Billions of dollars are being invested in smart grid infrastructure, including smart meters and distribution automation systems. Recognition is growing, however, that the true value of this investment can only be realized by a parallel investment in a new generation of utility information technology (IT) systems that can help collect, manage, and analyze the vast amounts of data generated by smart grid technologies. Energy companies must become as focused on data and information management as other industries, such as finance, telecommunications, and retailing, have become over the last two decades.
This recognition is leading to a new focus on, and increased investment in, software and IT services for the smart grid. According to a new report from Pike Research, the global smart grid software market will 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 grow to over $8.6 billion by 2017, with a CAGR of 15.5%. Continue reading