IoT vendors within the smart grid market are the first to experience serious competition, as more companies are created and the sector grows.
There are currently more than 500 smart grid vendors competing and partnering between themselves.
According to the Northeast Group, from 2015 until 2025, $380.1 billion will be invested worldwide in the smart electric power sector.
The company said that partnerships and M&As are accelerating the market, while infrastructure investment is shifting from developed to emerging markets. Northeast added that this is where the opportunities will be over the next decade.
The group highlighted that vendors are branching out from traditional investment in smart metering to new smart city and smart infrastructure market segments.
Vendors are also shifting from hardware solutions to new approaches based on analytics software and services.
The study listed some of the leading vendors including ABB, Accenture, Cisco, Ericsson, GE, IBM, LG, Oracle, SAP, Schneider Electric, Silver Spring, Siemens and Toshiba.
Ben Gardner, President of Northeast Group, said: "Smart grid infrastructure is the first concrete example of the ‘Internet of Things’ on a significant scale.
"Smart meters with two-way communications and other sensors across the power grid are already providing tangible benefits for utility customers. The next decade will see billions invested in the global smart grid market, creating a huge opportunity for vendors.
"In order to succeed over the next decade, vendors will need to proactively leverage these broader market trends to their advantage."
