Global Internet of Things in Energy Market to Grow 24.61% by 2022

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Research and Markets has announced the addition of the "Global Internet Of Things (IOT) Market in Energy Insights, Opportunity, Analysis, Market Shares And Forecast 2016 - 2022"report to their offering.

The Global Internet of Things (IoT) in Energy market is estimated to register robust growth in 2016-2022 and is expected to grow at CAGR of 24.61% during this period.

Escalating cyber attacks, a rise in operational efficiency and growing ICT expenditure in the oil & gas and mining sector is increasing the growth in the market. Various key players are indulging in various research and development activity to enhance efficiency which will assist in capturing the market potential available in the emerging economies.

Various key players of IoT are adopting the strategic moves to maintain position in the global Internet of IoT in Energy market. The rising demand for Next-Generation sensors is the major factor which is increasing the demand for Internet of Things (IoT) in Energy in the global market. Next generation sensors enable the enhanced efficiency in the IoT which assist the technology to work effectively thus due to such increasing demand of NGS in the global market is driving the growth in the global market.

However, the growing apprehension of privacy and security and necessity of proficient technological skills is hampering the growth in the global market. There are huge opportunities in this market, such as gigantic development opportunities for niche IoT analytics key market players and growing potential evolution for system integrators. The enormous potential in emerging countries is another major factor injecting huge growth opportunity in the global market and increasing the scope of global Internet of Things (IoT) in Energy market.