Meter Data Management Market

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Numerous benefits provided by the advanced metering technology, such as ability to detect outages and facilitation of real-time energy consumption patterns for end users fuel the adoption of advanced meter infrastructure (AMI) technology. Moreover, increase in energy demand, government mandates, and legislative compliances toward smart metering, and rise in need for improved customer service level and utility efficiency boost the market growth.

Further, smart meters can assist the end-users to monitor its electricity, gas consumption data, and thus customize their usage based on the electricity tariff rates. Smart electric meters are intelligent devices, which measure the electrical consumption along with remote meter connection and disconnection, fault detection, reporting, and analysis of the consumed electricity in units on a day-to-day basis. Smart meters can also assist in voltage & power quality monitoring and collection & storage of real-time data in the central system. 

Hence, a customer can access their energy consumption data anytime and take suitable measures to cut down energy costs. All these allow a reduction in consumption of electricity during peak time as customers can observe, calculate, and analyze their usage to reduce the energy consumption during peak hours, thereby effectively managing energy costs. Such crucial benefits offered by smart electric meters over the conventional meters have attracted the attention of governments and end-users and thus driven the adoption of smart electric meters over the years.

Additionally, significant increase in meter data volume, resulting from the collection of interval data, prompts utilities to employ next-generation meter data management applications, which is anticipated to provide numerous opportunities for the market expansion. For instance, according to a report from the Edison Foundation published in 2018, the U.S. alone logs around one million of data points every day from more than 46 million installed smart meters. 

In addition, rise in deployment of smart meters at the residential customer's level is expected to increase the generation of data volume, from monthly or annual frequency to daily and even intraday resolution, which drives the market for meter data management market CAGR across the globe in the recent years.

However, surge in energy demand, regulatory requirements, and legislative compliances toward smart meter data management, and increase in requirement for enhanced customer service level & utility efficiency drive the growth of the meter data management market revenue.