The Internet of Things (IoT) platform in the energy market is expected to reach $703.52 billion, driven by the adoption of smart grids and innovative services that enhance operational efficiency.
IoT and AI adoption in the energy sector are creating significant growth opportunities, especially in the development of smart grids for energy optimization across various buildings.
Key market segments include solutions holding the largest share, the oil & gas segment dominating in 2021, services projected to have the highest CAGR, and the cellular network segment expected to show the highest growth rate.
The report covers key players such as Accenture PLC, IBM Corporation, and Cisco, with the North America region leading the market share in 2021 and Asia-Pacific expected to exhibit the highest CAGR during the forecast period.