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Global internet of things (IoT) in energy sector market is segmented into hardware such as devices, routers, sensors and actuators. Among these segments, devices segment is expected to occupy the top position in the market. Further, the market of internet of things (IoT) in energy sector is riding on the back of factors such as advancements in electronics components, decreasing prices of electronic devices and technological advancement in semiconductors offers the advantage to develop lightweight and efficient devices. Further, the demand for IoT devices is increasing due to their high end connectivity and multiple options of connection via wireless services.
The global internet of things (IoT) in energy sector market is expected to register a CAGR of 15.5% over the forecast period. Moreover, the global internet of things (IoT) in energy sector is expected to reach USD 26.5 Billion by 2023. The market is expected to expand on the back of rising adoption of internet of things in the industrial sector.
The data management segment by software is estimated to register a considerable CAGR during the forecast period. Moreover, there are various types of software available in the market which secures and manages the data being generated or transferred by internet of things (IoT) devices. The major demand for security software is due to rising concern towards safety of data.