Market Research Report
Meter Data Management System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||945276|
|Published||Content info||114 Pages
Delivery time: 2-3 business days
|Meter Data Management System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: June 18, 2020||Content info: 114 Pages||
The global meter data management system market grew at a CAGR of 8% during 2014-2019. A meter data management system (MDMS) refers to a software-based application that is used to collect readings from automated metering devices. It acts as a crucial component of the advanced metering infrastructure (AMI) that enables bidirectional communication between the meter and central management system. The system primarily includes smart meters that measure gas, electricity and water consumption, along with devices to import, validate and process data before it is used for analysis and final billing. In comparison to the traditionally used systems, MDMS enables the user to consolidate all consumption data under a single structure and manage both analog and interval data to optimize business processes.
The global market is primarily driven by the increasing deployment of smart grids, along with rapid urbanization across the globe. There is growing consumer demand, especially in the residential sector, for efficient data monitoring systems to manage the overall energy consumption and effectively track their utility bills. Furthermore, widespread adoption of advanced metering technologies for power outage management and enhancing grid reliability, are also providing a boost to the market growth. MDM systems can detect power outages and provide users with real-time updates based on their energy consumption. Additionally, the modernization of aging power infrastructure, especially in the developing economies, is creating a positive impact on the market growth. Other factors, including the integration of advanced metering systems with the cloud computing systems and Internet-of-Things (IoT), along with extensive research and development (R&D) activities, are projected to drive the market further. Looking forward, IMARC Group expects the market to witness moderate growth during the next five years.