Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
Global Digital Utility Market Overview:
Digital Utility Market Size was valued at USD 235.87 billion in 2023. The Digital Utility market is projected to grow from USD 259.21 Billion in 2024 to USD 508.32 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.00% during the forecast period (2024 - 2032). The growing demand for green energy, rapid digitalization and rising domestic electricity demand in countries are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Digital Utility Market Trends
-
Growing demand for green energy, combined with rapid digitalization, is driving market growth
The growing demand for green energy and rapid digitalization drive the demand for digital utility solutions. Increased digital technology penetration and rising domestic electricity demand in countries such as China and India are expected to boost the market. During the forecast period, the market in the United States is expected to have the largest market share in the North American region. The growing number of renewable energy plants and environmental concerns supplement the market growth. Furthermore, the growing number of government initiatives supporting digital transformation is expected to support the country's market growth. Digital utility solutions help power generation plants manage operations more efficiently and reduce greenhouse gas emissions. Over the forecast period, strict regulatory norms are also expected to strengthen the market.
An increase in the amount of data collected and exchanged, combined with an increase in the number of connected devices, will likely give the market a huge boost. Furthermore, technological factors such as predictive maintenance, information exchange, and operational control solutions are critical to the market's growth. Everything is now more accessible and faster thanks to digitalization. The Industrial Internet of Things (IIoT) has digitalized various industrial processes in the energy and utility sectors, including power generation, distribution, and transmission. The integration of digital and physical infrastructure is transforming industry processes. The digital transformation of utilities has increased the efficiency of power generation, transmission, and distribution. Digital utility has expanded capabilities by making physical systems more productive and autonomous and providing more energy usage options. Because of the growing concern about customer satisfaction in the utility sector, digital transformation occurs across the entire energy value chain. The utility industry rapidly embraces cutting-edge digital technologies such as blockchain and artificial intelligence. Thus, driving the Digital Utility market revenue.
Digital Utility Market Segment Insights:
Digital Utility Component Insights
Based on components, the Digital Utility Market segmentation includes hardware, software, and services. The hardware segment dominated the market, and Hardware technological advancements and the widespread use of smart meters, transformers, and other intelligent equipment are contributing to the segment's growth. Organizations are interested in smart grid solutions because they enable predictive maintenance, real-time analytics, and effective asset management, which has recently enhanced the Digital Utility market CAGR globally.
Figure 1: Digital Utility Market by Components, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Digital Utility Deployment Type Insights
Based on deployment type, the Digital Utility Market segmentation includes on-premises, cloud, and hybrid. The cloud segment held the majority share in 2022 concerning the Digital Utility Market revenue. Because of the low cost and ease of access to cloud-based IT Asset Management Software Market solutions. Cloud-based IT Asset Management Software Market solutions are increasingly used in banking, financial services, insurance (BFSI), healthcare, retail, government, IT and telecommunication, manufacturing, etc. Cloud-based IT Asset Management Software Market solutions enable the migration of data, applications, and all critical business elements from on-premise data centers to the cloud or from one cloud to another.
Digital Utility End-Users Insights
Based on the end-users, the Digital Utility Market data includes residential, commercial, and retail. The retail category generated the most income Retailers can use data on customer behavior, preferences, and purchase history to understand their customers' needs better and tailor their offerings accordingly. This can result in more personalized marketing, accurate product recommendations, and increased customer loyalty. Retailers can optimize their inventory levels and reduce waste by using data on sales trends, stock levels, and supplier lead times. This can lead to cost savings and increased profitability implants for Digital utilities, positively impacting market growth.
Digital Utility Regional Insights
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 2023 to 2030. 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 Industry Developments
August 2021: Wipro Limited, an Indian multinational corporation, has entered into a multi-year global strategic IT and digital agreement with National Grid, a British multinational electricity and gas utility provider, to accelerate its digital innovation journey.
September 2022: General Electric, an American multinational corporation, has signed a three-year agreement with Enel green power to provide centralized data collection, remote monitoring services, on-site sensor assessment, and predictive analytics solutions to advance its operation and maintenance service.
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 companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
