BOULDER, Colo.--(BUSINESS WIRE)--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.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Market Data: Meter Data Management, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.