April 23, 2012
According to a new report from Pike Research, the global smart grid software market is estimated to be worth $1.3 billion by the end of 2012 and will reach $2.9 billion by 2017, growing at a compound annual growth rate (CAGR) of 15.2%. The total software and related IT services market is forecast to reach $4.3 billion by the end of 2012 and increase to over $8.6 billion by 2017, with a CAGR of 15.5%.
Billions of dollars are being invested in smart grid infrastructure, including smart meters and distribution automation systems. Although parallel investment in a new generation of utility information technology (IT) systems that can help to manage and analyze the vast amounts of data generated by smart grid technologies is needed.