Digital Utility Market Opportunities, Business Strategy and Growth Factors till 2023
Digital Utility Market – Insight
Digital Utility refers to the digitization of utility industry which otherwise was limitedly bringing about improvements just enough to maintain ongoing operations. However, the utility industry, evolving with the advanced technology is getting digitalized perceiving changes in its operations with the services like digital utilities maturity assessment, customer & communities experience transformation, digital asset management, digital utilities enterprise architecture, etc.
The Digital Utility Market is growing rapidly mainly due to the high adoption of IoT and its multitude features like digital communications and control systems that have enabled the electricity operators to manage the electricity transmission and distribution systems efficiently. The energy and utilities industry growing rapidly has also enabled digital engagement channels to exceed the customer expectations. Digital Utility is trending in most of the regions attributing to the socioeconomic pressures and technology innovations.
According to a recent study report published by the Market Research Future, The global Digital Utility Market is projected to accrue USD ~253 Billion by 2023, at ~12% of CAGR during 2017 and 2023. Other features that are fuelling the Digital Utility Market growth include renewable, distributed generation, and smart grids that are further required by new business models and regulatory frameworks.
Digital Utilities are proving to be cost effective influencing the smart energy generation and management. The growing demand of renewable power generations and its distributions, regulatory requirements for electric utilities and energy efficiency demanding carbon emission reductions, are driving the market growth to the large extent.
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The Digital Utility provides platform solutions like real time analytics that allows increased energy efficiency, and optimization of business process improving the field services through integration of all IT services and others. Due to this the market experiences a wide uptake and demand.
The adoption of advanced digital technology including IoT Internet of Things), big data analytics, and artificial intelligence (AI), has facilitated digital transformation to a number of utilities. Additionally, major investments by the key players are mainly concentrating on importance of digital utility and its advantage in coming years. It is focusing on advanced technology such as big data which can be widely used by the organizations for the improvement of performance of utilities Infrastructure, prolong use of assets, & maximize energy production and others.
Worldwide Digital Utility Market – Segments
The Global Digital Utility Market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
- By Component: Comprises Hardware, Software, Services (On cloud services, & On premises services)
- By Deployment Type: On Premises, Cloud, and Hybrid.
- By End Users: Residential, Commercial, Retail and other
- By Regions: North America, Europe, APAC and Rest of the World.
Key Players
The prominent players in the global digital utility market are – Capgemini SA (France), International Business Machine Corporation (U.S.), Accenture PLC (Ireland), Microsoft Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.), Cisco Systems Inc. (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Siemens AG (Germany), General Electric Company (U.S.), and ABB Ltd.(Switzerland), among others.
Worldwide Digital Utility Market – Regional Analysis
North America is one of the leading regions in Digital Utility market worldwide. The integrated digital utilities transformation helps to reinvent by leveraging mobility, analytics, cloud technologies and others in the North America region.
The Europe region is emerging as one of the fastest growing regions in the global market of Digital Utility.
APAC countries like China, Japan and India emerging as considerable market for Digital Utility market expected to register a significant CAGR during the forecast period.
Intended Audience
- Digital utility manufacturing companies
- Product sales and distribution companies
- Digital utility providers
- Electric utilities
- Electrical infrastructure providers
- IT vendors
- Research and development companies
- Market research and consulting firms
- Solution providers
- Technology standards organizations
- Technology investors
- System Integrators
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TABLE OF CONTENTS
1 Market Introduction
1.1 Introduction
1.2 Scope Of Study
1.2.1 Research Objective
1.2.2 Assumptions
1.2.3 Limitations
1.3 Market Structure:
1.3.1 Global Digital Utility Market: By Component
1.3.2 Global Digital Utility Market: By Deployment Type
1.3.3 Global Digital Utility Market: By End-User
1.3.4 Global Digital Utility Market: By Region
2 Research Methodology
2.1 Research
2.2 Primary Research
2.3 Secondary Research
2.4 Forecast Model
3 Market Dynamics
3.1 Introduction
3.2 Market Drivers
3.3 Market Challenges
3.4 Market Opportunities
4 Executive Summary
- Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.2 Supply Chain Analysis
6 Global Digital Utility Market
6.1 Introduction
6.2 Market Statistics
Continued…
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