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WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 5, 2024 /EINPresswire / -- According to a new report published by Allied market Research, titled, "Smart Meter Data Management Market ," The smart meter data management market was valued at $1.1 billion in 2020, and is estimated to reach $5.2 billion by 2030, growing at a CAGR of 17.23% from 2021 to 2030.
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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 and smart meter, aggregates and 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 and 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.
By component, the smart meter data management market was led by the software segment in 2020, 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.
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By region, the smart meter data management market is being dominated by Asia-Paicfic in 2020, and is expected to maintain this trend during the forecast period owing to availability of advanced metering infrastructure for ambitious smart grid system installments and increase in installation of smart meters across the region. Furthermore, rise in adoption of smart meters across different industries, such as manufacturing, automotive, and energy & utility to improve the consumption of energy and to provide proper utilization of energy during the pandemic situation further drives the growth of the market in this region.
The global smart meter data management market is positively impacted by the COVID-19 outbreak. This is attributed to the surge in adoption of different smart meters, such as smart electric meter, smart gas meter, and smart water meter across the household and other enterprises. Post COVID-19, the preference for smart meters and smart meter data management software is expected to increase, due to their various features, such as accurate billing system and real-time updates on customer's data, thereby positively impacting the growth of the market.
Key Findings Of The Study :
By component, the software segment led the global smart meter data management market in terms of revenue in 2020.
By deployment mode, the on-premise segment accounted for the highest global smart meter data management market share in 2020.
By application, the electric meters segment generated the highest revenue in 2020
By region, Asia-Pacific generated the highest revenue in 2020.
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The key players profiled in the global 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 adopt various strategies to increase their market penetration and strengthen their position in the industry.
About us :
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.