Global customer information system market size to grow at a CAGR of 11.9%
NEW YORK, Nov. 13, 2018 /PRNewswire/ -- Global customer information system market size to grow at a CAGR of 11.9% during the forecast period
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The global Customer Information System (CIS) market size is expected to grow from USD 877 million in 2018 to USD 1,539 million by 2023, at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period. Major growth factors for the market include the growing global utility consumption, the emerging cloud and IoT technologies, and smart city initiatives. However, stringent government data regulation issues could restrain the market growth.
Water and wastewater management segment is expected to account for the largest market size during the forecast period
The water and waste water management segment is one of the dominating segments in terms of CIS deployments.CIS solutions assist organizations by registering, tracking, and monitoring the water meter population through complete billing and meter data solutions.
CIS assists organizations to calculate water consumption bills, generate bill receipts, report on-demand delivery, and track leakages if any.The water and waste water management segment account for the highest market size, owing to the increase in water consumption.
The overall water consumption across the globe is increasing at a significant rate, and the effective management of it requires CIS implementations.Furthermore, various governments are taking several initiatives to enable smart distribution of water based on customer density and usage pattern.
These initiatives drive the growth of CIS implementations, hence leading to the growth of the overall market.
Americas is expected to account for the largest market size, and Europe would grow at the highest growth rate during the forecast period
The US Department of Energy (DOE) introduced Grid 2030 program to modernize the grid and electricity distribution system.
The US government is focusing on various initiatives, strategies, and projects to enhance the utilities sector.Grid Modernization Initiative (GMI), Effective Utility Management (EUM) Initiative, EPA's Clean Water and Drinking Water Infrastructure Sustainability Policy, and POWER Initiative are some of the major initiatives and policies contributing to the growth of CIS market in North America.
Furthermore, the US electric grid holds more than 1 million megawatts of generating capacity connected to approximately 600,000 miles of transmission lines. This, in turn, is expected to increase the number of users, hence the demand for CIS solutions and services is expected to continue to increase in the region.
The US is expected to invest USD 41 trillion for the Smart Cities USA project to enhance the city infrastructure with the help of the emerging technologies.These investments are expected to help grow CIS deployments, thereby boosting the overall market growth.
On the other hand, Latin America's market share is considerably low in the global CIS market.Major countries, such as Brazil and Mexico, have witnessed the serious droughts and electricity shortages.
This is evident by the fact that more than 31 million people in the region lack the access to electricity, thereby witnessing blackouts.
Europe is the second largest contributor to the CIS market, due to its acceptance of innovations and upcoming technologies, such as cloud and IoT.European Electricity Grid Initiative (EEGI) initiated in 2012, a nine-year European Research and Development (R&D) program introduced to accelerate innovation and the development of electricity networks of the future in Europe.
The region comprises major economies, such as the UK, Germany, and France. The UK, Germany, France, and Italy are some of the leading countries taking the initiative to enhance the energy and utility industry vertical in Europe.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the CIS marketplace.
• By company type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
• By designation: C-level Executives: 35%, Director Level: 25%, and Others: 40%
• By region: North America: 45%, Europe: 20%, APAC: 30%, and Rest of the World: 5%
Major vendors in the global CIS market include Oracle (US), SAP (Germany), Itineris (Belgium), Hansen (Australia), Fluentgrid (India), Open International (US), Gentrack (New Zealand), Milestone Utility Services (US), Cayenta (British Columbia), Advanced Utility Systems (Canada), Engineering (Lazio), Indra (Spain), Ferranti (Belgium), NorthStar Utilities (Canada), Vertexone (US), IBM (US), Wipro (India), Agility CIS (New Zealand), Avertra (US), ATS (US), Cogsdale (Canada), FATHOM (US), EG (Denmark), efluid (France), Hydro-Comp (Cyprus).
Research Coverage:
The report includes an in-depth competitive analysis of the key players in the CIS market, along with their company profiles, recent developments, and key market strategies. The report segments the global CIS market by component (solutions and services), application, deployment type, and region.
Key Benefits of Buying the Report:
The report would help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall CIS market and subsegments.Moreover, this report would help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
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