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IoT market in the energy sector worth US$26.5B by 2023: Study

November 1, 2017  

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The global Internet of Things (IoT) market in the energy sector is expected to register a CAGR of 15.5% over a forecast period ending in 2023, according to a new study released by Research Nester.

Moreover, the market is expected to be worth US$26.5 billion within six years, expanding “on the back of rising adoption of IoT in the industrial sector.”

IoT in the energy sector market is segmented into hardware such as devices, routers, sensors and actuators. Among these segments, devices segment is expected to occupy the top position in the market.

“The data management segment by software is estimated to register a considerable CAGR during the forecast period,” the study states. “Moreover, there are various types of software available in the market which secures and manages the data being generated or transferred by IoT devices. The major demand for security software is due to rising concern towards safety of data.

“The transformation of public and private sector organizations is the major reason behind the positive growth of IoT market. On the other hand, mining and petroleum industries are also looking forwards to real-time monitoring systems to manage the mobile workforce. 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.”