Sunday, 24 October 2021 09:48 GMT

Internet of Things (IoT) in Energy Sector Market Insights with COVID-19 Impact Analysis by 2023

(MENAFN- America News Hour) The global internet of things (IoT) in energy sector market has been segmented by software into real-time streaming analytics, security software, data management, remote monitoring, energy analytics and others. Among these segments, the remote monitoring software in energy sector segment is anticipated to grow at a significant CAGR over the forecast period. This can be attributed to rising need of remote monitoring systems combined with internet enabled devices. Likewise, the energy management provides ease to various end-use industries such as power, oil & gas and mining industries to minimize the energy losses which further cuts down the operational cost. The growing concern towards energy management is one of the major factors which are fuelling the demand for internet of things (IoT) devices and software.

The global  internet of things (IoT) in energy market   reached USD 6.8 Billion in 2015 and is expected to reach USD 26.5 Billion by 2023 by expanding at a CAGR of 15.5% during the period 2016-2023.Factors such rise in globalization combined with urbanization are anticipated to expand the market of internet of things (IoT) in energy sector by noteworthy revenue by the end of forecast period.

In the regional segment, North America is anticipated to hold the largest market share in internet of things (IoT) in energy sector market which can be attributed to increasing investment by the authorities in research and development combined with technological advancements. With an increase in adoption of connected devices, Asia Pacific market of internet of things (IoT) in energy sector is anticipated to grow at a moderate rate over the forecast period.

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Smart Cities toReflect Significant Opportunities

Urbanization across the globe is increasing the demand for resources such as fuel, power and others. In addition to this, the robust pace in smart cities and smart infrastructure in various developed countries such as U.S. and others are encouraging the energy sector to adopt advanced technology such as internet of things (IoT) which is expected to supplement the growth of internet of things (IoT) in energy sector market over the forecast period.

However,factors such as issues related to security and privacy of dataand high cost are likely to inhibit the growth of theinternet of things (IoT) in energy sector market in the near future.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.

This report also provides the existing competitive scenario of some of the key players of the global internet of things (IoT) in energy sector market which includes company profiling of Intel Corporation, Alcatel-Lucent, Accenture PLC, Cisco Systems Inc., Google Inc., Hewlett-Packard and IBM.

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