At Healthy CAGR of 17.23%, Smart Meter Data Management Market Size to Hit USD 5.2 Billion in 2030
Need for better customer service & utility efficiency as well as rising regulatory mandates & legislative compliances towards smart metre driving market growth.
PORTLAND, PORTLAND, OR, UNITED STATES, March 14, 2023 /EINPresswire.com/ — According to the report published by Allied Market Research, the global smart meter data management market generated $1.1 billion in 2020, and is estimated to generate $5.2 billion by 2030, witnessing a CAGR of 17.23% from 2021 to 2030. The report offers a detailed analysis of changing market trends, value chain, top segments, key investment pockets, regional scenarios, and competitive landscape.
Surge in energy demand, regulatory requirements, and legislative compliances toward smart metering, and increase in requirement for enhanced customer service level & utility efficiency drive the global smart meter data management market growth. On the contrary, various data management problems, including data distribution and replication, transactional models, query processing, and location-based services limit the market’s growth. However, a considerable rise in meter data volume as a result of collecting interval data drives utilities to use next-generation meter data management solutions to create new opportunities in the coming years.
Download Sample PDF Report at: https://www.alliedmarketresearch.com/request-sample/4523
Based on component,the software segment held the highest market share in 2020, accounting for more than two-thirds of the total share, and is projected to maintain its leadership status during the forecast period. However, the service segment is estimated to grow at the fastest CAGR of 17.91% from 2021 to 2030.
Based on application,the electric meters segment accounted for the largest share in 2020, contributing to more than half of the global smart meter data management industry, and is expected to maintain its lead position during the forecast period. However, the gas meters segment is projected to portray the highest CAGR of 19.26% from 2021 to 2030.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/4523
Key trends shaping the AI market:
• Increasing Deployment of Smart Meters: The deployment of smart meters is increasing rapidly worldwide, as governments and utilities seek to improve energy efficiency and reduce carbon emissions. This is driving the demand for smart meter data management solutions, which can help utilities collect, store, and analyze the vast amounts of data generated by smart meters.
• Integration with Other Smart Grid Technologies: Smart meter data management solutions are increasingly being integrated with other smart grid technologies, such as demand response systems, energy storage systems, and renewable energy systems. This integration can help utilities optimize their operations, reduce costs, and improve grid reliability.
• Emphasis on Data Security and Privacy: As smart meters collect sensitive data on energy usage, there is growing concern around data security and privacy. Smart meter data management solutions are expected to incorporate advanced security and privacy features to protect this data from unauthorized access or use.
• Use of Advanced Analytics and Artificial Intelligence: Smart meter data management solutions are expected to incorporate advanced analytics and artificial intelligence (AI) to help utilities gain deeper insights into energy consumption patterns, identify potential issues, and optimize their operations. This includes using machine learning algorithms to predict future energy usage and demand.
• Demand for Cloud-based Solutions: Many utilities are moving towards cloud-based smart meter data management solutions, which offer scalability, flexibility, and cost-effectiveness. Cloud-based solutions can also provide real-time access to data, enabling utilities to make faster and more informed decisions.
If you have any special requirements, please let us know: https://www.alliedmarketresearch.com/request-for-customization/4523
Based on region, Asia-Pacific contributed the highest share in 2020, accounting for more than two-fifths of the total share, and is expected to continue its dominant share in terms of revenue by 2030. Moreover, the same segment is projected to manifest the largest CAGR of 19.01% during the forecast period.
Leading players of the global smart meter data management market discussed in the research include Aclara Technologies LLC, ABB Ltd., Arad Group, ElectSolve Technology Solutions & Services, Inc., Eaton, Hansen Technologies, Itron Inc., Honeywell International Inc., Oracle Corporation, Landis + Gyr, Trilliant Holdings, Inc., and Siemens AG.
Procure Complete Report (275 Pages PDF with Insights, Charts, Tables, and Figures) at: https https://bit.ly/3FqKyHJ
Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia.
If you have any special requirements, please let us know and we will offer you the report as per your requirements.
Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
David Correa
Allied Analytics LLP
+1-800-792-5285
email us here
