The revenue for utility data and device management technologies is expected to increase by 4.6% per annum between 2018 and 2027, according to a new study issued by Navigant Research.
The revenue is expected to increase from $14.8 billion in 2018 to $22.1 billion in 2027, owing to increased focus in big data by utilities at device level and in the back office.
Investing in the technologies is expected to help utilities to simplify and optimise data acquisition, preparation, cleansing, storage, integration, analysis, and the delivery of insights.
Internet of Things analytics platforms will mark the next evolution in utility data management, although IoT adoption is currently low, according to the study.
Michael Kelly, research analyst with Navigant Research, said: “Data is changing the utility market.
“It frees up capital through efficiency savings, creates new digital products and services, and helps to improve understanding of customers.”
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