Smart Meter Data Management Market Size is projected to reach $2,492.40 million by 2027, growing at a CAGR of 15.3% from 2020 to 2027

According to a recent report published by Report Ocean, titled, “Smart Meter Data Management Market by Component, Deployment Model, and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global smart meter data management market size was valued at $830.45 million in 2019, and is projected to reach $2,492.40 million by 2027, growing at a CAGR of 15.3% from 2020 to 2027. Smart meter data management software helps companies and organizations to examine large set of data for uncovering useful information to increase their decision-making capability. In addition, it provides a centralized data collection center to companies, improves the data validation process, and delivers real-time updates about various critical issues in the data collected from smart meters. Furthermore, smart meter data management system gathers data from analog & smart meter, aggregates & validates the data, and calculates the billing determinants. Numerous benefits associated with smart meter data management include consolidation of large volume of data in one system, handling all the analog & interval data, and providing customers with detail information regarding their energy consumption. Moreover, upsurge in adoption of smart meters across the globe and increase in penetration of advanced metering infrastructure technologies significantly boost the growth of the global smart meter data management market.

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By component, the smart meter data management market was led by the software segment in 2019, and is projected to maintain its dominance during the forecast period. This is attributed to increase in awareness toward energy management software in industrial sectors for efficient utilization of energy consumption and rise in alertness about carbon emission management. However, the service segment is expected to grow at the highest rate during the forecast period, owing to surge in adoption of consulting, integration, and implementation services in the utility & energy sector to reduce cost and improve productivity.

Region wise, the smart meter data management market was dominated by Asia-Pacific in 2019, and is expected to witness significant growth rate during the forecast period, owing rise in adoption of smart meters across different industries such as manufacturing, automotive, and energy & utility to improve the consumption of energy.

Key players operating in the market are facing the negative impact of the COVID-19 outbreak, and are experiencing severe fall in their revenue. Data management along with the real-time analytics in the times of disruption, such as the COVID-19 pandemic, is enabling key players to adopt effective strategies to manage both the current disruption as well as the post pandemic situation. Furthermore, various companies are partnering with different other companies to enhance their market share and to strengthen their foothold in the market. For instance, in October 2020, Hansen Technologies Ltd. partnered with Australia’s Western Power, a leading electricity distributor, to provide Hansen MDM, which will enhance Western Power’s ability to handle the advanced metering infrastructure. Moreover, various government and private sector are partnering with each other to provide utilities to speed up and simplify the deployment of new communication-enabled, intelligent sensors and controls for the smart electric grid. For instance, in February 2020, Honeywell partnered with Verizon to provide smart meter data management solution to utilities to speed up and simplify the deployment of new communication-enabled, intelligent sensors, and controls for the smart electric grid.

Key Findings Of The Study

By component, the software segment accounted for the market share in 2019.
Region wise, Asia-Pacific generated the highest revenue in 2019.
Depending on deployment model, the cloud segment is anticipated to exhibit substantial growth during the forecast period.
The key players profiled in the smart meter data management market analysis are ABB Ltd., Aclara Technologies LLC, Arad Groul, Eaton Corporation, ElectSolve Technology Solutions & Services, Inc., Hansen Technologies Ltd (Enoro Holding A/S), Honeywell International Inc. (Elster Group GmbH), Itron Inc., Landis+Gyr., Oracle Corporation, Siemens AG, and Trilliant Holdings, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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This release was published on openPR.