Global Internet of Things in Energy Market - Segmented by Solution (Energy Analytics, Security, Predictive Maintenance), Services (Managed, Professional), Application (Upstream, Midstream, Downstream), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global Internet of Things in energy market was valued at USD 10.96 billion and is expected to reach USD 28.41 billion by 2023 and with a CAGR of 16.46% during the forecast period of 2018–2023. The scope of the report is limited to solutions including energy analytics, security, predictive maintenance, and others, services, such as managed and professional, and application upstream, midstream, downstream, and others. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The study also emphasizes the benefits of implementation of the Internet of Things in retail by diverse industries and the prospect of the same.
Internet of Things helps in connecting various smart devices to ease the operation and sharing of data amongst the peers. There are various smart devices, such as sensors, smartphones, and wearables, which collect data from the devices that can be utilized to enhance customer’s experience. Additionally, the use of e-commerce platform is increasing rapidly owing to the ease of shopping and smartphone penetration in the market, which is likely to boost the market. The data generated from the energy sector is huge and requires a high level of analysis. This gives rise to the integration of the Internet of Things (IoT) in energy sector, thereby propelling the market growth over the forecast period. The increasing energy consumption across the globe is expected to drive data generation thereby, requiring the incorporation of IoT in the industry.
Enhanced Operational Efficiency and Cloud Migration
The adoption of cloud platform is on the rise owing to ease of storage and ability to share with diverse set of people. Furthermore, it offers high security from natural disaster and data loss, which is likely to boost the market growth over the next six years. The downtime in traditional storage can increase owing to hardware maintenance, whereas cloud offers comparatively less downtime, owing to which, it is highly preferred over its counterpart. This is expected to boost the utilization of cloud platform thereby propelling the market growth over the forecast period.
Managed Services to Exhibit the Highest Growth
Managed services are becoming popular owing to companies’ increasing focus on core competencies. Further, the third party companies also offer enhanced data management with regular maintenance, which is likely to boost the market growth over the forecast period. Moreover, the organizations outsource their cloud and other IT services in order to increase the competencies. The companies are increasingly investing in managed IT services owing to rising growing retail industry thereby propelling the market.
Asia-Pacific to Witness the Highest Growth
The rising influx of technology companies coupled with increasing investment in the region is expected to propel the market growth rate. Moreover, the government of various countries in the region are focusing majorly on Internet of Things (IoT) in order to enhance the operations and to develop the nation. This is projected to fuel the market over the next six years. In addition, the disposable income of the consumers in the region is increasing, which is likely to boost the Internet of Things in the energy market. Moreover, the robust demographic and economic growth in the region is expected to drive the demand for energy. This is likely to boost the market over the forecast period.