Meter data management (MDM) is set to experience rapid growth over the next three years, new research has suggested.
The study by industry analyst IDC suggested that the North American market for the software will grow at a rate of almost 30 per cent by 2013.
As a result, the MDM market will be worth $869.1 million in three years' time and will be spurred on by the rise of smart meter products.
IDC also found that 80 per cent of the demand for MDM products comes from the utilities sector, with contracts ranging from $150,000 to $4 million.
"The new energy economy is driving utilities to adopt new ways of serving their customers," explained Jill Feblowitz, practice director of IDC Energy Insights.
"Companies are just beginning to test the scale of large implementations, as smart metering goes system-wide
Utilities want to be confident that when they scale up from pilot to system-wide implementation of smart metering, the MDM will be able to handle increased volumes of meter data and process it quickly."