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Smart meter is an advanced energy meter that measures consumption of electrical energy providing additional information compared to a conventional energy meter. Integration of smart meters into electricity grid involves implementation of a variety of techniques and software, depending on the features that the situation demands. Design of a smart meter depends on the requirements of the utility company as well as the customer. This paper discusses various features and technologies that can be integrated with a smart meter. In fact, deployment of smart meters needs proper selection and implementation of a communication network satisfying the security standards of smart grid communication. This paper outlines various issues and challenges involved in design, deployment, utilization, and maintenance of the smart meter infrastructure. In addition, several applications and advantages of smart meter, in the view of future electricity market are discussed in detail. This paper explains the importance of introducing smart meters in developing countries. In addition, the status of smart metering in various countries is also illustrated.