The global market for smart meter data management is projected to witness a CAGR of 15.26% during the projected period. The increased implementation of advanced metering infrastructure, rising government initiatives, and the growing adoption of smart meters, are the factors pushing the market growth.
Smart meters measure gas, electricity, and water consumption. The smart meter data management market entails the technologies utilized for analyzing and storing the data generated by the smart meter. There is an increasing deployment of smart meters that aids in the efficient management of electricity consumption and costs, resulting in the formation of informed decisions. The increasing adoption of smart meters thus drives the smart mater data management growth. The collection of interval data has resulted in a significant increase in meter data volume, prompting utilities to deploy next-generation meter data management applications, and is therefore set to result in market expansion.
Meter data analytics is anticipated to witness the fastest growth during the estimated period. This is due to its importance in smart meters, since it aids in making sound decisions regarding energy consumption, detection of energy theft, and the reduction of energy bills. Increasing security concerns is one of the restraining factors of the market. There have been incidents of data breaches and issues of threats from hacking organizations. The mergers, strategic alliances, and acquisitions, have rendered the market competitive. The big market players have a major chance of getting contracts.
The global smart meter data management market is geographically evaluated through the market regions of Europe, North America, Asia Pacific, and the rest of the world. The smart meter data management market in the Asia Pacific market region is projected to be the fastest-growing market region. The market region also garnered the largest market share as of 2019. All of these are attributed to the high penetration of smart metering technology in the region of East Asia, along with with increasing residential users in the regions like Japan and South Korea, and the market growth prospects of China.
The market boasts of a large number of big industry players. Some of them include, Arad Group, Itron Inc., Aclara Technologies LLC (Acquired by Hubbel Incorporated), Electsolve Technology Solutions & Services, Inc., Enoro Ab (Acquired by Hansen Technologies), Elster Solutions (Acquired by Honeywell International Inc.), etc.
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