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Managing IoT’s disruptive effect on utilities

The developing IoT market will require a rethinking of current utility business models to capture market share

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What factors may inhibit utility IoT offerings in the US?
What factors may inhibit utility IoT offerings in the US?

The US market for the Internet of Things (IoT) is forecast to reach 1.6 million customers by 2020, a new study from Navigant Research suggests on how the technology is affecting the managed services market.

 

In its IoT Enabled Managed Services report, the global professional services firm predicts that by 2020, the “total addressable” market for IoT will be worth $500m. Included in the “reach” forecast is an estimated 70,000 customers that will be in “pilot-scale IoT engagement” representing a $50m market.

 

A number of drivers such as cost containment, demand for customer choice and improved synergies with existing DSM programmes point toward the potential for IoT to help transform the relationship between utilities and their customers.

 

According to Navigant, this developing IoT market will require a rethinking of current utility business models to capture market share in this broader demand management landscape. IoT enables customers to manage their energy independently, as the technologies opens the door to ongoing relationships through devices, software, and services, it said.

 

To position their businesses to succeed, utilities should develop an IoT service strategy to compete with investment on the “customer side of the meter”. Utilities should also consider developing, acquiring, or partnering to offer IoT-enabled managed services.

 

“IoT is not one device or technology but a platform of data collection devices, secure data networks, software, and services that delivers actionable insight,” said Casey Talon, principal research analyst with Navigant Research. “If utilities seize the opportunity, they can leverage this to enhance customer offerings and increase customer engagement.”

 

This report focuses on technology trends, customer adoption, utility rollouts, and the vendor landscape. Cost curve projections and adoption forecasts are provided through 2025, along with estimated customer distribution by US state.

 

Key questions the report seeks to address are:

What is the state of the IoT for residential and commercial buildings?

What market drivers are motivating utility participation in the US IoT market?

What factors may inhibit utility IoT offerings in the US?

How quickly will IoT grow in various regions in the US?

Who are the major vendors in the IoT value chain?

What are the potential threat and opportunities that IoT presents to utilities?

What actions can utilities take to benefit from IoT adoption and avoid disruption to existing processes?

 

If you like this, you might be interested to read the following:

Internet of Things research service launched

An IoT information service from Navigant Research will focus on the market forces and technologies shaping the connected energy landscape

smartcitiesworld.net/news/news/internet-of-things-research-service-launched-1029

Energy apps on the up

New report from Navigant Research focusing on the residential energy app market

 

smartcitiesworld.net/news/news/energy-apps-on-the-up-646

 

 

Test service to improve IoT interoperability

The University of New Hampshire InterOperability Laboratory hopes the new service will reduce time-to-market and enhance customer experience

 

smartcitiesworld.net/connectivity/connectivity/test-service-to-improve-iot-interoperability

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