Global Digital Utility Market Overview:
Digital utility is a process of adopting new digital ways of working, often with a business goal for utilities to reinvent themselves. It results in improved interactions with customers, more streamlined operations, greater efficiencies, and hopes of triggering new business models. In this process use of expert systems based on artificial intelligence helps to gain new business insights and optimize processes by analyzing large data sets quickly. It improves customer satisfaction, reduces churn and leads to new products and services.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Increasing Need to Improve the Productivity and Efficiency of Utilities
Market Growth Drivers:
Rise in the Number of Distributed and Renewable Power Generation Projects and Strict Regulatory Requirements for Electric Utilities
Challenges:
Challenges Associated With New Technology Implementation
Restraints:
High Initial Investment Costs for Digital Utility and Increased Cybersecurity Threats in the Power and Utilities Sector
Opportunities:
Upcoming Smart Cities Projects in Developing and Developed Regions and Growing Demand from End-user Industry
Competitive Landscape:
The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations.
Some of the key players profiled in the report are International Business Machines Corporation (United States), Cisco Systems Inc. (United States), Accenture plc (Ireland), Cognizant Technology Solutions Corporation (United States), Cap Gemini S.A. (France), ABB Ltd (Switzerland), Siemens AG (Germany), General Electric Company (United States), SAP SE (Germany) and Oracle Corporation (United States). Additionally, following companies can also be profiled that are part of our coverage like Capgemini SE (France), Eaton Corporation PLC (Ireland) and General Electric Company (United States). Analyst at AMA Research see United States Players to retain maximum share of Global Digital Utility market by 2028. Considering Market by End-users, the sub-segment i.e. Residential will boost the Digital Utility market. Considering Market by Network, the sub-segment i.e. Generation will boost the Digital Utility market. Considering Market by Deployment, the sub-segment i.e. On-Premises will boost the Digital Utility market.
Latest Market Insights:
In December 2023, Google's Nest launched a new subscription service that allows customers to directly purchase clean energy from local solar and wind farms. This empowers consumers to choose greener energy sources and promotes transparency in the energy market.
What Can be Explored with the Digital Utility Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Digital Utility Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Digital Utility
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Digital Utility market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Digital Utility market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Digital Utility Providers, Emerging Companies, Research Professionals and End-users.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.