An estimated 70,000 U.S. customers are expected to be in utility Internet of Things pilots by 2020
A new slide-based report from Navigant Research explores the U.S. market for the Internet of Things (IoT), focusing on technology trends, customer adoption, utility rollouts, and the vendor landscape, with cost curve projections and adoption forecasts, through 2025.
In the past, utilities have largely focused on traditional demand-side management (DSM) program engagement to incentivize customer investment in specific technologies or behavior changes. IoT, however, opens the door to deeper and ongoing relationships with residential and commercial customers through devices, software, and services. Click to tweet: According to a new report from @NavigantRSRCH, utilities that leverage IoT for managed services will be positioned to develop trusted advisory relationships with customers.
“IoT can help utilities transition into new ongoing advisory and managed services relationships to gain better insight into customer loads and improve customer satisfaction,” says Casey Talon, principal research analyst with Navigant Research. “This new approach to customer engagement will direct behavior modification, load control, and conservation in concert to maximize reliability and resiliency of the grid.”
Navigant Research estimates that 70,000 customers will be in pilot-scale utility IoT engagements across the U.S. by 2020, representing an estimated $500 million market. According to the report, drivers including cost containment, demand for customer choice, and improved synergies with existing DSM programs, create an environment for IoT to help transform the relationship between utilities and their customers.
This report, IoT Enabled Managed Services, examines the IoT market in the United States, 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. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Lindsay Lorenz
* The information contained in this press release concerning the report, IoT Enabled Managed Services, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.