Global Smart Meter Data Management Market 2024-2032
Market Outlook
Triton’s report suggests that the global smart meter data management market to register revenue growth at a CAGR of 16.91% during the forecast period 2024-2032.
The global market’s growth is fueled by varied factors, including rising data volumes from smart meters, demand for operational efficiency, use of analytics to extract actionable insights, and government incentives.
However, challenges such as issues relating to data privacy and security, lack of common standards, and high initial costs limit the expansion of the smart meter data management market globally.
Regional Outlook
The global smart meter data management market navigates the Asia-Pacific, Latin America, North America, Middle East and Africa, and Europe regions.
The Asia-Pacific meter data management market is set for the fastest growth due to several factors. Firstly, there is a widespread adoption of smart metering technology across the region. South Korea and Japan are experiencing large-scale rollouts of smart meters to residential users. Additionally, the Chinese market is witnessing rapid expansion, with a particular focus on investing in the nation’s energy infrastructure to meet increasing electricity demands.
Competitive Outlook
The major companies in the smart meter data management market are Parsons Corporation, Arad Group, Aclara Technologies LLC, Honeywell International Inc, Hansen Technologies Corp, Itron Inc, Landis+Gyr Group, Siemens AG, Kamstrup, and Oracle.
Established in 1977, Oracle is a provider of IT solutions encompassing application, platform, and infrastructure services. Its offerings span cloud and on-premise software, hardware, and various services. The software division comprises SaaS, PaaS, IaaS, and software license updates. Hardware operations cover both product sales and support. Meanwhile, the services segment encompasses consulting, support, and educational services, among others. Oracle serves clients globally, with headquarters in California, the United States.
1. Global Smart Meter Data Management Market – Summary