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U.S Smart Meter Data Management Market by Component (Software and Services), Deployment Model (On-premise and Cloud), and Application (Electric, Gas, and Water)and Region - Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030
As for the United States, the forecast for smart meter data management is USD 4 Billion by 2030, with the market expanding by 18% CAGR between 2019-2030. The figure is estimated at 2 Billion in 2019.
Smart data management refers to the long-term storage and monitoring of vast volumes of data provided by different smart meters. It also allows organizations to collect, process, and store all kinds of information to help companies handle increased volumes of data and provide useful information for improved knowledge and insight. Moreover, the organization allows data to be imported, validated, and cleaned, and processed before it is available for different analyzes and billing processes. Additionally, numerous systems connected to the data management system of the Smart Meter may include meter-to-cash, staff management software, asset management, and other services.
The increase in demand for smart meters nationwide for effective use of sources of energy and energy use tracking drives the growth of the US Smart Meter Data Management industry. Also, the market for smart meter data management products is strengthened by supporting legislation and initiatives taken by the regulatory bodies of the country. The high demand is expected to provide significant growth opportunities in the smart meter data management market for predictive modeling and incorporating advanced technologies like AI into smart meter data management.
During the forecast era, the electric gas meter segment would gain a substantial share. In particular, the development of the US smart meter data management market is driving the application of digital meter data management software in this industry, which is driving increased demand for smart grids and power across the US and increased integration of electric vehicles and grids. Due to the boost in policy measures to implement water meter data management across the US, the water meter sector is anticipated to expand at the highest rate in the forecast period. The On-Premise deployment model held a dominant share in the US Smart Meter Data Management market in the year 2018 due to its easy implementation technique and is expected to have a major market share in the forecast period of 2019-2030. While the Cloud Deployment model is anticipated to grow with the highest CAGR.
The need for each predictive and prescriptive analysis increases
The need for both prescriptive and predictive analysis as a way to gain insight encourages the advancement of meter-data management solutions as these systems help facilities turn meter data into useful insights that enhance the grid activity. The continuing growth of volumes and new applications, such as grid optimization and demand-side management, is driving the need for improved meter data analysis and meter data management systems (MDMS). However, new applications are being created and new data management solutions are needed. To avoid major equipment blackouts Duke Energy and many other utility companies have for example implemented grid analytics. Also, the widespread availability of cloud-based predictive alternatives between various branches is due to the cloud’s capacity, which improves scalability and enhances data collection. Since current data predictive models can reveal insights into potential patterns in the actions of the smart meter network, prescriptive modeling is important to gain momentum to simulate various strategies such as risk stratification, simulation, and data mapping that incorporate the anticipated patterns with multiple outcomes. The use of prediction and prescription analytics, therefore, fuels the development of the data management industry for smart meters to measure, forecast and control the burden on smart meters.
Extensive metering technology usage
The implementation of AMI technology has been motivated by various benefits of advanced metering technologies such as the potential to predict outages and to promote the use of energy trends by end-users in real-time. Also, rising global energy demand, regulatory regulations, and legislative requirements for smart metering and the need to enhance customer service quality and utilities reliability fuel growth in the market for smart meter data management.
Problems in data managing
The management of broad volumes of data produced by short interval readings of smart meter data is anticipated to hinder the US data management market’s growth as this is expected to be often impossible to manage. This enormous amount of data will obstruct meaningful conclusions for power suppliers. However, a range of important factors hampering market growth includes various data management concerns such as data delivery & duplication, transaction models, query processing, and location services.
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