BOULDER, Colo.--(BUSINESS WIRE)--Navigant Research today announced the launch of a new research service as part of its Utility Transformations program. The Internet of Things (IoT) Research Service provides independent and objective intelligence around IoT applications for utilities, commercial buildings, distributed energy resources (DER), and smart cities, covering changing business models affecting a variety of stakeholders.
As connected devices proliferate, IoT will play a pivotal role across a variety of industries and applications. Facility managers, homeowners, utilities, transportation executives, governments, and other entities are already leveraging IoT technologies to provide insights that lead to greater efficiency, automation, security, customer engagement, and occupant comfort—and the adoption of these technologies is expected to expand even further.
“The IoT is like putting together a jigsaw puzzle without any edge pieces. Hundreds of millions of connected devices are expanding rapidly into tens of billions in the coming decade,” says Neil Strother, principal research analyst with Navigant Research. “Communicating devices in the IoT traverse a wide range of industries and sectors—virtually all areas of life can expect to see some form of this connected world.”
The launch of the IoT Research Service also coincides with the quickly expanding market of Internet-connected devices that support a new digital foundation for the grid, which Navigant has defined as the Energy Cloud. The emerging IoT touches nearly all aspects of energy generation, transmission and distribution, and consumption. For utilities, the IoT helps utilities transition into new ongoing advisory and managed services relationships to gain better insight into customer loads and improve customer satisfaction. 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’s key findings and forecasts about Internet of Things markets include the following:
- Overall global commercial and residential IoT revenue is expected to total more than $776 billion on a cumulative basis over the next 10 years
- Cumulative shipments of residential IoT devices is expected to reach 1.9 billion over the next 10 years
- Global revenue attributed to residential Internet of Things devices alone is expected to grow from $26.5 billion in 2016 to $117.3 billion in 2026
- In the United States, 70,000 customers are expected to be in pilot-scale utility IoT engagements by 2020, representing an estimated $50 million market
- Global utility spend for smart grid and smart city networking and communications is projected to grow from $5.4 billion in 2016 to $9.5 billion in 2025
Each year, Navigant Research publishes more than six Internet of Things reports. Research reports include a comprehensive strategic analysis of the market landscape, key drivers and barriers, as well as detailed market forecasts, segmented by technology, region, and application area. Topics covered include:
- Internet of Things and Distributed Energy Resources
- Internet of Things and Buildings
- Internet of Things for Residential Customers
- Internet of Things Security Issues
- Internet of Things in Transportation and Smart Cities
- Internet of Things and Robotics
- Commercial and Industrial Internet of Things
- Emerging Internet of Things Business Models
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the Internet of Things Research Service 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.