The global IoT market for utilities generated US$ 36.8 billion in 2021 and is anticipated to grow 11.9% year over year to reach US$ 41.8 billion in 2022. The market is expected to grow to US$ 129.1 Billion by 2032 as a result of the rapid adoption of IoT techniques and rising internet penetration in several countries.
The market for IoT solutions and services is anticipated to grow as a result of growing applications in smart manufacturing, smart transportation, smart energy, connected healthcare, and smart buildings during the forecast period.
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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. AUM in the United States has risen almost fivefold relative to GDP since 1946 from around 50% of GDP to 240% by 2021.
Key Takeaways:
- By component, the platform segment is expected to record an 11.4% CAGR by 2032
- By solution, the asset management & monitoring segment to expand at an 11.4% growth rate during the forecast period
- The U.S market to garner US$ 44.6 Billion and record an 11.6% CAGR from 2022-to 2032
- Market in China to procure US$ 9 Billion, expanding at a 13% growth rate during the assessment period
“Rising application in Smart Manufacturing, Smart Transportation, Smart Energy, Connected Healthcare, and Smart Building is likely to push the growth of the IoT solution and services market in the forecast period.”
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:
- In January 2022, Cisco announced a new ruggedized Catalyst switch for industrial edge uses at utilities, railways, oil and gas facilities, and for deployment in highway traffic flow and safety operations. The new rack-mountable Catalyst Industrial Ethernet 9300 switch builds on Cisco’s Catalyst 9000 series switches are now used in multiple applications including smart buildings and other industries.
- In July 2019, HCL Technologies (HCL), a leading global technology company, expanded its strategic transformation partnership with AMS OSRAM to digitize one of the optical solutions leader’s key business processes and drive enterprise resource planning and customer relationship management systems standardization across the organization. HCL will also continue to lead IT infrastructure operations integration for the client.
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Key Segments Covered in the IoT in Utilities Industry Survey
IoT in Utilities by Component:
- IoT in Utilities Platform
- IoT in Utilities Solutions
- Asset Management & Monitoring
- Safety and Security
- Supervisory Control and Data Acquisition
- Workforce Management
- Network Management
- Customer Information System and Billing System
- IoT in Utilities Services
- Consulting
- Integration and Deployment
- Support and Maintenance
IoT in Utilities by Solution:
- IoT in Utilities for Asset Monitoring and Management
- IoT in Utilities for Safety and Security
- IoT in Utilities for Supervisory Control and Data Acquisition
- IoT in Utilities for Workforce Management
- IoT in Utilities for Network Management
- IoT in Utilities for Customer Information System and Billing System
IoT in Utilities by Service:
- IoT in Utilities Consulting
- IoT in Utilities Integration and Deployment
- IoT in Utilities Support and Maintenance
IoT in Utilities by Application:
- IoT in Utilities in Water and Wastewater Management
- IoT in Utilities in Utility Gas Management
- IoT in Utilities in Electricity Grid Management
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