The IoT and analytics for utilities market will generate $5.1 billion in revenue in 2028, forecast Navigant Research.
Utilities have over the past years been trying to improve their operations using data generated from grid-connected distributed generating assets, transmission and distribution system equipment and smart meters connected to the grid.
Neil Strother, principal research analyst with Navigant Research, said: “Many of the tools are outdated, sit in silos, and were never designed for the complexities of today’s smart grid.
“More advanced utility IoT analytics solutions have entered the market and can be applied to legacy systems and new data flows using edge computing, cloud computing, machine learning, and AI to unlock valuable insights and drive operational efficiencies.”
The research company recommends utilities embrace IoT analytics, though not fully mature and whilst their demand are still flat, to cut operational costs.
Adoption would also help utilities to integrate data for enhanced business value as well as optimise integration and management of more distributed energy resources through two-way communication.