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Energy Wastage is Taking its Toll on the Environment. Smart Meters Being the Need of the Hour Will Reach $16.4 Billion by 2027
The global market for Smart Electricity Meters is expected to reach US$ 16.4 billion by the year 2027, trailing a post COVID-19 CAGR of 6.7% over the analysis period 2020 through 2027.
Smart electricity meters are poised to witness robust adoption given their role in energy conservation & reducing wastages.
Among the many benefits of smart meters are monitoring of electric system in real time & provision of responsive data for balancing electric loads; reduction of waste by forecasting energy demand more efficiently. A smart meter is an electronic device capable of monitoring usage of utility services, and share the data with utility providers. Using two way communication, smart meter makes records data at the usage point and transmits the information gathered back to the utility
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A Decimated Global Economy Leave Smart Lighting & Control Systems Market High & Dry. Revenues Shrink by -11.9%
The global market for Smart Lighting & Control Systems is expected to decline by -11.9% in the year 2020 and thereafter recover and grow to reach US$93.2 billion by the year 2027, trailing a post COVID-19 CAGR of 14.7% over the analysis period 2020 through 2027. COVID-19 has pushed the global economy into the steepest recession ever with GDP growth nosediving by -4.9%, shaving off over US$7 trillion in value.
Although the pandemic has highlighted the importance of smart technologies in building resilience against disruptions, financial constraints are impeding immediate technology investments. As new construction projects take a hit, novel installations of lighting is dwindling. In industrial and commercial settings, there is likely to be a decrease in retrofit installations, given that there are
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Curse of Network Latency Lifted. Edge Computing to Bypass Cloud With a $31.4 Billion Opportunity
The global market for Edge Analytics is expected to spike by 35.2% in the year 2020 and thereafter will continue to grow and reach US$31.4 billion by the year 2027, trailing a post COVID-19 CAGR of 28.2% over the analysis period 2020 through 2027.
While the COVID-19 pandemic has affected the global economy at all levels, the IT industry is also confronting challenges due to the crisis. Public and private sectors will prioritize investments in technologies that enable safe remote operations such as automation, cybersecurity, cloud, AI & IoT. With strict social distancing regulations and movement restrictions in place, companies are feeling the need for digital technologies to remain operational and agile amidst this emergency situation.