Revenue for Meter Data Management Systems and Analytics is Expected to Reach $1.7 Billion in 2024, According to Navigant Research
By Business Wire News
By Business Wire News
A recent report from Navigant Research analyzes the market for meter data management systems and meter data analytics, with global market forecasts for revenue, broken out by segment and region, through 2024.
The increasing volume of smart electric meter data and new applications that rely on this data, including demand-side management and grid optimization, are driving the need for enhanced meter data management systems (MDMSs) and meter data analytics (MDA). Globally, billions of data points are logged daily by more than 500 million deployed smart meters, and across regions, penetration rates are expected to more than double, growing the need for management systems and analytics. Click to tweet: According to a recent report from Navigant Research, global revenue for MDMSs and MDA is expected to grow from $401.1 million in 2015 to $1.7 billion in 2024.
“MDMSs help utilities turn meter data into valuable insights that improve the operation of the grid,” says Lauren Callaway, research analyst with Navigant Research. “Vendors of the technology have seen more utility companies prioritizing a data architecture as a necessary implementation before deploying smart meters—whereas traditionally it has been seen as an afterthought to smart meters.”
While new MDMS technologies are becoming increasingly sophisticated, market players are beginning to look beyond the concept to a future of multivariate data management systems, according to the report. In this future, data from distributed sensors, smart inverters, and appliances can be collected, organized, managed, and analyzed, disrupting the market and potentially displacing MDMS technologies all together.
The report, Market Data: Meter Data Management, provides an analysis of global market trends that are affecting the uptake of meter data management technologies. The study analyzes the market in two key categories, MDMSs and MDA, which are further broken down into four segments: software licenses and upgrades, services, maintenance, and software as a service (SaaS). Global market forecasts for revenue, broken out by segment and region, extend through 2024. The report also examines the key technology developments, drivers, and barriers related to MDMSs and MDA. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is an independent specialized, global professional services firm that combines deep industry knowledge with technical expertise to enable companies to defend, protect and create value. With a focus on industries and clients facing transformational change and significant regulatory and legal issues, the Firm serves clients primarily in the healthcare, energy and financial services sectors which represent highly complex market and regulatory environments. Professional service offerings include strategic, financial, operational, technology, risk management, compliance, investigative solutions, dispute resolutions services and business process management services. The Firm provides services to companies, legal counsel and governmental agencies. The business is organized in four reporting segments – Disputes, Investigations & Economics; Financial, Risk & Compliance; Healthcare; and Energy. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Market Data: Meter Data Management, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.