2Q 2023

Analyst Insight: Emerging Smart Meter Business Models

Advanced Metering Infrastructure Tracker Insights

For the purposes of this report, advanced metering infrastructure (AMI) encompasses smart meter hardware, software, and communications technologies. In the ~20 years since the inception of AMI, the market has witnessed an evolution in traditional business models under the umbrella of innovation and future-proofed business strategies. This report details these transformations in the context of each AMI functional area.

In terms of cross-cutting business model evolutions, the proliferation of managed services and software as a service (SaaS) models has been rapid and pronounced. Utilities’ willingness to adopt cloud- and service-based solutions for behind-the-meter (BTM) applications has been extremely lucrative for perceptive solution providers (i.e., services-first sales strategies) throughout the space.

New business models have also emerged at the technology level, driven by a combination of performance enhancements, network constraints, and partner-based development and sales strategies. For example, smart meter manufacturers have teamed up with open ecosystems of analytics providers to enable localized use cases powered by next-generation smart meters. Meanwhile, analytics providers are simultaneously moving upstream in their support for grid-based applications that tap into the value of real-time, multi-pronged data streams, such as voltage, current, and waveform. These examples offer a glimpse into the business model transformations highlighted throughout the report.

Pages 12
Tables | Charts | Figures 5
  • How are primary business models within the AMI space evolving?
  • How are meter manufacturers developing and marketing their next-generation smart meters?
  • Which communications technologies are projected to grow the fastest, and why?
  • How is the market for MDMS evolving from both a geographic and spending segment perspective?
  • How are AMI analytics providers future-proofing their business models?
  • Utilities and grid operators
  •  Meter manufacturers
  • Advanced metering infrastructure (AMI) communications vendors
  • Meter data management (MDM) vendors
  • Systems integrators
  • Government agencies
  • Research community
  • Investor community



Executive Summary

Business Model Evolution: Smart Meters

Business Model Evolution: Communications

Business Model Evolution: MDMS

Business Model Evolution: Analytics

Key Conclusions & Recommendations

Acronyms and Resources


  • Smart Meter Installed Base by Technology, US: 2022-2030
  • Revenue by Technology in 2022 and 2030, World Markets: 2022-2030
  • MDMS Share of SaaS Spending, World Markets: 2022-2031
  • Revenue by Technology in 2022 and 2030, World Markets: 2022-2030
  • Leaderboard Rankings: Smart Meter Analytics & Home Energy Management
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