The global Internet of Things (IOT) in energy market is forecasted to grow from USD 7.59 Billion in 2015 to USD 22.34 Billion by 2020, according to a recent market research report published by MarketsandMarkets. This is at a Compound Annual Growth Rate (CAGR) of 24.1% during the forecast period, with North America as the largest market based on technological advancements and market size.

According to MarketsandMarkets, this growth is expected be driven by the rise in concerns against cyber-attacks and the corresponding demand for increased operational efficiency. Based on this, solution providers are shifting their focus towards IoT security solutions to protect connected devices.

The report cites the advancement in next generation sensors as a major driving factor of the IoT market, but states the lack of skilled labor and increasing concern about data security and privacy acts is a restraint on the growth of the market.

MarketsandMarkets is a market research firm serving 1700 global fortune enterprises with over 1200 studies a year, cutting across several high growth markets.