Technology in the energy sector benefits energy consumption, cost-effectiveness, and productivity. It encourages creative solutions and increased innovation with regards to software, hardware, services, and connectivity. The Internet of Things (IoT) has made a radical difference in the energy sector by connecting users to advanced technology, whether in the office or out in the field.
IoT in the energy industry was valued at 15.04 billion USD last year, and researchers predict it to reach 39.09 billion USD in the next five years. IoT and digital transformation in the energy sector consist of updated hardware such as devices, router, and sensors as well as software, including security, data management, and remote monitoring platforms. Research shows that the application of new technologies enables businesses to feel more advanced than the rest of the industry, increase productivity, and enhance profitability.