The Internet of Things (IoT) has numerous applications within the energy and utility sector.
As an example, smart meter penetration in North America is forecast to reach 81 percent by 2024.
According to the latest worldwide market study by Berg Insight, the installed base of smart electricity meters in North America will grow at a compound annual growth rate of 8 percent between 2018 and 2024 to reach 142.8 million units at the end of the forecast period.
Over the next five years, smart meter penetration among electricity customers in the U.S. and Canada is projected to increase from around 60 percent in 2018 to more than 80 percent by the end of 2024.
"North America has long been at the forefront of smart grid technology adoption and a large share of the major utilities in the region are now either fully deployed or in the implementation or planning stages of full-scale rollouts," said Levi Östling, IoT analyst at Berg Insight.
Some states or provinces remain skeptical towards the business case for advanced metering investments whereas others are soon to begin the second wave of deployments.