The market for smart utility meters is growing at a rapid pace. A recent report by ABI Research predicts there will be an installed base of 1.34 billion meters by 2023*. IHS Markit forecasts almost 50 million smart water meters will ship globally in 2023, a number which is roughly four times its size in 2017. Year over year, the number of new meter shipments for water, gas, heat and electricity is increasing at a rate of four to five percent according to IHS. Globally, the proportion of smart meters will soon exceed half of all meters shipped annually. The largest utility adopters of Internet of Things (IoT) technology for smart metering devices are electricity (64 percent), followed by gas (38 percent) and then water (26 percent). Behind these strong growth numbers, the adoption of smarter technologies for metering is predicted to continue for the foreseeable future.