Rise in need for improved customer service level & utility efficiency boost the global smart meter data management market growth.

PORTLAND, PORTLAND, OR, UNITED STATE, July 15, 2024 /EINPresswire.com/ -- According to the report published by Allied Market Research, Smart Meter Data Management Market Size Reach USD 5.2 Billion by 2030 | Why You Should Invest In this Industry. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

The global smart meter data management market size was valued at USD 1.1 billion in 2020, and is projected to reach USD 5.2 billion by 2030, growing at a CAGR of 17.23% from 2021 to 2030.

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

The smart meter data management market size is segmented into component, deployment model, application, and region. In terms of component, the market is fragmented into software and services. The software segment is further segmented into meter data management system (MDMS), meter data analytics (MDA), and communication software. Depending on deployment model, the market is bifurcated into on-premise and cloud. On the basis of application, the market is fragmented into electric meters, gas meters, and water meters. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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COVID-19 Scenario:

● Due to an alarming increase in Covid-positive patients, various countries around the world have suspended the implementation of smart meters and smart city projects, which has impeded the market's growth.

● Furthermore, a number of governing bodies around the world are taking steps to halt the spread of the Covid-19 virus by enacting various policies.

● However, in a pandemic situation, the increased deployment of smart meters across the globe to give smart billing systems and real-time updates on malfunctioning meters drives the market's growth.

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Based on component, the software segment held the highest market share in 2020, accounting for more than two-thirds of the total share, and is projected to maintain its leadership status during the forecast period. However, the service segment is estimated to grow at the fastest CAGR of 17.91% from 2021 to 2030.

Based on application, the electric meters segment accounted for the largest share in 2020, contributing to more than half of the global smart meter data management industry, and is expected to maintain its lead position during the forecast period. However, the gas meters segment is projected to portray the highest CAGR of 19.26% from 2021 to 2030.

Based on region, Asia-Pacific contributed the highest share in 2020, accounting for more than two-fifths of the total share, and is expected to continue its dominant share in terms of revenue by 2030. Moreover, the same segment is projected to manifest the largest CAGR of 19.01% during the forecast period.

Leading players of the global platform as a service market analyzed in the research include AWS, Alibaba Cloud, Microsoft, Salesforce, IBM, Oracle, Google, Zoho Corporation, SAP, and Mendix.

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