PUNE, India, Aug. 27, 2017 /PRNewswire/ -- Market Research Future published a half-cooked research report on "Global Digital Utility Market Research Report - Forecast to 2023" – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
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) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Digital Utility Market.
Digital Utility Global Market – Overview
The Digital Utility Market is growing rapidly mainly due to the multiple features that offers and high adoption of IoT. According to a recent study report published by the Market Research Future, Globally, the market for Digital Utility has increased its market growth in recent years and is expected to gain prominence over the forecast period. The market is forecasted to witness a thriving growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period. The global Digital Utility Market is projected to accrual to USD ~253 Billion by 2023, at ~12% of CAGR between 2017 and 2023.
The Global Digital Utility Market is driven the numerous features that Digital Utility offers including renewable, distributed generation, and smart grids that are further required by new business models and regulatory frameworks.
Digital 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.
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 adoptions have enabled digital transformation for numerous utilities.
Additionally, the major regions in the continents like United States, China, Japan, and Germany are predominantly contributing in the Digital Utility market owing to the presence of giant players like International Business Machine Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Siemens AG (Germany), General Electric Company (U.S.), These companies 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.
Digital Utility Market - Competitive Analysis
Characterized by the presence of several major well-established players, the global Market of Digital Utility appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. The Key players operating in the market compete based on pricing, technology, reputation and services.
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 Global Market – Segments
The Global Digital Utility Market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Component: Comprises Hardware, Software, Services (On cloud services, & On premises services)
Segmentation by Deployment Type: Comprises on Premises, Cloud, and Hybrid.
Segmentation by End Users: Comprises Residential, Commercial, Retail and other
Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC 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.
Digital Utility is trending in North America region attributed by the socioeconomic pressures and technology innovations.
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.
Browse Related Report
The Global Industrial IoT Platform Market is expected to grow at USD ~650 million by the end of 2022 with ~23% of CAGR.
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