Market Synopsis of Digital Utility Market
The major regions in the continents like United States, China, Japan, Germany has the major contribution in the digital utility market. The companies like International Business Machine Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Siemens AG (Germany), General Electric Company (U.S.), are largest investors for the development in digital utilities transformation. In 2017, SAP SE (Germany) has joined African Utility week that are mainly concentrating on importance of digital utility and its advantage in coming years. It is focusing on advanced technology such as big data which can be widely used by the organizations for the improvement of performance of utilities Infrastructure, prolong use of assets, & maximize energy production and others.
The digital utilities is estimated to grow in the forecast years due to its numerous features that include renewable, distributed generation, and smart grids that are further required by new business models and regulatory frameworks. These utilities are used to influence the smart energy generation and management at the minimum cost. The growing demand of renewable power generations and its distributions, regulatory requirements for electric utilities and energy efficiency demanding carbon emission reductions, are driving the market growth to the large extent.
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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, and hybrid. The end-users includes residential, commercial, retail and others. The region includes North America, Europe, Asia Pacific and rest of the world.
The regional analysis of digital utility market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. North America is one of the leading region across the world in terms of market share in digital utility market. The integrated digital utilities transformation helps to reinvent by leveraging mobility, analytics, cloud technologies and others in the North America region.The digital utility market in Europe region is expected to witness rapid growth in the forthcoming period. Whereas, Asia-Pacific countries like China, Japan and India is an emerging market for digital utility market and expected to be the highest CAGR in the coming years.
The global Digital Utility Market is expected to grow at USD ~253 Billion by 2023, at ~12% of CAGR between 2017 and 2023.
The prominent players in the global digital utility market are – Capgemini SA (France), International Business Machine Corporation (U.S.), Accenture PLC (Ireland), 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.
The global digital utility market has been segmented on the basis of component, deployment type, end-users, and region.
Global Digital Utility Market by Component:
– On cloud services
– On premises services
Global Digital Utility Market by Deployment Type:
- On premises
Global Digital Utility Market by End-Users:
Global Digital Utility Market by Regions:
- North America
- Rest Of The World
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- Digital utility manufacturing companies
- Product sales and distribution companies
- Digital utility providers
- Electric utilities
- Electrical infrastructure providers
- IT vendors
- Research and development companies
- Market research and consulting firms
- Solution providers
- Technology standards organizations
- Technology investors
- System Integrators
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