A business and residential IoT revenue forecast from Navigant Research calls for annual growth of nearly 17%. IoT revenue will exceed well over three-quarters of a trillion dollars from 2016-2025, according to Navigant.
Already being used commercially to integrate and manage low and zero-emissions distributed energy resources, new residential and commercial IoT technology has the potential to touch nearly every aspect of energy generation, transmission and distribution, according to Navigant’s ¨IoT and the Future of Networked Energy.¨ Deployment of wireless sensors, devices, information and operations systems along with data-driven machine learning could lead to a significant step up in the evolution of energy infrastructure, management and use.
Business and Residential IoT Revenue Forecast
“The IoT is a sweeping set of hardware and software technologies that represents an emerging digital foundation for the energy industry, and can be thought of as the connective tissue that enables the quickly emerging Energy Cloud,” principal analyst Neil Strother said for a press statement.
“This unfolding IoT trend is one worth watching, and smart stakeholders will want to take strategic steps to ensure they take advantage of the opportunity over the next decade or so to provide value to customers and reap the profits.”
Service providers are keen to earn their slice of a growing residential and commercial IoT pie.
An AT&T/Nokia IoT offering announced in February aims to address electric utilities reluctance to turn to third parties to provide cellular communications for their smart grid deployments. To address this objection, the AT&T/ Nokia utility IoT solution relies on a swath of AT&T spectrum that will be dedicated to the utility industry and will support networks based on Nokia equipment that will be built for the exclusive use of the utility company in a geographic area.
That same month Comcast and Earth Networks announced they are bringing IoT and ¨Big Data¨ analytics into U.S. homes via the cable MSO’s Xfinity Home platform. Aiming to help consumers save money by cutting down on electricity use, the partners announced that Earth Networks’ WeatherBug Home software-as-a-service (SaaS) will provide the data and analytics used in the Xfinity Home EcoSaver energy management tool.