Utilities around the world are leveraging digital technologies to enhance efficiency and optimize production. Digital utility is used to find new ways to conduct the business across various areas and functions. Benefits digital utility of includes – enhanced customer experience, security, more scalable, opens the way for new energy products and services, and extracts meaningful information from volumes of data.
The Global Digital Utility Market was valued at USD 132.02 billion in 2016 and is projected to reach USD 384.75 billion by 2025, growing at a CAGR of 12.62% from 2017 to 2025.
1. Market Drivers
1.1 Emergence of smart cities
1.2 Stringent regulatory requirements for electric utilities
1.3 Rising number of distributed and renewable power generation projects
1.4 Growing need to improve the productivity and efficiency of utilities
2. Market Restraints
2.1 Increasing cyber security threats in the power and utilities sector
2.2 Issues related with new technology implementation
2.3 High initial cost
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The Global Digital Utility Market is segmented on the technology, network, and region.
1.1 Integrated Solutions
1.1.2 Cloud and Software
2. By Network:
2.1 Transmission and Distribution
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3. By Region:
3.1 North America U.S., Canada, Mexico
3.2 Europe Germany, UK, France, Rest of Europe
3.3 Asia Pacific China, India, Japan, Rest of Asia Pacific
3.4 Latin America Brazil, Argentina, Rest of Latin America
3.5 Middle East & Africa
The major players in the market are as follows:
1. Accenture PLC
2. Cisco Systems Inc.
3. General Electric Company
4. Mircosoft Corporation
5. SAP SE
6. Siemens AG
7. ABB Ltd.
8. Capgemini SA
9. Eaton Corporation PLC
10. IBM Corporation
11. Oracle Corporation
12. Schneider Electric SE
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These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
Research Methodology of Planet Market Reports
Research study on the Global Digital Utility Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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Organization: Planet Market Reports