According to a new report, published by KBV research, The Global Smart Meter Data Management Market size is expected to reach $4.9 billion by 2030, rising at a market growth of 17.3% CAGR during the forecast period.
The Services segment is experiencing a CAGR of 19.1% during (2023 - 2030). The growth of this segment can be credited to a surge in utility and energy sector usage of consultancy, integration, and implementation services to cut costs and improve productivity.
The Electric Meters segment is generating the highest revenue in the Global Smart Meter Data Management Market, By Application in 2022; thereby, achieving a market value of $2.6 billion by 2030. This is owing to government initiatives to roll out smart electric meters to every household in order to reduce energy consumption by accurately monitoring it, as well as growing demand for reducing carbon emissions globally. Moreover, with the rise in electric car charging and the incorporation of renewable energy into the grid, smart electric meters also help to preserve grid stability.
The Cloud segment is exhibiting a CAGR of 18.1% during (2023 - 2030). This is because of its features such as simplicity of implementation, deployment, improvements, and others. In addition, the use of cloud-based technology also benefits in the reduction of operational costs for businesses. The cloud segment's growth is further aided by the low investment cost, agility, and scalability of the cloud deployment architecture. Furthermore, a growing need for mobility and a spike in the adoption of cloud technology by small and mid-size businesses would help the segment.
The Asia Pacific region dominated the Global Smart Meter Data Management Market, By Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1.8 billion by 2030. The Europe market is anticipated to grow a CAGR of 16.9% during (2023 - 2030). Additionally, The North America market would witness a CAGR of 16.6% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/smart-meter-data-management-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Oracle Corporation, Trilliant Holdings, Inc., Itron, Inc., Arad Group, Siemens AG, ABB Group, Honeywell International, Inc., Eaton Corporation PLC, Hubbell Incorporated and Hansen Technologies, Ltd.
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Companies Profiled
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