Digital Utility Market Accruals To USD 253 Billion by 2023 at 12% CAGR: Declares MRFR

“Digital Utility Market”
Digital Utility Market, By Component (Hardware, Software, Services), By Deployment Type (On Premises, Cloud, Hybrid), By End-Users (Residential, Commercial, Retail) – Forecast 2023

Market Highlights

The study reveals that digital utility is trending in North America region. The digital utility demand is growing very rapidly as it is providing platform solution for implementing energy efficiency, optimizing business process management and real time analytics that enhances the field services through integration of all IT services and others. The adoption of advanced digital technology in utility are widely used in U.S. The technology includes big data analytics, digital marketing, Internet of Things (IoT), artificial intelligence (AI), and others. These adoption has enabled digital transformation for numerous utilities.

 

In North America region, the socioeconomic pressures and technology innovations are driving the Digital Utility Market. The digital utilities transformation are providing services such as digital utilities maturity assessment, customer & communities experience transformation, digital asset management, digital utilities enterprise architecture and others. In 2016, the U.S. government has launched the Smart Grid Investment Grant program for smart grid development.

 

The Global Digital Utility Market is growing rapidly over ~12% of CAGR and is expected to reach at USD ~ 253 Billion by the end of forecast period.

 

The prominent players in the global digital utility  market – Accenture PLC (Ireland), Capgemini SA (France),  International Business Machine Corporation (U.S.), Microsoft Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.), Cisco Systems Inc. (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Siemens AG (Germany), General Electric Company (U.S.), and ABB Ltd.(Switzerland), among others.

 

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The most utilities are mainly investing in digital assets management. These digital assets can optimize asset planning, asset information management, asset condition monitoring, program performance management, investment functions and others. For instance, Sigma R Squared, Inc. is offering UtiliManager software which can manage Utility Documentation and Asset Management needs via virtual and interactive web-based tools.

 

Digital Utility Market Segmentation

The global digital utilities are bifurcated into component, deployment type, end-users, and region. The component includes hardware, software, services and other. The deployment type includes on premises, cloud, hybrid and others. The end-users includes residential, commercial, retail and others. The region includes North America, Europe, Asia Pacific and rest of the world.

 

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Market Research Analysis:

On geographic basis, global digital utility market is studied in different regions as Americas, Europe, Asia-Pacific and Rest of world. It has been observed that North America region is leading with largest market share growth in the digital utility market due to the major companies such as Oracle Corporation, Cisco System Inc., Microsoft Corporation and others, are investing in the digital utility transformation. In this market, Europe is to be estimated to be the second largest market share for digital utility during the forecast period. As companies like SAP SE (Germany), Siemens AG (Germany) are focusing on the digital utilities transformation.

 

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