{"id":6665,"date":"2016-09-23T07:00:04","date_gmt":"2016-09-23T15:00:04","guid":{"rendered":"http:\/\/formtek.com\/blog\/?p=6665"},"modified":"2016-08-24T11:07:01","modified_gmt":"2016-08-24T19:07:01","slug":"internet-of-things-iot-rapid-deployment-of-new-and-existing-replacement-sensors-drive-smart-meter-market","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/internet-of-things-iot-rapid-deployment-of-new-and-existing-replacement-sensors-drive-smart-meter-market\/","title":{"rendered":"Internet of Things (IoT): Rapid Deployment of New and Existing Replacement Sensors Drive Smart Meter Market"},"content":{"rendered":"

Deployment of smart meters is growing quickly.\u00a0 Hundreds of millions of them have been deployed globally.\u00a0 In the US there are more than 60 million smart meters<\/a>.\u00a0 Estimates are<\/a> that more than one billion smart meter data points are logged every day. \u00a0The meter data management and analytics market is expected to total $10.3 billion from 2015 to 2024, according to a study by Navigant Research<\/a>. \u00a0IDC estimates<\/a> that by 2025 that 152,000\u00a0devices will connect to the network every minute.<\/p>\n

Stuart Ravens<\/a>, principal analyst, energy and sustainability technology with Ovum, said that<\/a> “at the moment we could have a meter reading every year. With smart meters, if they read every half hour, that\u2019s 17,500 meter readings a year. When we talk about \u2018exponential\u2019 growth of data, that is really exponential. And that is just considering the billing side.”<\/p>\n

The increase in smart meter spending is being driven from two factors:<\/p>\n