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Internet of Things in Utility Market Nears $11.73Bn

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According to a market research report published by MarketsandMarkets, Internet of Things (IoT) in utility market size is estimated to grow from USD 4.63 Billion in 2015 to USD 11.73 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 20.4% during the forecast period.

Currently, the IoT is at the center stage of digital transformation. IoT technology can bring exceptional operational efficiency to the utility sector.

It can provide more visibility in the challenging operational environment, where the automation process can have a potential role to play. Cost efficiency, reliability, and safety are the desired goals achieved with the IoT application in the utility sector.

Due to the accelerated growth and low market entry barriers for the new entrants in the IoT market, start-ups are getting opportunities of venture funding from investors all around the world.

The major driver for upsurge in demand for IoT solutions in the utility sector is the increase in the operational efficiency with less infrastructure investment and integration of existing technology solutions and hardware over a common platform.

Additionally, declining cost of IoT components and regional government initiatives for smart grid roll-out are some of the driving factors which are accelerating IoT in utility market.

“The IoT is eliminating barriers and allowing the utilities target large audiences and enabling new business opportunities and delivery models.

On the basis of software, IoT in utility market is segmented into analytics, security, operations control, smart grid management, predictive asset management, and Customer Information System (CIS) and billing system.

The increasing trends of mobile, cloud, and smart devices along with factors such as predictive analytics for business, conducive platforms for analytics, and end-to-end automation are significantly driving the market across the world.

These benefits are the prime reasons for the increasing investment in analytics solutions segment by major enterprises and business.

“Asia Pacific (APAC) is expected to experience extensive growth opportunities in the next few years”

For exhaustive regional analysis, the IoT in utility market is segmented into North America, Europe, APAC, Latin America and Middle East and Africa (MEA). North America is expected to witness the highest market size during the forecast.

The major push factors for the market in North America are: the smaller co-operative utilities are expected to inject funds for IoT deployment; and the regional government initiative to offer low interest federal loan for large water infrastructure projects to utilities are.

APAC is fastest-growing region owing to the public and private partnership models developed for the infrastructure re-development in the major parts of the region.

The scope of the report covers detailed information regarding the major factors influencing the growth of the IoT in utility market such as drivers, restraints, challenges, and opportunities.

A detailed analysis of the key industry innovators has been done to provide insights into their business overview, products and services offered, key strategies, and recent developments associated with the IoT in utility market.

       


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Expert Urges FG to Harmonise NIN, BVN to Tackle Crimes

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Noble Ajuonu, head, Sydani Technologies Ltd., has urged the Federal Government to harmonise National Identification Number (NIN) and Bank Verification Number (BVN) to tackle crimes and insecurity in the country.

Expert Urges FG to Harmonise NIN, BVN to Tackle Crimes

Ajuonu made the call at a media roundtable, organised by Sydani Group in Abuja.

The News Agency of Nigeria (NAN) reports that the roundtable focuses on driving sustainability through a comprehensive analysis of Nigeria’s key development areas.

Ajuonu said that Nigeria could overcome its security challenges and pave the way for a safer, more secure future for all Nigerians by embracing technology and implementing practical solutions,

“We need to harmonise data, prioritise seamless integration of databases like NIN, BVN, and security agency records, establish clear protocols for data sharing and access, with robust safeguards against misuse,’’ expert said.

According to him, the unified data pool will empower intelligence gathering and targeted operations.

He also called for investments in smart surveillance, intelligent video analytics software, training of personnel in data analysis, interpretation of data in real-time to combat crimes.

“There is need to implement a legal framework for call interception in criminal investigations, with strict oversight to prevent abuse, encourage community cohesion, training of tech savvy security personnel with tech-enabled tools.’’

Ajuonu also urged the government to address infrastructure deficit in technology, saying that technology was all encompassing to address insecurity.

“According to the National Identity Management Commission (NIMC), as of December 2023, only 104.2 million Nigerians had been enrolled for the National Identity Number (NIN).’’

Ajuonu added that over 122.2 million citizens left uncaptured for NIN were people in rural areas where enrolment centres, digital services were limited.

“Most crimes are being perpetuated from rural communities and this lack of comprehensive identification creates a gap where elements not captured in the national database can constitute public nuisance, crimes.

“There is the inadequacy in the integration of NIN, BVN and Voters Identification Number (VIN).

“Advanced call interception and analysis tools, used successfully in other countries, could provide invaluable insights into criminal networks and operations but infrastructure is lacking,’’ he said.

Also, Mr Godfrey Petgrave, the Agricultural Expert, Sydani Group, called for empowerment of smallholder farmers with access to finance and training to enhance productivity.

According to Petgrave, Nigeria requires policy reform and institutional strengthening to improve agricultural practices and embrace digital agriculture solutions to address food insecurity.

Mr Akolade Jimoh, another expert of the group on health, advocated for expanded community-based health insurance programmes for rural and underserved areas.

Jimoh added that the country needed to encourage Public Private Partnership to revolutionise products design and quality improvement on health services.


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Konga launches Infinix Brand Week with Incredible Deals

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Konga, Nigeria’s leading composite e-commerce group, is thrilled to announce the launch of amazing deals at its Infinix Brand Week. Infinix, a leading global smartphone brand known for its innovative products and cutting-edge technology promises exclusive discounts and special offers on select smartphones, marking an exciting milestone in the realm of online shopping.

Shoppers can expect nothing short of extraordinary deals on a wide range of Infinix products, all available exclusively on the Konga online platform. With discounts of up to 30% off, this partnership between Konga and Infinix aims to redefine the shopping experience for tech enthusiasts across Nigeria.

Konga Brand Week has become synonymous with excitement and unbeatable deals, and this year’s edition is no exception. In addition to exclusive discounts on Infinix smartphones, shoppers can explore a diverse array of products across various categories, including electronics, fashion, home essentials, and more.

“At Konga, we are dedicated to providing our customers with the best shopping experience possible,” said Rita Ohaedoghasi, VP Marketing at Konga. “The Infinix Week during Konga Brand Week allows us to continue delivering on that promise by offering incredible discounts and special offers on some of the most sought-after smartphones in the market.”

To stay updated on the latest developments and exclusive deals during Konga Brand Week, shoppers are encouraged to connect with Konga across all platforms, including social media and the Konga website. Don’t miss out on this opportunity to score big savings and elevate your tech game with Infinix and Konga.


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Study Reveals Software Programmers to make Full Use of AI Code Assistants

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Gartner predicts that by 2028, 75 percent of enterprise software engineers will use Artificial Intelligence (AI) code assistants, up from less than 10 percent, currently.

According to a Gartner poll of 598 global respondents conducted in the third quarter of 2023, 63 percent of organisations are now testing, deploying, or have previously implemented AI code assistants.

AI code assistants provide for more capabilities than only code development and completion, notes the research firm.

According to Gartner, the use of AI code assistants can lead to higher work satisfaction and retention, resulting in lower turnover costs.

Philip Walsh, senior principal analyst at Gartner, comments: “Software engineering leaders must determine ROI and build a business case as they scale their rollouts of AI code assistants.

“However, traditional ROI frameworks steer engineering leaders toward metrics centred on cost reduction. This narrow perspective fails to capture the full value of AI code assistants.”

Gartner notes that software engineering leaders must “reframe the ROI conversation from cost reduction to value generations”.

Walsh adds: “Calculating time savings on code generation is a good place to begin building a more robust value story. To convey the full enterprise value story for AI code assistants, software engineering leaders should connect value enablers to impacts, and then analyse the overall return to the organisation.”

 


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