Global utilities are expected to expand their investments in customer experience and management technologies analytics by 9.6% per annum between 2020 and 2029.
A new report released by Guidehouse Insights states that the market for customer experience and management technologies analytics will grow from about $303 million in 2020 to nearly $700 million by 2029.
The total market for customer experience technologies is expected to grow from approximately $11 billion in 2020 to $16 billion by 2029, with a compound annual growth rate (CAGR) of 3.5%.
Driving the market growth is the revolution from the traditional approach that centred around meter-to-cash activities and call centre operational efficiency to digital technologies and data-driven decision-making.
Utilities using customer experience technologies report enhanced customer satisfaction, lower consumer energy bills and environmental benefits.
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Websites with sophisticated self-service capabilities, mobile applications, and online chat support are just a few of the engagement channels now considered standard.
William Hughes, principal research analyst with Guidehouse Insights, said: “As the industry further embraces digital transformation, progressive utilities are becoming more dependent on technology and data to drive value, manage the grid, and improve the customer experience.
“More utilities are now using digital tools to engage their customers in new ways, transform traditional offerings, optimise operations, and empower employees.”
To date, the COVID-19 pandemic has had minimal negative impacts on the adoption of these solutions, with some vendors reporting that it has even accelerated customer implementation plans.
Learn more about the report.