The global digital utility market is anticipated to grow at a CAGR of 12 % valuing USD 253 billion by 2023.
The digital utilities are anticipated to expand in the assessment period owing to its several specifications that consist of renewables, smart grids, and the distributed generation that are further needed by new businesses and regulatory frameworks. These are used to influence the smart energy generation and management at the cheapest cost. The rising demand for regulatory requirements for electric utilities, distributions, renewable power generations, and energy efficiency requiring lesser carbon emission, are influencing the digital utility market 2020.
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Global Digital Utility Market Segmentation
The global digital utilities are classified into deployment type, end-users, component, and region.
On the basis of deployment type, the global digital utility market can be classified into the cloud, hybrid, premises, and others.
On the basis of end-users, the global digital utility market can be classified into retail, commercial, residential and others.
On the basis of components, the global digital utility market can be divided into software, services, hardware, and others.
On the basis of region, the global utility market can be classified into Europe, North America, Asia Pacific and the Rest of the World (RoW).
Regional Analysis
The regional analysis of the digital utility market is being performed for regions such as Europe, North America, Asia Pacific, and Rest of the World. North America is one of the leading regions across the globe in the context of market share in the digital utility market. The assimilated digital utilities development assists to rebuild by analytics, cloud technologies, leveraging mobility and others in the North American market. The digital utility trend in the European market is anticipated to gain robust expansion in the future. The evaluation exhibits that digital utility is flourishing in the North American market. The digital utility requirement is expanding very fast as it regulates platform solution for enforcing optimizing business process management, energy efficiency, and real-time analytics that increasing the field services through assimilating the IT services and others. The quick acceptance of modern digital technology in the utility market is broadly practiced in the U.S. The technology encompasses of Internet of Things (IoT), artificial intelligence (AI), digital marketing, big data analytics, and others. Such adoptions have allowed digital transformation for several utilities.
Owing to the technology innovations and socioeconomic constrain and are affecting the North American market of digital utilities. Innovation in the utility industry is equipping services such as customers & communities to experience transformation, digital asset management, digital utilities maturity assessment, digital utilities enterprise architecture and others.
The APAC market which includes India, Japan, China, is a developing market for the digital trends in utility market and is estimated to attain the highest CAGR in the forthcoming period.
The potent regions like Germany, United States, Japan, China, has crucial participation in the digital trends in the utility . The established organizations like International Business Machine Corporation (U.S.), General Electric Company (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Siemens AG (Germany), are the most extensive investors for the advancement in digital utility transformation. In 2017, SAP SE (Germany) joined hands with African Utility week that are primarily concentrating on the significance of digital utility and its profit in forthcoming years. It is paying attention to modern technology such as big data which can be broadly utilized by the organization for the longer use of assets, & increase energy production, better performance of utility infrastructure, and others.
Key Players
The established competitors in the global digital utility market are – International Business Machine Corporation (U.S.), Oracle Corporation (U.S.), Capgemini SA (France), Cisco Systems Inc. (U.S.), Accenture PLC (Ireland), General Electric Company (U.S.), Microsoft Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.), SAP SE (Germany), Siemens AG (Germany), and ABB Ltd.(Switzerland), among others.
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