meter data management system Market

The global meter data management system market accounted for US$ 837.6 Mn in 2018 and is expected to grow at a CAGR of 14.4% over the forecast period 2019–2027, to account for US$ 2,891.7 Mn by 2027.

Currently, the meter data management system market is gaining high momentum across the globe. The consistent advancement in technology, along with periodic modification into the existing industry-standard practice is anticipated, continue to offer steady market growth opportunities for the meter data management system market players. Besides, the recent rise in emphasis on the integration of digital technologies into the testing solutions is gaining significant traction and subsequently is projected to be the dominant market driving force during the coming few years. Furthermore, the continuous economic prosperity, along with growing infrastructural investment in emerging economies, is also expected to provide attractive business growth opportunities for the market players during the coming years. The above-mentioned factors are projected to render plenty of growth opportunities to the players of meter data management system market during the forecast period.

Globally, meter data management system market is experiencing an intense growth with regards to continuous investments in the meter data management system by government authorities. The government of India sanctioned about 12 smart grid projects in 2019, which includes the implementation of advanced metering infrastructure. Therefore, the adoption of advanced metering infrastructure is encouraging the adoption & growth of the meter data management system market. Moreover, smart city initiatives by developing countries are expected to create lucrative growth prospects for the meter data management system market worldwide. North America held the largest share of the meter data management system market in 2018, whereas South America is expected to continue its dominance during the forecast period of 2019–2027. Europe and APAC held the second and third position in the global meter data management system market in 2018 with market shares of >30% and >15%, respectively.

The overall meter data management system market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the meter data management system market. It also provides the overview and forecast for the global meter data management system market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the meter data management system market.