at 20% CAGR to 2024

Asia Pacific IoT utilities market is expected to witness huge adoption owing to the rising demand for smart metering solutions and efforts to promote smart buildings & cities.

Sellbyville, United States – June 28, 2019 /MarketersMedia/ —

The revenue of IoT utilities market size is slated to cross industry valuation of USD 15 billion by 2024. The technology allows major industry players to increase the operational efficiency with low infrastructure investment and better integration of existing technology services & hardware components over a common platform. The services offer a better throughput than conventional utility practices, which largely involve a high amount of manual human labor and result in lesser errors in manufacturing and other industrial applications.

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Data security & privacy concerns and high initial costs of the technology are projected to hamper the market growth of IoT Utilities. Increasing incidents regarding the breach of cyber security, have resulted in many organizations being apprehensive about using the technologies, owing to the risk of valuable data being lost and misused by a hacker or a competitor. Furthermore, since the technology is still not prevalent across the world, it has resulted in a low availability of skilled technicians, thereby hindering the IoT utilities market growth.

The hardware segment is dominating the IoT utilities market owing to the increasing advancements in the hardware devices incorporating advanced digital solutions. Hardware devices such as RFIDs, sensors, connected devices, and others are finding an increasing number of applications across various industry verticals.

Components such as smart meters provide real-time information about energy consumption and transmission. The software segment of IoT utilities market has been facing an increasing demand, owing to a rise in the use of on-premise cloud computing services.

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North America and Europe are projected to dominate the demand for IoT utilities market, owing to the greater prevalence of technological devices. Additionally, the stable financial conditions of these economies make it affordable for them to implement these technologies on a larger scale. The rapid penetration of technologically-advanced products in Japan, China, and India, is expected to result in a high demand for IoT utilities in these regions.

The rising government initiatives to implement IoT-based services across the world has further boosted the demand for the IoT utilities market. For instance, the policy of the government of India on Internet of things in 2015 and the initiatives for smart city projects have enabled the use of this technology across the nation. Additionally, such widespread government initiatives in different regions of the world, have resulted in a decrease in the price of the components, thereby driving the industry growth.

Growing adoption of technology services and the increased demand for monitoring services in the regions having a swift growth in the technology services will boost the IoT utilities market growth. For instance, the services result in cost-saving for organizations by the replacement of human labor force and enable remote monitoring of energy consumption by the utility services. Additionally, the developments in these technologies are bound to make them more compatible with different services, thereby driving the demand for these systems.

Browse key industry insights spread across 145 pages with 154 market data tables & 12 figures & charts from the report, “IoT Utilities Market Size By Platform (Network Management, Device Management, Application Management), By Technology (Sensors, RFID, Connectivity Technology), By Component (Hardware, Software [Data Management, Streaming Analytics, Security, Remote Monitoring, Bandwidth Management]), By Service (Professional Service, Managed Service), By Application (Electricity Grid Management, Gas Management, Water & Waste Management), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, India, Japan, South Korea, Malaysia, Singapore, Australia, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Industry Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/iot-utilities-market

Table of Contents (ToC) of the report:

Chapter 3. Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.3. Industry ecosystem analysis
3.3.1. Component suppliers
3.3.2. Software providers
3.3.3. Technology providers
3.3.4. Service providers
3.3.5. System integrators
3.3.6. Vendor matrix
3.3.7. Distribution channel analysis
3.4. Technology & innovation landscape
3.5. Regulatory landscape
3.5.1. U.S.
3.5.2. EU
3.5.3. China
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.1.1. Increasing demand to enhance the operational efficiency in the U.S
3.6.1.2. Technological advancements in the U.S.
3.6.1.3. Low cost of components in Asia Pacific
3.6.1.4. Rising government initiatives in China and India
3.6.1.5. Growing adoption of cloud platform in Europe
3.6.1.6. Increasing demand for monitoring utility facilities in Europe
3.6.2. Industry pitfalls & challenges
3.6.2.1. Data security & privacy concerns
3.6.2.2. Unavailability of skilled workforce
3.6.2.3. High implementation cost
3.7. Growth potential analysis
3.8. Porter’s analysis
3.9. Competitive landscape, 2016
3.9.1. Strategy dashboard
3.10. PESTEL analysis

Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/iot-utilities-market

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