Edge Computing, IoT, and AI Revolutionize the Global Digital Utility Industry, Projected to Reach $415.2 Billion by 2028 - Accenture plc, E.ON SE, and Cognizant Among Top Players

DUBLIN, July 26, 2023 /PRNewswire/ -- The "Global Digital Utility Market" report has been added to ResearchAndMarkets.com's offering.

This report analyzes different ongoing technologies and their feasibility at present. It segments the digital utility market by technology type, network type and end-use industries and it also surveys the regional market development of digital utilities. Furthermore, the report segments the regional markets by major countries, such as the U.S., China, Germany, India and others, where the opportunities for advanced technologies are lucrative.

In this report, 2022 is used as the market's base year; estimated values are provided for 2023; and the market values are forecast from 2023 to 2028. All market values are provided in billions of dollars, and market shares and CAGRs are provided in percentages. 

Digitization has long been the prominent strategy pursued by major utility companies, and it has significantly contributed to reshaping and reinventing their organizations. The digital utility market is expected to grow due to the growing investments being made in adopting smart grids and the rising consumption of electricity.

Also, increasing renewable power generation and growing investment prospects in advanced metering infrastructure are some of the prominent factors contributing to the growing digital utility market. Increased focus towards adoption of technologies by utilities has become a crucial strategy for businesses. It involves the implementation of cloud and big data analytics to IoT and automation. In sum, digital tech is shaping the future of the utility sector and posing new opportunities for achieving new revenue streams.

The demand for electricity is increasing at a faster pace every year. To cope with the increasing demand, energy and utility companies are upgrading to Distributed Energy Resources (DER) and Advanced Distribution Management Systems (ADMS). Such systems require highly accurate data, which is not available with existing operations. Thus, it has become evident that utilities need to adopt digitization technologies to help them run their businesses more effectively and efficiently.

Also, AI-powered solutions are being used in the energy and utilities industries to monitor and track assets such as on-site equipment, end-user equipment and personnel, and mobile devices for effective asset management. These monitoring and advanced analytics capabilities can detect or even predict faults and schedule maintenance to reduce equipment downtime. Data management and accuracy are critical to optimizing processes, as this can ultimately lead to cost savings. The energy and utility sectors are, therefore, adopting new technologies to collect and analyze data from multiple touchpoints in order to streamline operations.

Customer satisfaction is one of the primary goals of digital transformation. Personalized interactions through the online portal, mobile app and customer service team allow end users to access and transact directly with the utility. This gives customers direct access to all their account information and thereby builds loyalty.

In sum, the increasing adoption of technology for growing business opportunities is strengthening the demand for advanced technologies such as edge computing, digital twins, the Internet of Things (IoT), Artificial intelligence (AI), Enterprise risk management (ERM) and Cloud Distribution Software, among others. Machine learning and artificial intelligence (AI) can supercharge the efficiency and resilience of a utility's core business, and other technologies can lead to entirely new value-added services and business models for utilities.

Companies Mentioned

• ABB Ltd.
• Accenture plc
• Capgemini Se
• Cisco Systems Inc.
• Cognizant
• E.On Se
• Eaton Corp. plc
• General Electric
• Infosys Ltd.
• International Business Machines Corp.
• Microsoft Corp.
• Oracle Corp.
• SAP Se
• Siemens AG
• Wipro Ltd.

Report Includes

• 51 data tables and 44 additional tables
• A brief overview and up-to-date analysis of the global digital utility market
• Analyses of the global market trends, with historical revenue (sales figures) for 2022, estimates for 2023, forecasts for 2024 and 2026, and projections of compound annual growth rates (CAGRs) through 2028
• Understanding of the current and upcoming market potential for the digital utility industry, and areas of focus to forecast this market into various segments and sub-segments
• Estimation of actual market size and revenue forecast for digital utility market in USD billion values, and corresponding market share analysis based on technology, network type, end-use industry, and region
• Discussion of major growth drivers, industry-specific challenges, regulatory aspects, and technology advancement that will shape the market for digital utility technologies as a basis for projecting demand in the next few years (2023-2028)
• Country specific data and market value analysis for the U.S., Canada, Mexico, Germany, France, Italy, Spain, the UK, Japan, China, India, Australia, South Korea, the Middle East and Africa, among others
• Analysis of market opportunities with a holistic review of the Porter's five forces analysis and PESTLE analysis considering both micro- and macro environmental factors prevailing in the market
• A relevant patent analysis on the digital utility market with emphasis on R&D investments, emerging technologies, and new developments in the marketplace
• Latest information on the recent mergers and acquisitions, partnerships, agreements, collaborations, and other strategic alliances in global digital utility marketplace
• Identification of the major stakeholders and analysis of the competitive landscape based on recent developments and segmental revenues

Key Topics Covered:

Chapter 1 Introduction

Chapter 2 Summary and Highlights

Chapter 3 Market Overview

Chapter 4 Market Dynamics

• Overview
• Market Drivers
• Market Restraints
• Challenges in Digital Transformation
• Current Market Trends
• Market Opportunities

Chapter 5 Market Breakdown by Technology

• Overview
• Hardware
• Integrated Solutions

Chapter 6 Market Breakdown by Network Type

• Overview
• Generation
• Transmission and Distribution
• Retail

Chapter 7 Market Breakdown by End-Use Sector

• Overview
• Residential
• Industrial
• Commercial

Chapter 8 Market Breakdown by Region

Chapter 9 ESG Development

Chapter 10 Emerging Technologies and Developments

Chapter 11 Patent Analysis

Chapter 12 M&A and Funding Outlook

Chapter 13 Competitive Intelligence

Chapter 14 Company Profiles

Chapter 15 Appendix: Acronyms

For more information about this report visit https://www.researchandmarkets.com/r/8gaalg

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected] 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets