Digital Utility Market

The Global Digital Utility Market Industry is experiencing rapid technological advancements that enhance operational efficiency and customer engagement. Innovations such as smart grids, IoT devices, and AI-driven analytics are transforming traditional utility operations. For instance, the integration of smart meters allows utilities to monitor consumption in real-time, leading to improved demand response strategies. This shift not only optimizes resource allocation but also fosters customer satisfaction through personalized services. As these technologies proliferate, the market is projected to reach 235.94 USD Billion in 2024, indicating a robust growth trajectory fueled by ongoing digital transformation.

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The Europe Digital Utility market will dominate this market owing to the increasing number of renewable power plants and rising investments in electrical infrastructure. Furthermore, growing digitalization and the emergence of several connected devices are expected to drive market growth over the forecast period.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: GLOBAL DIGITAL UTILITY SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Asia Pacific Digital Utility market accounts for the second-largest market share. Rising domestic electricity demand and shifting regional regulatory norms are expected to drive demand for digital utility solutions. Furthermore, rising infrastructure development activities and rising energy demand in APAC are assisting the regional market is growing. Further, the India Digital Utility market held the largest market share, and the China Digital Utility market was the fastest-growing market in the Asia Pacific region.

The North America Digital Utility Market is expected to grow at the fastest CAGR from 2024 to 2032. The growing number of renewable power plants being built to meet the needs of the world's growing population is propelling the digital utility market forward. Changing utility regulations and government policies drive green energy penetration in developed and developing economies. Moreover, the US Digital Utility market held the largest market share, and the Canada Digital Utility market was the fastest-growing market in the North American region.

Digital Utility Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Digital Utility market grow even more. Market participants are also undertaking various strategic activities to expand their Global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Digital Utility industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Global Digital Utility industry to benefit clients and increase the market sector. The Digital Utility industry has recently offered some of the most significant medical advantages.

Major players in the Digital Utility market, including Capgemini SA (France), International Business Machine Corporation (US), Accenture PLC (Ireland), Microsoft Corporation (US), Cognizant Technology Solutions, Corporation (US), Cisco Systems Inc. (US), Oracle Corporation (US), SAP SE (Germany), Siemens AG (Germany), General Electric Company (US), ABB Ltd. (Switzerland) and others, are attempting to increase market demand by investing in research and development operations.

Capgemini SA (France) Capgemini is the strategic partner who will use technology to help you ask tough questions and find the right answers. We use diverse skills to address business needs in four areas: strategy and transformation, applications and technology, engineering, and operations. Providing strategy, innovation, and transformation consulting by leveraging technology, data science, and creative design expertise. We concentrate on assisting in creating value in three key areas: customer experience, intelligent industry, and enterprise management.

In doing so, we assist our clients in adopting key technologies such as cloud, data, and artificial intelligence, as well as working to improve their cybersecurity and environmental impact. Thanks to our deep, sector-specific expertise, we can develop solutions aligned with industry standards.

International Business Machine Corporation has collaborated to create TradeLens, a blockchain shipping solution. The solution aims to promote secure and efficient global trade by incorporating blockchain technology into the supply chain. Oracle Corporation launched the Oracle blockchain application cloud to assist customers in providing agility and increasing trust in transactions across their businesses. The new suite uses SaaS to improve transparency and traceability across the supply chain. International Business Machine Corporation Corporation collaborated on supply chain solutions with Ford Motor Company, RCS Global, LG Chem Ltd, and Huayou Cobalt Corporation Ltd.

This would enable the companies to validate and track a variety of minerals used in consumer goods.2019 saw the announcement of a collaboration between FANUC CORPORATION(1), Fujitsu Limited(2), and NTT Communications Corporation(3) to develop a new service in order to realize their shared goal of a "Digital Utility Cloud." The "Digital Utility Cloud" idea seeks to improve customer service and streamline internal operations—two things that are frequently replicated throughout the machine tool industry—in order to accelerate digital innovation.Twenty-first-century usefulness In order to expedite its digital transformation and enhance grid operations and customer services, Counties Energy has teamed with GE Digital.

For increased network dependability, efficiency, and flexibility, Counties Energy will integrate its current geographic information system (GIS) with an advanced distribution management system from GE Digital. The company will be able to utilize grid and customer data thanks to the project.

Key Companies in the Digital Utility market include

• Capgemini SA (France)

• International Business Machine

• Corporation (US)

• Accenture PLC (Ireland)

• Microsoft Corporation (US)

• Cognizant Technology Solutions

• Corporation (US)

• Cisco Systems Inc. (US)

• Oracle Corporation (US)

• SAP SE (Germany)

• Siemens AG (Germany)

• General Electric Company (US)

• ABB Ltd. (Switzerland)

Digital Utility Market Developments

• Q2 2024: Siemens launches new digital grid software to accelerate utility decarbonization Siemens announced the launch of its new digital grid software suite designed to help utilities manage distributed energy resources and accelerate the transition to cleaner energy. The platform integrates real-time data analytics and AI to optimize grid operations.
• Q2 2024: GE Vernova and Microsoft partner to deliver advanced digital utility solutions GE Vernova and Microsoft announced a strategic partnership to co-develop cloud-based digital utility solutions, leveraging Microsoft Azure and GE’s GridOS platform to enhance grid reliability and support renewable integration for utility customers.
• Q2 2024: Oracle Energy and Water launches new AI-powered customer engagement platform for utilities Oracle Energy and Water introduced a new AI-powered platform aimed at improving customer engagement and operational efficiency for utility companies, offering predictive analytics and personalized digital experiences.
• Q3 2024: Schneider Electric acquires AutoGrid to expand digital utility capabilities Schneider Electric completed the acquisition of AutoGrid, a provider of AI-driven grid optimization software, to strengthen its digital utility offerings and support utilities in managing distributed energy resources.
• Q3 2024: Enel X secures major contract to digitize grid infrastructure in Brazil Enel X won a significant contract to deploy its digital grid management solutions across several Brazilian utilities, aiming to improve grid reliability and enable advanced demand response capabilities.
• Q3 2024: Siemens Energy appoints new Chief Digital Officer to lead utility transformation Siemens Energy announced the appointment of a new Chief Digital Officer, tasked with accelerating the company’s digital transformation initiatives in the utility sector and expanding its portfolio of digital solutions.
• Q4 2024: Hitachi Energy launches Lumada Asset Performance Management for utilities Hitachi Energy introduced Lumada Asset Performance Management, a new digital platform that uses AI and IoT to help utilities monitor and optimize asset health, reduce downtime, and improve operational efficiency.
• Q4 2024: ABB unveils new digital substation platform for North American utilities ABB launched a next-generation digital substation platform designed for North American utilities, featuring advanced cybersecurity, real-time monitoring, and integration with renewable energy sources.
• Q1 2025: Itron and AWS announce partnership to accelerate digital utility transformation Itron and Amazon Web Services (AWS) formed a partnership to deliver scalable, cloud-based digital utility solutions, enabling utilities to leverage IoT and advanced analytics for grid modernization.
• Q1 2025: National Grid launches digital twin project for UK electricity network National Grid announced the launch of a digital twin initiative for the UK’s electricity network, aiming to enhance grid planning, resilience, and integration of renewable energy through advanced simulation and data analytics.
• Q2 2025: E.ON invests €200 million in digital utility innovation hub E.ON announced a €200 million investment to establish a digital innovation hub focused on developing new technologies for smart grids, customer engagement, and energy efficiency in the utility sector.
• Q2 2025: Siemens and Accenture expand alliance to deliver digital utility services in Asia-Pacific Siemens and Accenture expanded their alliance to provide comprehensive digital utility services across the Asia-Pacific region, targeting grid modernization and digital transformation projects for regional utilities.

Digital Utility Market Segmentation:

Digital Utility Component Outlook

• Hardware

• Software

• Services

Digital Utility Deployment Type Outlook

• On-Premises

• Cloud

• Hybrid

Digital Utility End-Users Outlook

• Residential

• Commercial

• Retail

Digital Utility Regional Outlook

• North America

  • US

  • Canada

• Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

  • Australia

  • Rest of Asia-Pacific

• Rest of the World

  • Middle East

  • Africa

  • Latin America

Leading market players are investing heavily in research and development to expand their product lines, which will help the Digital Utility market grow even more. Market participants are also undertaking various strategic activities to expand their Global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Digital Utility industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Global Digital Utility industry to benefit clients and increase the market sector. The Digital Utility industry has recently offered some of the most significant medical advantages.

Major players in the Digital Utility market, including Capgemini SA (France), International Business Machine Corporation (US), Accenture PLC (Ireland), Microsoft Corporation (US), Cognizant Technology Solutions, Corporation (US), Cisco Systems Inc. (US), Oracle Corporation (US), SAP SE (Germany), Siemens AG (Germany), General Electric Company (US), ABB Ltd. (Switzerland) and others, are attempting to increase market demand by investing in research and development operations.

Capgemini SA (France) Capgemini is the strategic partner who will use technology to help you ask tough questions and find the right answers. We use diverse skills to address business needs in four areas: strategy and transformation, applications and technology, engineering, and operations. Providing strategy, innovation, and transformation consulting by leveraging technology, data science, and creative design expertise. We concentrate on assisting in creating value in three key areas: customer experience, intelligent industry, and enterprise management.

In doing so, we assist our clients in adopting key technologies such as cloud, data, and artificial intelligence, as well as working to improve their cybersecurity and environmental impact. Thanks to our deep, sector-specific expertise, we can develop solutions aligned with industry standards.

International Business Machine Corporation has collaborated to create TradeLens, a blockchain shipping solution. The solution aims to promote secure and efficient global trade by incorporating blockchain technology into the supply chain. Oracle Corporation launched the Oracle blockchain application cloud to assist customers in providing agility and increasing trust in transactions across their businesses. The new suite uses SaaS to improve transparency and traceability across the supply chain. International Business Machine Corporation Corporation collaborated on supply chain solutions with Ford Motor Company, RCS Global, LG Chem Ltd, and Huayou Cobalt Corporation Ltd.

This would enable the companies to validate and track a variety of minerals used in consumer goods.2019 saw the announcement of a collaboration between FANUC CORPORATION(1), Fujitsu Limited(2), and NTT Communications Corporation(3) to develop a new service in order to realize their shared goal of a "Digital Utility Cloud." The "Digital Utility Cloud" idea seeks to improve customer service and streamline internal operations—two things that are frequently replicated throughout the machine tool industry—in order to accelerate digital innovation.Twenty-first-century usefulness In order to expedite its digital transformation and enhance grid operations and customer services, Counties Energy has teamed with GE Digital.

For increased network dependability, efficiency, and flexibility, Counties Energy will integrate its current geographic information system (GIS) with an advanced distribution management system from GE Digital. The company will be able to utilize grid and customer data thanks to the project.