Digital Utility Market – Insight
The digital utility is defined as the phenomenon of going digital in order to generate clean energy, reduce costs, and provide better services to the customers. Market Research Future (MRFR) has published a research report on the global digital utility market that observes growth for this market at 12% CAGR (Compound Annual Growth Rate) between 2017 and 2023. By value, the market has been figured to be worth the US $ 253 bn by the end of the forecast period.
The cardinal factor resulting into the global Digital Utility Market growth is the growing use of advanced technology like big data by the organizations which are improving the performance of utility infrastructure, prolonging the use of assets, and maximizing the energy production and others. The second factor helping market growth is positive features that include renewable generation, distributed generation, and smart grids that are required by new business models and regulatory frameworks. This reduces costs and aids the smart energy generation. The growing demand for power generation via renewable sources of energy and carbon emission reductions is driving market growth. Growing adoption of digital utilities that is driving the market includes the adoption of artificial intelligence (AI), big data analytics, digital marketing, Internet of Things (IoT), and others.
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Key Players
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.
Digital Utility Market Global Market – Segmentation
- Segmentation by Component: Hardware, Software and Services.
- Segmentation by Deployment: On-Premise, hybrid, and On-cloud.
- Segmentation by Services: Professional services, and Managed Services.
- Segmentation by End-user: Residential, Commercial, and Others.
- Segmentation by Region: North America, Europe, Asia Pacific, and the Rest of the World.
Digital Utility Market Global Market – Regional Analysis
North America is presumed to dominate the global digital utility market with the largest market share in the region. The U.S. and Canada are the leading countries in the region. The growth is attributed to presence of giant companies such Oracle Corporation, IBM Corporation and others, which providing constant innovative solutions in the region. Europe, again, is expected to have a substantial growth over the forecast period. Germany and France are the leading countries in the region. This is attributed to increase in services rate of the cloud deployment of the digital utility. Furthermore, Asia Pacific is anticipated to be the fastest growing region is over the forecast period. China, India, and Japan are the leading countries in the region. This is due to rapid development of economy and increased investment in the government initiatives such as smart city projects.
Latest Industry News
- A recently signed law in Colorado called Digital Token Act provides securities exemptions from certain state securities regulations to businesses leveraging utility tokens. This law can make it easy for startups to raise growth capital, crowdfund via cryptocurrency, and sell utility tokens in a transparent and more compliant way. 9 MAR 2019
- Alabama State has started the Smart Utility Payments Program. 28 MAR 2019
- The electricity system operator (ESO) at National Grid in the UK is planning and initiating all necessary actions to ensure that the power grid runs on entirely zero-carbon electricity by 2025. 4 JAN 2019
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Intended Audience
- 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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