"Actionable Insights to Fuel Your Growth"
Smart meters are primarily used to obtaining energy consumption feedbacks, monitor, manage, and send these feedbacks to the billing management system. Smart meters enable bidirectional communication between the meter and the central management system. The smart meter management system offers various advantages over the traditional metering system including fraud prevention, detection of energy theft, estimate meter readings, and better overall energy efficiency. The smart meter data management system solution includes smart meter deployment planning and management, smart meter and network asset monitoring and management, workforce management system, and meter-to-cash system.
Based on component type, the global smart meter data management market is segmented into software and hardware. The software segment is anticipated to hold the major share of the market in 2019 and it is expected to maintain its share during the forecast period, owing to the rising smart meter installation. Software is used to format, process, and correlate the data to support precise billing.
Based on the end-user, the market is segmented as residential, commercial, and industrial. The residential segment held a major share of the global smart meter data management market due to the compulsion of smart meter implementations across the globe. Furthermore, residential consumers are using smart meters for access to their energy consumption data through a meter data management system, which will help in improving energy consumption.
The key market driver for the global smart meter data management market is the increasing deployment of smart meters, the rise in adoption of advanced metering infrastructure technologies, and the rising need for predictive analytics. Smart meters are accurately monitoring water, gas, and electricity usage. This results in efficiently managing consumption and improving billing & customer service.
The key market restraint for the market is the high cost of installing smart meters. Also, high maintenance, upgradation, consulting, and integration are affecting the growth of the market.
Key Market Driver -
Government Policies and Legislative Mandates for Smart Metering Devices across the Globe
Key Market Restraint -
High maintenance Cost
Some of the major companies in the smart meter data management market are Oracle Corporation, Trilliant Holdings, Inc., Siemens AG, ElectSolve Technology Solutions & Services Inc., Arad Group, Itron, Elster Group GmbH, Aclara Technologies LLC, Enoro, and Landis+Gyr.
The global smart meter data management market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia-Pacific region is the fastest-growing region for the global smart meter data management market during the forecast period. Owing to the significant growth in the adoption of smart metering technology in ASEAN countries and rapid growth in the Chinese market. Countries like Myanmar and the Philippines are also expected to adopt advanced smart grids and other smart utility network components by focusing on upgrading & replacing outdated infrastructure and installing smarter power networks. This will allow them to leverage their energy consumption.
To gain extensive insights into the market, Request for Customization
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry