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Spending on Utility Outage Management Systems is Expected to Reach $1.3 Billion Annually by 2023, According to Navigant ResearchA new report from Navigant Research analyzes the global market opportunities for outage management systems (OMSs), including global market forecasts for spending, segmented by category and region, through 2023. Utility IT infrastructures across the world are being transformed by the introduction of smart grid technologies, particularly the integration of massive amounts of data from smart meters and increased distributed grid monitoring and intelligence. The increase in data, the growing sophistication of smart grid IT, and major advances in big data analytics all require the development of new OMSs that are more complex and robust than previous systems. Click to tweet: According to a new report from Navigant Research, global spending on OMSs is expected to grow from $929.4 million annually in 2014 to $1.3 billion in 2023. "The overall purpose and function of an OMS have not changed significantly over the years, but the demands on these systems have increased dramatically," says Lauren Callaway, research analyst with Navigant Research. "Today's OMSs need to be able to handle and process more data, realize greater efficiencies in the detection and restoration of power, and increase the predictive/preventive nature of outage responses." OMSs are benefitting from advances in IT and stronger grid awareness from smart grid technologies, according to the report, but as standalone systems they are being challenged by the development of advanced distribution management systems (ADMSs). ADMSs have yet to be widely deployed, due to their high cost and the need for organizational overhaul. Still,ADMSs are seeing increasing interest and adoption, given their potential to improve information, simplify utility operations, and maximize efficiency. The report, "Outage Management Systems," analyzes the global market opportunities for OMSs. It provides an assessment of the current market drivers and challenges, regional trends, technologies, and business segments related to OMSs. Global market forecasts for spending, segmented by category (software purchases and upgrades, software maintenance fees, services, and analytics) and region, extend through 2023. The report also profiles key industry players and examines several utilities that have upgraded their OMSs to align with more ambitious smart grid initiatives and aggressive regulatory policies. An Executive Summary of the report is available for free download on the Navigant Research website. About Navigant Research Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com. About Navigant Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals provide services that extend from expert and advisory work through implementation and outsourcing. The firm combines deep technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism to address clients' needs in highly regulated industries including Construction, Energy, Financial Services and Healthcare. More information about Navigant can be found at navigant.com. * The information contained in this press release concerning the report, "Outage Management Systems," is a summary and reflects Navigant Research's current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
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