Published Date: 31-May-2022
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According to a new report, published by KBV research, The Global Smart Meter Data Management Market size is expected to reach $3.2 billion by 2028, rising at a market growth of 17.5% CAGR during the forecast period.
The Services segment is showcasing a CAGR of 20.1% during (2022 - 2028). This is due to a surge in awareness of energy management software in industrial sectors, which allows for more efficient energy consumption and increased awareness of carbon emission control. Moreover, the growth of the segment would be further driven due to the increased smart meter installation. To ensure exact billing, software is utilised to format, process, and correlate data.
The Electric Meters segment acquired maximum revenue share in the Global Smart Meter Data Management Market by Application 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,711.8 million by 2028. 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 market has shown growth rate of 18.4% during (2022 - 2028). This is because of its features such as simplicity of implementation, deployment, improvements, and other. 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 market dominated the Global Smart Meter Data Management Market by Region 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,190.7 million by 2028. The North America market is estimated to witness a CAGR of 16.8% during (2022 - 2028). Additionally, The Europe market would exhibit a CAGR of 17% during (2022 - 2028).
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, Aclara Technologies LLC. (Hubbell Incorporated), Hansen Technologies, Ltd.
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