Global Digital Utility Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
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"Global Digital Utility Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” is a recent report generated by MarketResearch.biz, which offers in-depth insights, revenue details, and other vital information regarding the global digital utility market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global market report has been segmented on the basis of technology, network, deployment, end-use, and region.
This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of digital utility market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the global digital utility market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.
Increasing digital transformation in utility organizations to leverage current advanced technologies to achieve optimized operations and create substantial value in evolving customer expectations.
Digital transformation provides greater efficiency across operational business units, significantly improving customer experience, and accelerating innovation to allow diverse organizations to stay at peak in stringent competition in global market.
Increasing need to reduce operation expenses at diverse industrial verticals is expected to be the key factor to drive growth of global digital utility market. Increasing adoption of digital technologies among various business sector expected to support growth of the global market, as it provides various benefits such as, help to find new avenues for revenue growth, end-user demand solutions, develop highly cost efficient business models, reduce capital investments, and improve adherence to new regulations.
In addition, advantages offered by digital transformation in utility industries includes, performance optimization, development of new business models with minimized disruptions, and lower-cost high-value services. These features are expected to aid in growth of global digital utility market.
Increasing integration of internet of things (IoT) in intelligent systems such as smart metering system coupled with smart grid technology, is expected to support growth of digital transformation at diverse verticals. Smart systems provide various features such as controlled communication between various assets, reduce workforce, develop utilities which are able to forecast failure risks, and perform in-depth effective inspection, this is expected to support growth of global digital utility market.
Furthermore, rising customer expectations for highly responsive systems, reliable feedback outcomes, and better user experience expected to increase adoption of digital applications among diverse organizations expected to bolster growth of the global market.
Rising need for data analytics among various organizations to handle vast amount of data generated during various business process is expected to foster growth digital transformation among industries.
As well as, increased engagement, optimize interactions, new products and services enhancements, energy efficient programs, cost sustainability, and ease of use are some of the features provided by digital utility is expected to boost the global market. For example, using digital utility in electricity infrastructure development will predict accurate maintenance outages.
However, high cost associated infographic tools used to represent digital marketing landscape and transformational initiatives is a major factor expected to restrain growth of the global market. In addition, disruptive traditional business models, high cost associated integration and collaboration of diverse industrial applications and stringent regulations, which is expected to hamper growth of global digital utility market to a certain extent.
The market in North America is expected to dominate the global market in terms of revenue, owing to high availability of huge number of distributed and renewable power generation infrastructure. Europe is expected to contribute second largest revenue share in the global market, owing to rise in electrical infrastructure development and increasing demand for cost effective electricity. Asia Pacific is expected to witness fastest growth in terms of revenue owing to present emergence technology adoption by utility service providers in this region. Increasing preferences from enterprises for cloud technology and IT services in the government and private sector is expected to witness significant growth over the coming years in Latin America and Middle East and Africa region.
Global Market Segmentation:
Global market segmentation, by technology:
- Integrated Solutions
Global market segmentation, by network:
- Transmission and Distribution
Global market segmentation, by deployment:
Global market segmentation, by end-use:
- Banking, Financial Services and Insurance (BFSI)
- Media & Communication Services
- Manufacturing and Natural Resources
- Aerospace and Defence
- Transportation and Logistics
- Government and Utilities
- Others (Food & Beverages, Oil & Gas, Real Estate)
Global market segmentation, by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- ABB Ltd
- IBM corporation
- Microsoft corporation
- Oracle corporation
- SAP SE
- Cognizant Technology Solutions Corporation
- Accenture plc
- Siemens AG
- Capgemini SE
- International Business Machine Corporation
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