Technology trends in utilities industry
Socio-economic drivers and technology innovations, both are uniformly driving the utilities industry towards the digital world. The digital revolution is forcing change because it aggravates utilities' existing challenges and introduces new challenges. Digital disrupters are changing customer needs and behaviors. The following diagram illustrates the typical challenges the utility industry faces across various segments—residential and business (small, medium, and large):
The energy and utilities industry is capital intensive and is likely to spend USD 40 trillion in the next two decades. The industry is looking to leverage the digital engagement channels to exceed customer expectations. The future technology adaptation areas in utilities will be around the use of social media, mobile solutions including mobile payments, big data analytics, digital marketing, Internet of Things (IoT), and Smart Meter Implementation (SMI). Smart metering...
