Global Iot In Energy & Utility Application Market 2022-2028
MARKET OUTLOOK
Based on Triton’s report, the global IoT in energy & utility application market is anticipated to progress with a CAGR of 12.78% during the forecast period 2022-2028.
Factors such as emphasis on a greener environment, rising consumption and demand for energy generation, increasing focus on energy consumption pattern analysis, and decline in costs of IoT components drive the studied market on a growth path. Besides this, the rising adoption of cloud technology has opened new avenues for the IoT in the energy & utility application market.
However, security issues, the need for high capital investment, IoT integration with subsystems, and the lack of a skilled workforce negatively impact the market’s growth.
REGIONAL OUTLOOK
The global IoT in energy & utility application market covers Latin America, Europe, North America, Asia-Pacific, and the Middle East and Africa regions.
The Asia-Pacific is anticipated to emerge as the fastest-growing region over the forecast period. The union of technologies like cloud, analytics, mobility, and big data are major factors driving IoT adoption in the region. As per estimates, companies, developers, and decision-makers widely opt for IoT for various purposes. This is because they consider IoT an integral part of business operations.
Furthermore, the pandemic became a major driving force in encouraging companies to invest heavily in IoT to facilitate remote working. Along with this, the availability of low-cost hardware and software fuels IoT adoption. Therefore, these factors are expected to boost the growth of the IoT in energy & utility application market over the forecast period.
COMPETITIVE OUTLOOK
The leading companies in the IoT in energy & utility application market include ABB Ltd, IBM, SAP SE, Aclara Technologies LLC, SAS Institute, BuildingIQ Inc, Schneider Electric, Eaton Corporation Plc, General Electric Company, Cisco Systems Inc, Infosys Ltd, Teradata Corporation, Capgemini SE, Siemens, Wipro Ltd, and Oracle Corporation.
Capgemini SE offers IT consulting and outsourcing services. It also provides business process management, cloud services, and engineering services. The company serves clients across numerous industries, including manufacturing, energy and utilities, government, healthcare, transportation, electronics, and automotive, among others. Additionally, it provides products under Sogeti, Invent, and others. Capgemini has operations across Asia-Pacific, North America, Latin America, and the Middle East and Africa. It is headquartered in Paris, France.
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