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According to Navigant Research, the IoT analytics market revenue for global utilities will grow to more than
$5.
1 billion by 2028.
The global utility IoT analytics market will generate more than $5.
1 billion in revenue by 2028
The utility industry is experimenting with a large number of power generation assets, transmission and distribution system equipment, and smart meters connected to the grid to capture large amounts of data
.
However, IoT has invaded this space
.
With the advent of cloud computing, machine learning, and artificial intelligence (AI), traditional IoT analytics solutions, software tools, and control systems for analyzing data and keeping power flowing are becoming obsolete
.
"Many analytics tools are outdated or bogged down, and are not designed
for the complexity of today's smart grids.
" Neil Strother, principal research analyst at Navigant Research, said: "More advanced practical 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 artificial intelligence to unlock valuable insights and improve operational efficiency
.
”
According to the report, even if the solution is not yet fully mature, utilities should adopt IoT analytics solutions because they can help reduce costs while keeping demand balanced or declining
.
With IoT technology, different systems can also run on the internet and integrate data to increase business value
.
In addition, as more distributed energy resources are connected to the grid and bidirectional energy flows are created on the grid, advanced analytics
are required.
，
According to Navigant Research, the IoT analytics market revenue for global utilities will grow to more than
$5.
1 billion by 2028.
The global utility IoT analytics market will generate more than $5.
1 billion in revenue by 2028
1 billion in revenue by 2028
The utility industry is experimenting with a large number of power generation assets, transmission and distribution system equipment, and smart meters connected to the grid to capture large amounts of data
.
However, IoT has invaded this space
.
With the advent of cloud computing, machine learning, and artificial intelligence (AI), traditional IoT analytics solutions, software tools, and control systems for analyzing data and keeping power flowing are becoming obsolete
.
"Many analytics tools are outdated or bogged down, and are not designed
for the complexity of today's smart grids.
" Neil Strother, principal research analyst at Navigant Research, said: "More advanced practical 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 artificial intelligence to unlock valuable insights and improve operational efficiency
.
”
According to the report, even if the solution is not yet fully mature, utilities should adopt IoT analytics solutions because they can help reduce costs while keeping demand balanced or declining
.
With IoT technology, different systems can also run on the internet and integrate data to increase business value
.
In addition, as more distributed energy resources are connected to the grid and bidirectional energy flows are created on the grid, advanced analytics
are required.
，
