According to a recent report from Navigant Research, revenue for meter data management systems and analytics is expected to total $10.3 billion from 2015 to 2024.
A recent report from Navigant Research analyzes the market for MDM systems 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 MDM systems and MDA.
“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 MDM systems are a critical technology in this evolution.