The global smart water metering market is expected to increase from $3.48 billion in 2013 to $5.18 billion in 2017, according to a new report published by research company Frost & Sullivan.
Frost & Sullivan, which named the Arad Group with the 2014 Global Frost & Sullivan Award for Emerging Market Innovation, said the rise in revenues is expected to stem from the expanding use of data analytics in North American and European markets. Utilities in both regions are increasingly aligned with the potential uses of data and analytics.
One of the first companies to identify the potential of using of Big Data and advanced analytics technology is the Arad Group, which teamed up with IBM to integrate the latest analytics algorithms into Arad’s Dailog3G system and CityMind meter data management (MDM) software.
This means utilities and water companies can benefit from early indications of abnormal consumption, reliable fault detection to determine when there is a leak or water waste, and optimized customer interactions. The IBM algorithms are based on machine learning, data mining, and statistical analysis techniques.
These advanced features allow Arad’s CityMind software to learn whether the usage is a pattern that occurred before, if it is appropriate for the current seasonal demand, and whether it coincides with what neighboring families are consuming.
“Smart water metering is a global trend driven by key factors: reducing non-revenue water, increasing sustainable and reliable billing, improving water service reliability, and the need for higher optimization and control,” said Frost & Sullivan Energy and Environment Industry Analyst Seth Cutler. “The understanding that data is the lynchpin spurring these agendas forward will fuel investments in the market over the forecast period.”