Energyworx Identified as Key Innovator in the Utility IoT Market!February 19th, 2016 by
World leading market research firm, MarketsandMarkets (M&M) recently published a comprehensive study on the market size and expected growth potential of IoT solutions for the Utility Market. The market has been estimated at $4.63 Billion in 2015 and is expected to grow at a yearly rate of 20%, reaching $11.73 Billion by 2020. The IoT Utility Market has global reach with the greatest growth expected to occur in North America especially for smaller co-op utilities that are investing in IoT equipment.
Key drivers for the rapid growth include the need for a common platform for hardware and software integration and declining costs of IT equipment and solutions. Additionally, the report recognized the larger trends of cloud computing, mobile and smart devices that are driving new business models and enabling more powerful analytics.
A select group of vendors were identified as “Key Innovators” that the market can look at for IoT solutions. Energyworx made the prestigious list with its IoT-enabled data aggregation and analytics cloud service designed for the energy and utility market.
Energyworx has noticed firsthand the trends toward greater use of cloud technology and the role of IoT for supporting new utility business models. Energyworx will continue to support these trends and help drive the market forward by offering an affordable platform for aggregating and communicating with the latest IoT devices. Data generated by IoT devices is increasingly occurring at greater granularity requiring more efficient data management platforms, especially those that can correlate the data from multiple (IoT) sources.
The M&M report is available for purchase on the M&M website or head over to Yahoo for the report summary. The report covers such topics as Analytics, Security, Meter Data Management, Customer Information Systems and Utility Billing.