Technical developments are important for the digitization of industries, mainly the power industry. The power industry is increasingly identifying the importance of digital technologies, which is expected to expand the market during the forecast period. Businesses have recognized the returns of digitalization and are now concentrating on two important aspects: customer guarantee and advancement of efficiency. Among the many standards across various industries for digital consumer experience, mobility is crucial. For instance, in the banking industry, mobile banking has changed the customer experience. Many users rely entirely on smartphones to carry out critical banking activities on the go.
The global digital utility market can be segmented based on deployment, technology, network, industry, and geography. In terms of deployment, the digital utility market can be classified into on premise, hybrid, and cloud. The cloud segment is projected to expand at a considerable CAGR due to the increasing usage of cloud-based applications. Based on technology, the digital utility market can be segregated into hardware and integrated solutions. Integrated solutions are further classified into services and software. The hardware segment is anticipated to dominate the market during the forecast period as hardware is majorly used in equipment such as smart transformers and smart meters.
The increasing number of renewable power generation projects and energy efficiency mandates are key factors expected to drive the digital utility market. Furthermore, smart meters provide energy suppliers with the exact details of each customer’s generation and consumption of power. On this basis, tailored products can be developed, such as demand-response programs, which award discounts and rebates to customers, allowing utilities to control their heating and cooling.
Many utilities offer solutions for networked energy management that comprise remote control of buildings. Utilities can use statistics from smart meters to apprehend requirements of additional applications in new business areas, alone or with partners.
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National governments are launching smart city initiatives that are aimed at promoting technical innovation and systematic applications of Internet of Things in urban landscapes. However, cyber security in the power and utilities sector is expected to be a major threat and is estimated to hamper the digital utility market.