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) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Digital Utility Market.
Digital Utility Global Market – Overview
The Digital Utility Market is growing rapidly mainly due to the multiple features that offers and high adoption of IoT. According to a recent study report published by the Market Research Future, Globally, the market for Digital Utility has increased its market growth in recent years and is expected to gain prominence over the forecast period. The market is forecasted to witness a thriving growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period. The global Digital Utility Market is projected to accrual to USD ~253 Billion by 2023, at ~12% of CAGR between 2017 and 2023.
The Global Digital Utility Market is driven the numerous features that Digital Utility offers including renewable, distributed generation, and smart grids that are further required by new business models and regulatory frameworks.
Digital Utilities are used to influence the smart energy generation and management at the minimum cost. 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.
The Digital Utility demand is growing very rapidly as it is providing platform solution for implementing energy efficiency, optimizing business process management and real-time analytics that enhances the field services through integration of all IT services and others. The adoption of advanced digital technology in utility are widely used in U.S. The technology includes big data analytics, digital marketing, Internet of Things (IoT), artificial intelligence (AI), and others. These adoptions have enabled digital transformation for numerous utilities.
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Additionally, the major regions in the continents like United States, China, Japan, and Germany are predominantly contributing in the Digital Utility market owing to the presence of giant players like International Business Machine Corporation (U.S.), Oracle Corporation (U.S.), SAP SE (Germany), Siemens AG (Germany), General Electric Company (U.S.), These companies are largest investors for the development in Digital Utilities transformation. In 2017, SAP SE (Germany) has joined African Utility week that 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.
