IoT in Utilities Market to Grow with a CAGR of 11.52% Globally through to 2028

IoT in Utilities is increasing due to the need for modernization of aging infrastructure and improving operational efficiency in the forecast period, 2024-2028.

According to TechSci Research report, “Global IoT in Utilities Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028  Global IoT in Utilities market has witnessed tremendous growth in recent years, reaching a valuation of USD 6.65 billion in 2022. The market is projected to continue its strong upward trajectory, posting a CAGR of 11.52% from 2024 to 2028. Global IoT in utilities market has gained significant momentum in recent years owing to its widespread adoption across the utilities sector. Critical industries such as oil and gas, water, and electricity recognize IoT solutions as vital tools for improving operational efficiency, reducing costs and risks, and enhancing customer service. Stringent regulations around grid modernization, energy conservation, and environmental sustainability have compelled utilities to invest heavily in digital transformation initiatives. Industries worldwide rely on robust IoT platforms to ensure regulatory compliance and optimize infrastructure performance.  To address unique business challenges, IoT vendors are partnering with utilities to develop customized solutions. These collaborations have resulted in integrated systems empowering predictive maintenance, remote asset monitoring, and streamlined work processes. Advanced IoT platforms equipped with analytics tools enable real-time decision making and enhanced visibility. The development of innovative IoT applications such as predictive analytics, demand response, and distribution automation is also fueling market demand. Such solutions allow utilities to improve a broader range of operational metrics. Integration of IoT capabilities with SCADA, OMS, ERP systems and field equipment is poised to revolutionize utility operations management and optimize resource use. This fusion of technologies promises improved reliability, higher customer satisfaction, and data-driven grid management. Government policies promoting grid modernization, renewable energy integration, and cybersecurity will continue driving investments in digital grid infrastructure. As utilities increasingly rely on IoT-enabled processes, demand for advanced solutions is projected to rise substantially over the coming years.

Browse over 26 market data Figures spread through 91 Pages and an in-depth TOC on "Global IoT in Utilities Market.”

The global IoT in utilities market is segmented by component, organization size, and application.  By component, the solutions segment currently dominates due to increased adoption of IoT solutions for enabling smart metering, distribution automation, and asset monitoring. However, the services segment is expected to witness the fastest growth during the forecast period. By organization size, large enterprises hold the largest share as they have greater resources to invest in innovative IoT platforms. Nevertheless, SMEs in the utilities sector are gradually adopting IoT and are likely to drive faster market expansion. By application, electricity grid management dominates owing to extensive IoT deployments for demand response, distributed energy resources, and transmission & distribution automation. Meanwhile, utility gas management will emerge as the fastest growing segment on account of IoT aiding leak detection, flow measurement and SCADA. Regionally, North America leads the global market due to significant government initiatives. However, Asia Pacific is poised to offer lucrative opportunities for IoT vendors over the coming years, with China, India, and Japan emerging as key markets.

Major companies operating in Global IoT in Utilities Market are:

• IBM Corporation
• Oracle Corporation
• Microsoft Corporation
• Cisco Systems, Inc
• Peloton Interactive, Inc
• Schneider Electric SE
• Siemens AG
• Honeywell International Inc
• ABB Ltd
• General Electric Company

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“Global IoT in utilities market has witnessed rapid growth fueled by increasing digital transformation across the utilities sector. Utility providers, grid operators, and industrial plants have increasingly relied on advanced IoT solutions to optimize infrastructure management strategies and operations through data-driven insights. 

IoT solutions enable real-time access to centralized operational metrics, analytics capabilities, and asset performance tracking. This allows utilities to generate predictive equipment failure risks, automate maintenance plans, and ensure compliance with reliability standards. Such solutions help customize monitoring protocols, streamline field crew processes for engagement, and strengthen overall network oversight.

Leading utilities have partnered with major IoT vendors to digitally transform their grid infrastructure and service delivery platforms. The integrated systems improve cross-departmental collaboration, provide situational awareness through customized portals, and facilitate achievement of performance goals. Vendors continue advancing their solutions through innovations in areas like AI, cloud technologies, and cybersecurity. This ensures secure, scalable, and interoperable solutions for diverse utility network needs. Ongoing innovation and growing reliance on digital strategies indicate IoT will play an increasingly important role in optimizing grid management. Partnerships and alignment with emerging industry standards are expected to sustain the high momentum of this market. The long-term outlook for IoT in empowering infrastructure resilience remains positive as digital transformation continues to reshape the utilities sector.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“IoT in Utilities Market by Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented by Component (Solutions, Asset Management, CIS and Billing, SCADA Systems, EMS, OMS, Services, Professional Services, Consulting, Integration and Deployment, Support and Maintenance), By Organization Size (Large Enterprises, Small and Medium-Sized Enterprises) By Application (Water and Waste Water Management, Utility Gas Management, Electricity Grid Management) By Region, By Competition”, has evaluated the future growth potential of Global IoT in Utilities Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global IoT in Utilities Market.

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