BOULDER -- The Internet of Things (IoT) market is expected to reach $500 million in 2020, according to a new report by Navigant Research.
The report explores the U.S. IoT market, focusing on technology trends, customer adoption, utility rollouts, and the vendor landscape with cost curve projections and adoption forecasts through 2025.
Navigant said the developing IoT market will require a rethinking of current utility business models to capture market share in this broader demand management landscape.
“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, Navigant’s principal research analyst.
To position their businesses to succeed, utilities should develop an IoT service strategy to compete with investment on the customer side of the meter, according to the report. Utilities should also consider developing, acquiring, or partnering to offer IoT-enabled managed services.
The report, IoT Enabled Managed Services, examines the IoT market in the U. S. with a focus 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 U.S. state.
Featuring Navigant Research’s Utility Technology Disruption Matrix and Execution Grid, the report also examines implications for traditional utility business models, features utility case studies, and offers strategic recommendations for industry stakeholders to position for long-term success.