Outlook for utilities IoT providers looking up, argues Navigant Research
Navigant Research has released a new report titled “IoT Enabled Managed Services” which argues the landscape for organisations incorporating the Internet of Things for utilities will improve, enabling them to develop trusted advisory relationships with customers.
The report covers the US IoT market while focusing on technology trends, customer adoption, utility rollouts, and the vendor scenario. The report also provides cost curve projections and adoption forecasts through 2025.
The use of IoT is set to have a transformative impact on the relationship between utilities and their residential and commercial customers, allowing utilities to function as trusted advisors to their customers via devices, software, and services. This is in contrast to the scenario in the past when utilities focused on traditional demand-side management (DSM) program engagement in order to give customers a reason to invest in specific technologies or make behavioural changes.
Navigant Research principal research analyst, Casey Talon, said: “IoT can help utilities transition into new ongoing advisory and managed services relationships to gain better insight into customer loads and improve customer satisfaction. This new approach to customer engagement will direct behaviour modification, load control, and conservation in concert to maximise reliability and resiliency of the grid.”
According to estimates from the research firm, 70,000 customers will be in pilot-scale utility IoT projects in the US by 2020, accounting for a $500 million market. Key drivers such as cost containment, demand for customer choice, and improved synergies with existing DSM programs are set bring into existence an environment for IoT to help transform the relationship between utilities and their customers.
Interested in hearing industry leaders discuss subjects like this and sharing their IoT use-cases? Attend the IoT Tech Expo World Series events with upcoming shows in Silicon Valley, London and Amsterdam to learn more.
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