The need to evolve meter data management technology to gain more insight has become increasingly apparent
A recent report from Navigant Research analyzes the market for meter data management systems (MDMSs) and meter data analytics (MDA), with global market forecasts for revenue, broken out by segment and region, through 2024.
Today, the United States alone logs billions of data points every day from more than 50 million installed smart electric meters. The increasing volume of meter data and new applications that rely on this data, such as demand-side management and grid optimization, have driven the need for enhanced MDMSs and MDA. Click to tweet: According to a recent report from @NavigantRSRCH, revenue for meter data management systems and analytics is expected to total $10.3 billion from 2015 to 2024.
“There is a growing emphasis on converging data from external sources for the purpose of more advanced, predictive analytics,” says Lauren Callaway, research analyst with Navigant Research. “This has supported developments in MDA technologies that have the capability of dealing with differently structured forms of data, generating prescriptive and predictive insights.”
As more and more networked devices penetrate the distribution grid, the need to evolve MDM technology has become increasingly apparent, according to the report. The increasing need for both prescriptive and predictive analytics as a method for gaining insight and taking action supports developments in MDA solutions, and MDMS are a critical technology in this evolution.
The report, Market Data: Meter Data Management, provides an analysis of global market trends that are affecting the uptake of MDM 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. 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.