Portland, OR -- (SBWIRE) -- 05/18/2018 -- According to a new report published by Allied Market Research, titled, Smart Meter Data Management Market by Component, and Deployment Type: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global smart meter data management market was valued at $661.1 million in 2016, and is projected to reach $1,896.3 million by 2023, growing at a CAGR of 16.4% from 2017 to 2023. The services market for smart meter data management is anticipated to witness highest growth rate during the forecast period.
North America generated the highest revenue in the global smart meter data management market in 2016 due to its high population and the U.S. being the largest market for smart metering. The LAMEA smart meter data management market size is expected to grow at the highest CAGR during the forecast period. High investments from the governing bodies, supportive regulations and policies regarding smart metering technologies, and booming energy industry are expected to drive the growth of the smart meter data management market in LAMEA region.
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The software segment contributed the highest share in 2016. This segment accounted for 69.3% in 2016, and is projected to grow at the CAGR of 16.1% during the forecast period. However, the smart meter data management market for services segment is projected to grow at the highest rate of 17.3%.
Meter data management systems market for electric application generated maximum share of revenue in 2016 and is expected to dominate the market throughout the forecast period at the CAGR of 14.8%. While gas application segment is expected to grow at the highest CAGR during the forecast period.
Key Findings of the Smart Meter Data Management Market:
- The software segment accounted for the highest share of the global smart meter data management industry by component in 2016, growing at a CAGR of 16.1% from 2017 to 2023.
- The MDA software market by software type is projected to grow at the highest CAGR during the forecast period.
- The North America meter data management market generated the highest share and is expected to continue its dominance throughout the analysis period.
- The meter data management market for water application is expected to witness the highest growth rate during the forecast period.
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The report features a competitive scenario of the global smart meter data management industry and provides a comprehensive analysis of key growth strategies adopted by major players. The key players profiled in the study include Oracle Corporation, Arad Group, Trilliant Holdings, Inc., Elster Group GmbH, Itron, Siemens AG, Aclara Technologies LLC, Enoro, ElectSolve Technology Solutions & Services, Inc., and Landis+Gyr. These players have adopted competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to augment the growth of the smart meter data management market.