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#News(General) [ via IoTForIndiaGroup ]
The introduction of the internet of things (IoT) in utilities will resolve multiple issues such as inaccuracy in collecting vital data and meeting the rising demand for a particular utility.
Global energy consumption is rising every year. The increasing demand has helped the utility sector become one of the most profitable areas for doing business. The utility industry has generated a revenue of $845.3 billion in 2018. However, even after generating billions of dollars worth of revenue, the industry faces multiple challenges in day-to-day business. Challenges such as poor workplace safety, equipment failures, insufficient power and water distribution, and maintenance. Additionally, utility providers find it extremely complicated to manage the increasing demand for limited resources like energy and water. Hence, business leaders are always looking for solutions and alternatives to traditional business models.
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