Meter Data Management Statistics 2023: Facts about Meter Data Management outlines the context of what’s happening in the tech world.
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Top Meter Data Management Statistics 2023
☰ Use “CTRL+F” to quickly find statistics. There are total 10 Meter Data Management Statistics on this page 🙂Meter Data Management “Latest” Statistics
- For instance, the U.S. alone collects around one million data points every day from more over 46 million installed smart meters, according to a research by the Edison Foundation released in 2018.[1]
- For instance, according to a study report released by SMS PLC in June 2020, about 21.5 million smart meters were installed in the United Kingdom by 2020 during the COVID-19 shutdown period.[1]
- The market for managing data from smart meters was estimated to be worth $1.1 billion in 2020 and is expected to rise to $5.2 billion by 2030, with a CAGR of 17.23% from 2021 to 2030.[1]
- The U.S. smart meter data management market was valued at $176.56 million in 2018, and it is anticipated to reach $556.94 million by 2026, increasing at a CAGR of 15.54% from 2019 to 2026.[2]
- Since utilizing email meter, Payday HCM has decreased response times by 71%, resulting in fewer lost leads and dissatisfied customers.[3]
- The worldwide smart meter data management market produced $666.1 million in 2016 and is projected to reach $1.89 billion by 2023, showing a CAGR of 16.4% from 2017 to 2023, according to a research by Allied Market Research.[4]
- In terms of component contribution, the software sector accounted for more than two-thirds of the total in 2016 and is anticipated to continue holding a commanding position throughout the projected period.[4]
- However, from 2017 to 2023, the services category is anticipated to have the greatest CAGR of 17.3%.[4]
- According to Allied Market Research, smart meter data management market to $1.89 billion by 2023.[4]
- World energy consumption is projected to rise to 736 quadrillion btu (quads) in 2040 from 575 quads in 2015, an increase of 28%, according to the latest International Energy Outlook 2017 (IEO2017) from the US Energy Information Administration.[5]
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How Useful is Meter Data Management
One of the primary advantages of MDM is its ability to help users monitor and manage their energy consumption in real time. By aggregating data from meters across multiple sites, MDM systems can provide a comprehensive view of energy usage patterns, allowing users to identify areas of high consumption and potential inefficiencies. This information is crucial for businesses looking to reduce their energy costs and improve their sustainability efforts.
Moreover, MDM systems can also help users track and analyze trends in energy usage over time. By comparing historical data, businesses can identify patterns and outliers, enabling them to make data-driven decisions about their energy management strategies. This capacity for data-driven decision-making is essential for businesses looking to optimize their operations, reduce costs, and meet sustainability goals.
Another key benefit of MDM is its ability to detect and alert users to abnormalities in energy consumption. By setting up alerts and notifications, users can receive real-time updates on any unusual spikes or drops in energy usage, allowing them to address potential issues promptly. This proactive approach to energy management can help businesses prevent costly downtime, equipment failures, and disruptions in service.
Furthermore, MDM systems enable users to access detailed reports and dashboards that provide insights into energy usage patterns and trends. This visibility into energy consumption can help businesses track their progress towards sustainability goals, comply with regulations, and demonstrate their commitment to environmental stewardship. By leveraging the data and analytics capabilities of MDM systems, businesses can make more informed decisions about energy management and optimization.
In conclusion, Meter Data Management is undoubtedly a valuable tool for businesses and individuals looking to manage their energy usage effectively. By providing real-time monitoring, historical analysis, anomaly detection, and detailed reporting capabilities, MDM systems empower users to make data-driven decisions about their energy consumption. With the rising costs of energy and increasing pressure to reduce carbon footprints, the importance of efficient energy management cannot be overstated.
Ultimately, with the right implementation and utilization of Meter Data Management systems, businesses and individuals can unlock significant value and benefits in terms of cost savings, sustainability, and operational efficiency. As technologies continue to evolve and data analytics capabilities advance, the potential for MDM to enhance energy management practices will only continue to grow.
Reference
- alliedmarketresearch – https://www.alliedmarketresearch.com/smart-meter-data-management-market
- alliedmarketresearch – https://www.alliedmarketresearch.com/us-smart-meter-data-management-market
- emailmeter – https://www.emailmeter.com/
- globenewswire – https://www.globenewswire.com/en/news-release/2020/08/12/2077247/0/en/Smart-Meter-Data-Management-Market-to-Reach-1-89-Billion-by-2023-Allied-Market-Research.html
- taiwannews – https://www.taiwannews.com.tw/en/news/4369685
- ogj – https://www.ogj.com/general-interest/article/17288978/eia-world-energy-consumption-to-increase-28-by-2040