IoT Utilities Market Key Highlights:
- Market Size (2024): USD 6.27 Billion
- Projected Market Size (2034): USD 18.46 Billion
- CAGR (2023-2034): 11.4%
Pricing Analysis:
- Price Growth
- Regional Variations
Market Historic Sales
- Total sales volume, year-over-year growth, product categories, and market share.
Revenue Estimation
- Forecasting future revenues based on historical data, market trends, and economic indicators.
Sales by Region
- Breakdown of sales performance across different geographical areas.
Revenue by Manufacturer
- Analysis of revenue contributions from different manufacturers in the market.
IoT Utilities Market Definition
The Internet of Things (IoT) environment in utilities is the ability to connect smart devices, sensors, and software with systems such as power, water, and gas. In the utilities, the goal and objective of the Internet of Things include increasing performance, ensuring dependability, and embracing sustainability. Through connected devices and sensors, IoT allows utilities to operate and observe devices in the live moment, gaze anomalies, and treat issues before they become apparent, which decreases downtimes, enhances quality, and minimizes costs.
The IoT utilities market is growing rapidly because of the integration of smart technologies in the energy, water, and gas market sectors. Across the utility industry, IoT is being implemented to address the issue of old networks and outdated power management systems, and it has now become a tool whereby smart meters, sensors, and even devices are incorporated into the networks. The integration of artificial intelligence and machine learning capacities within IoT software solutions platforms is also giving significant growth opportunities to the market.
The IoT utilities market in the United States is anticipated to grow at a good rate from 2024 to 2030 due to its efficient use of resources, the improvement of the reliability of the grid, and real-time control of energy usage in the United States.
IoT Utilities Market Segmentation:
By Type
- Sensor
- Rfid
- Connectivity Technologies
- Others
By Application
- Electricity Grid Management
- Gas Management
- Waste Management
- Others
IoT Utilities Market Companies:
- ABB
- Bosch Software Innovations
- Cisco Systems
- General Electric
- Hitachi
- Honeywell International
- Huawei Technologies
- IBM Corporation
- Intel Corporation
- Microsoft Corporation
- NEC Corporation.
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