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Smart Meter Catalyst for Innovation in M2M Utilities Market
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Smart Meter Catalyst for Innovation in M2M Utilities Market

Smart Meter Catalyst for Innovation in M2M Utilities Market

by katie@ironpaper.comJanuary 6, 2015

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The smart meter is quickly becoming consumers’ first foray into the home-connected world.

Governments and regulatory bodies around the world are mandating smart meter programs, like that found in the UK, to reduce energy consumption and improve utilities management. As these program roll out, a mass of consumers will test the viability of connected devices, and in time, will experience the convenience and cost-saving benefits m2m utilities offer.

It is not only end-users who are testing these devices. Governments, municipalities and utility companies as well as developers, mobile operators and service providers each have their eyes prized on the benefits these programs will afford.

If, as is expected, these programs work out well for both consumers and big business the potential for growth and innovation will be great.

To begin with, the smart meter market will achieve its projected annual revenues of upwards of $6.6 billion by 2023, up from $4.4 billion in 2013. Further, it will spur the significant growth for the utilities market. Further, the utility sector will account for 67% of overall M2M device connections by 2023, an 48% compound annual growth rate over 10 years.

Then there’s innovation. The smart meter will cultivate within consumers new behaviors and expectations. No longer having to wait for their energy bill at month’s end, homeowners will use real-time data to adjust their energy consumption. As a result, consumers will want to adopt and adapt other machine-to-machine devices and services within their home, in their car and at work, so they can control and manage those items as well.

As more things connect, manufacturers will soon have a source of data to pool from to develop new products and services that will improve the quality of their products and increase customer loyalty.
For utilities companies, the smart meter will reshape business models and refocus attention along new strategies and areas of development. Without the need for manual meter reading, companies are continuing to invest in developing technologies that will enable them to take information from meters and send commands to it (e.g., switch off or on, change tariffs).

Other areas of the utilities marketplace will experience a significant surge in innovation. Hardware vendors will be in a position to propose new levels of efficiency and reliability to grids and networks will evolve to support distribution automation, to name a few.

The promise of such potential, however, rides on the ability for utility companies and the carriers and service providers they are partnering with, to ensure smart meters operate on secure networks that are effectively managed on a scalable m2m management platform that can simply deliver over-the-air updates in real-time.

About Mformation (www.mformation.com)
Mformation Software Technologies LLC is the pioneer and leading global provider of mobility management solutions for wirelessly connected devices. Since 1999, Mformation’s solutions have been deployed by the largest mobile operators and managed service providers worldwide. Mformation’s platform has been tested and proven to be able to manage billions of wirelessly connected devices of all types. Mformation’s award-winning technology provides solutions for M2M device management, mobile service enablement, smart customer interaction, automatic device detection and configuration, for carriers, operators, MVNOs, system integrators, solution providers and device manufacturers. Contact us via our online form to hear more about our innovative solutions.

About The Author
katie@ironpaper.com