Press release
Efficiency at Your Fingertips: Utility Billing Software Market Report 2024 | Size, Share, and Outlook
Utility Billing Software Market
The utility billing software market size is expected to see rapid growth in the next few years. It will grow to $8.32 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to rise in customer expectations, focus on sustainability and energy efficiency, smart metering and iot integration, demand for data analytics, transition to cloud-based solutions.. Major trends in the forecast period include utility sector modernization, regulatory compliance requirements, cybersecurity measures, emphasis on sustainability and green practices, shift to cloud-based solutions..
Market Overview -
Utility billing software refers to integrated platforms created for utility businesses to lower cost-to-serve while providing top-notch service. Utility billing software is used to help providers monitor the usage of the utilities they provide, such as water, gas, electricity, wastewater, and sanitation.
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Surge In Cloud Deployment Propels Growth Of The Utility Billing Software Market
The increasing cloud deployment and adoption is expected to boost the growth of the utility billing software market going forward. Cloud deployment refers to the process of deployment of applications using cloud hosting models. Cloud services make it simple to manage end-to-end rate control, use and charge calculations, and bill preparation, hence, increasing cloud deployment and adoption is expected to boost the utility billing software market. For instance, in December 2021, according to a survey conducted by O'Reilly Media, Inc., a US-based media company, 2021, around 90% of respondents from all across the world said their companies were adopting the cloud. Two-thirds of respondents (67%) use a public cloud, 45% use a private cloud, and 55% use conventionally managed on-premises infrastructure. Nearly half (48%) of respondents indicated they intended to move 50% or more of their apps to the cloud in the upcoming year. 20% of companies intend to move all of their applications to the cloud. Therefore, increasing cloud deployment and adoption are driving the growth of the utility billing software market.
Competitive Landscape -
Major companies operating in the utility billing software market report are SkyBill SIA, Banyon Data Systems Inc., Oracle Corporation, Jendev Inc., Cogsdale Corporation, Enghouse Networks Limited, Continental Utility Solutions Inc., Link Computer Corporation, Sigma Software LLC, Advantage Computer Enterprises Inc. (ACE), Harris Computer Systems, Exceleron Software Inc., ePsolutions Inc., SilverBlaze Solutions Inc., Aclara Technologies LLC, Advanced Utility Systems Corp., Avertra Corp., BillMaster Inc., Cogent Analytics, Data West Corporation, Daffron & Associates Inc., Dynamic Systems Inc., ECI Software Solutions, EnergyCAP Inc., Energyworx Solutions BV, Ferranti Computer Systems NV, Gentrack Group Ltd., Hansen Technologies Ltd., HCL Technologies Ltd., Honeywell International Inc., International Business Machines Corporation, Itron Inc., Kalkitech Inc. .
Advanced Utility Systems Launches Cloud-Based Infinity Cis, Revolutionizing Utility Billing Software Market
Technological advancement is the key trend gaining popularity in the utility billing software market. Major companies operating in the utility billing software market are focusing on developing new technologies to sustain in the market. For instance, in May 2022, Advanced Utility Systems, a Canada-based provider of customer information and billing solutions, launched the Infinity Customer Information System (CIS) Browser, a cloud-based customer information and billing software platform. The unique feature of the Infinity Customer Information System (CIS) is its unrivalled functionality availability, which enables utilities to meet all of their needs and even more. It is a modern, cloud-based platform for customer information and billing that plays a key role in revolutionizing utilities' field workforce management, customer experience, and customer service and billing processes. Utilities can enhance first-call resolution, access and deliver timely information to customers, support diverse working environments, and more with Infinity CIS.
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Key Segments -
The utility billing software market covered in this report is segmented -
1) By Type: Platform as a Service, Infrastructure as a Service, Software as a Service
2) By Deployment Mode: On-Premises, Cloud-Based
3) By End-User: Water, Power Distribution, Oil and Gas, Telecommunication, Other End-Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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