According to the recent research report titled ‘GLOBAL Smart Meter Data Management Market 2019-2027’, available with Market Study Report, global smart meter data management market is projected to record 15.75% CAGR over 2019-2027.
 

Rising implementation of advanced metering systems and growing product adoption are the key factors fostering global smart meter data management market growth. Suring demand for energy, legislative compliances towards smart metering, and supportive government policies are also contributing to the overall market outlook.
 

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Notably, smart meters assist in the precise tracking of gas, water, and electricity consumption, as well as the transmission of usage information to the utility provider. This leads to more efficient consumption management and improved billing and customer support, including service disconnection and reconnection.
 

Increasing number of smart city initiatives are adding significant traction to the industry progression.
 

Considering the restraints, hefty cost of installation coupled with issues with product integration are posing a challenge to the business expansion. Moreover, rising security concerns are also hampering worldwide smart meter data management industry development.
 

Based on component type, the market is categorized into software (communication software, meter data analytics, and meter data management system) and service (implementation & integration, project management, consulting, and others).
 

With respect to deployment type, the industry is split into on-promise and cloud-based. Moving on to application spectrum, global smart meter data management market is divided into water, gas, and electric.
 

From the regional perspective, Asia Pacific smart meter data management industry is slated to grow substantially over the coming years, owing to growing acceptance of the technology in East Asia. Countries such as the Philippines and Myanmar are expected to introduce advanced smart grids and other smart utility network elements by focusing on upgrading and replacing obsolete infrastructure and implementing smarter power networks.
 

In China, the second wave of smart electricity meter installation is currently underway, and it is anticipated that New Zealand will follow suit with a large number of smart meter deployments. Thus, aforementioned factors have allowed Asia-Pacific to emerge as a key contributor towards global smart meter data management industry remuneration.
 

Leading companies influencing global smart meter data management market trends are Sensus (Xylem Inc.), Kamstrup, Schneider Electric SE, Diehl Group, Eaton Corporation plc, Trilliant Holdings Inc., Siemens AG, Oracle Utilities (Opower), Landis+Gyr Group AG, Itron Inc., Enoro AB (Hansen Technologies Ltd.), Elster Solutions (Honetwell International Inc.), ElectSolve Technology Solutions and Services Inc., Arad Group, and Aclara Technologies LLC (Hubbell Incorporated).