A new report analysing the customer information systems market within the utility industry forecasts the sector to record 11.9% growth between 2018 and 2023.
The market is expected to increase its revenue generated from $877 million to $1, 539 billion during the forecasts period.
Factors driving market growth include the growing global utility consumption, emerging cloud and IoT technologies and smart city initiatives.
Utility segments analysed include water and wastewater, electricity and power and the utility gas industries.
The market’s solutions segment comprising standalone CIS software and CIS-as-a-service (Pay-as-you-go) models to boosts business efficiency and revenue generation is expected to dominate the industry.
The solutions are adopted via the two business models as utilities seek to streamline and automate manual tasks to reduce human errors and speed up processes.
The report projects utilities will increasingly select customer implementation services to simplify technology adoption and ensure the security of data managed via previous systems.
Implementation services include the solution provide taking care of communication plans, analysis of documentation and design, develop and deploy the new system ensuring effective integration of customer data into the new CIS system.
The Americas region is expected to continue dominating the market owing to the increasing consumption of energy, government initiatives, and grid modernisations projects.