Smart Utilities Management Market to Witness CAGR of 18% (2021-2027) Due to The Arrival of Smart Cities and Smart Grids| UnivDatos Market Insights

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NOIDA, India, Nov. 10, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Smart Utilities Management Market is expected to witness an exponential  CAGR of 18% during 2021-2027, reaching USD 250 billion by 2027. The analysis has been segmented into Type (Meter Data Management, Energy Monitoring, Smart Distribution Management, and Others); Application (Power Industry, Water Supply, Transportation, Communication, and Others); Region/Country.

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The Smart Utilities Management market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Smart Utilities Management market. The Smart Utilities Management market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Smart Utilities Management market at the global and regional levels.

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Market Overview

The smart utilities management market demand is increasing at a significant rate over the years and is expected to witness influential growth during the forecasted period as well. Factors such as the arrival of smart cities and smart grids, increasing usage of innovative solutions such as smart meters, increased investments in digital infrastructure, and investment in smart grids are positively influencing the smart utilities management market. Smart Utilities is an energy and water provider, among others, that deploys connected devices across the grid and collects data that helps them deliver services more efficiently and reliably. In addition, the rising investments in smart cities are further propelling the smart utilities management market. For instance, according to the White House Presidential Innovation Fellow project, local governments in the US will invest approximately $41 trillion over the next 20 years to upgrade their infrastructure and take advantage of the IoT. With these huge investments, the IoT will transform the quality of life of urban citizens.

Some of the major players operating in the market include International Business Machines Corporation, Atos SE, Honeywell International Inc., ABB Ltd., Cisco Systems Inc., Uplight Inc., Itron Inc., GE Group, Schneider Electric SE, and Vodafone Group Plc.

COVID-19 Impact

The outbreak of Covid-19 positively impacted the market size of Smart Utilities Management in 2020. In the energy & power industry, many companies are dealing with several challenges due to a decline in electricity prices post the COVID-19 outbreak. Furthermore, due to the pandemic and containment measures taken by governments globally, major sports events, concerts, commercial events, and businesses have scaled back drastically in the world, resulting in declining electricity demand. This has impacted the smart grid industry by a slowdown in hardware component installations.

The global Smart Utilities Management market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

• On the basis of type, the market is categorized into meter data management, energy monitoring, smart distribution management, and others. Among these, the meter data management segment accounted for a significant share of the smart utilities management market in 2020 and is expected to witness robust growth during the forecast period mainly due to the need to handle a huge amount of raw data and perform long-term data storage and management for the vast quantities of data delivered by smart metering systems.
• Based on application, the market is classified into the power industry, water supply, transportation, communication, and others. Among these categories, the communication segment held a commendable share of the smart utility management market in 2020 and is expected to witness a substantial CAGR during the forecast period. The growth of this segment can be attributed to the growing communication industry along with the increasing use of smart utility management in the information and communication technology industry.

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Smart Utilities Management Market Geographical Segmentation Includes:

• North America (United States, Canada, and the Rest of North America)
• Europe (Germany, United Kingdom, Spain, France, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World

APAC accounted for a significant share of the global smart utilities management market and is expected to grow at a steady growth rate during the forecast period. This can be attributed to the rising number of large, medium, and small enterprises and the growing demand for smart utilities among enterprises in the region. In addition, the growing electronics industry is another factor contributing to the smart utilities management market in the region. For instance, according to the Indian Brand Equity Foundation (IBEF) electronics industry in India has grown the domestic production of electronics from USD 29 billion in 2014-15 to USD 67 billion in 2020-21.

The major players targeting the market include

• International Business Machines Corporation
• Atos SE
• Honeywell International Inc.
• ABB Ltd.
• Cisco Systems Inc.
• Uplight Inc.
• Itron Inc.
• GE Group
• Schneider Electric SE
• Vodafone Group Plc

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Smart Utilities Management Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Smart Utilities Management market?
• Which factors are influencing the Smart Utilities Management market over the forecast period?
• What are the global challenges, threats, and risks in the Smart Utilities Management market?
• Which factors are propelling and restraining the Smart Utilities Management market?
• What are the demanding global regions of the Smart Utilities Management market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

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Smart Utilities Management Market Report Coverage

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UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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