Research shows that the the Internet of Things in utility market will worth more than 10 billion USD by 2020
A recent market research report published by MarketsandMarkets shows that the Internet (IoT) in utility market (including applications in analytics, security, operations control, smart grid management, billing systems, etc.) is estimated to grow considerably during the next five years, reaching 11.73 billion USD by 2020 (as compared to 4.63 billion USD in 2015). According to the research, the main driving forces behind such a growth include the increasing trend of mobile, cloud, and smart devices, as well as predictive analytics for business, end-to-end automation, and the integration of existing technology solutions and hardware over a common platform. While North America is expected to register the highest IoT in utility market size, Asia Pacific is seen at the fastest-growing region in this area, mainly due to the public-private partnerships put in place to redevelop the infrastructure throughout the region.