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The energy and utilities landscape is constantly changing and creating new challenges as a result. Adapting to these changes, as well as an overarching need to drive greater efficiencies, means that companies are employing new and improved technology to assist their transformation. The Internet of Things is sitting at the forefront of this, and is growing rapidly in the industry. This new infographic from Westbase Technology looks at these utility and energy industry challenges, and the resultant growth of the Internet of Things.
68% of utility executives said that they would invest in IT services, with 58% saying they would specifically invest in the Internet of Things (Itron Resourcefulness Index).
IDC predicts that there will be a $201 Billion worldwide revenue opportunity presented by the Internet of Things (IoT) for the utilities industry by 2018.
Vodafone M2M Barometer reported that M2M technology adoption is higher in the energy and utilities sector than any other.