The global digital utility market size will touch USD 253 billion at a 12% CAGR between the forecast period 2017- 2023, according to the new Market Research Future (MRFR) analysis. Utilities are leveraging digital technologies to improve efficiency & optimize production. Digital utility is used for finding ways of conducting business across different functions and areas. Some of its benefits include enhanced customer experience, more scalable, security, extracts meaningful information from volumes of data, and opens the way for new energy services and products.
Various factors are propelling the global digital utility market share. According to the recent MRFR market estimates, such factors include a rise in renewable and distributed power generation projects, use in digital transformation, energy efficiency mandates demanding a reduction in carbon emission, strict regulatory needs for electric utilities, rapid technological advances, industrial revolution 4.0, digitalization, increasing adoption in the power industry, changes in energy demand, strains on growth in capital asset investments, increasing penetration of digital technology, the upcoming smart city projects, and need for domestic electricity in India and China.
On the contrary, high initial costs and the on-going COVID-19 impact may impede the global digital utility market growth over the forecast period.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global digital utility market based on end users, deployment, and component.
- By component, the global digital utility market is segmented into services, software, hardware, and others. Of these, the hardware segment will lead the market over the forecast period.
- By deployment, the global digital utility market is segmented into hybrid, cloud, and premises. Of these, the cloud segment will dominate the market over the forecast period.
- By end users, the global digital utility market is segmented into retail, commercial, residential, and others.
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Key Players
Key contenders profiled in the digital utility global market report include ABB Ltd. (Switzerland), General Electric Company (U.S.), Siemens AG (Germany), SAP SE (Germany), Oracle Corporation (U.S.), Cisco Systems Inc. (U.S.), Cognizant Technology Solutions Corporation (U.S.), Microsoft Corporation (U.S.), Accenture PLC (Ireland), International Business Machine Corporation (U.S.), and Capgemini SA (France).
Regional Analysis
By region, the digital utility market covers the growth opportunites and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. Upgrade of old infrastructure, growing demand for electricity, rise in the number of renewable power plants, growing investments in electrical infrastructure, growing digitalization, and the emergence of several connected devices are adding to the global digital utility market growth in the region.
In the APAC region, the digital utility market is predicted to have healthy growth over the forecast period. Improved network connectivity, high adoption percentage of digital services, fast technological advancement, surging need for domestic electricity, changing regulatory norms, increasing infrastructural development activities, and growing energy needs are adding to the global digital utility market growth in the region.
TABLE OF CONTENTS:
- Market Introduction
- Research Methodology
- Market Dynamics
- Executive Summary
- Market Factor Analysis
- Digital Utility Market, By Segments
- Competitive Analysis
Continued…
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