DUBLIN, Jun 21, 2021--(BUSINESS WIRE)--The "Customer Information System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The customer information system market is expected to grow at a CAGR of 11.9% during the forecast period (2021-2026).
The customer information system is a vital constituent of the meter-to-cash value chain for energy, electric, and natural gas utilities, and the increased demand from customers to be in control of their utility billing and consumption is a significant factor driving the market growth.
Gentrack Group Limited
Hydro Comp Enterprises Ltd.
Key Market Trends
Water and Wastewater Management Segment is Expected to Witness Significant Growth
The worldwide demand for water, due to the growing population, increasing urbanization, and the need to address the cost implications from maintaining aging infrastructure are among the major driving factors for growth of customer information systems in water management.
Similarly, with the proliferation of IoT, smart cities across various regions are also expected to promote the growth of the market studied. Technological advancements pertaining to smart meters and their integration with communication solutions (SCADA, GIS, etc.) have transformed water management, to address the challenges faced by water utilities, residents, and industries, in terms of erroneous billing and water management. ?
For instance, under the "Smart Applications via Smart Grid and Meters" initiative, the Dubai Electricity and Water Authority (DEWA) selected Honeywell to install 270,000 new smart meters across the city. The initiative contains ten programs, including AMI for electricity and water
Customer Information System Softwares that address the meter-to-cash flow process are expected to witness growth majorly due to billing errors that happen for many different reasons. For instance, meters can be the wrong size for the usage pattern of the customer. If a 2? meter is installed at a customer residence which only sees 5-10 gallons per minute (GPM) of water flow, the larger diameter meter is likely to dramatically under-report flow, thus the billing file data that is generated from the MDMS won't be accurate.
North America is Expected to Hold Major Share
North America is one of the leading adopters of CIS software and is considered to be one of the largest markets for utility and energy analytics. A higher focus on innovations mainly drives the demand in the region through R&D and technology advancement in developed economies.
Moreover, the region has a strong foothold of vendors in the market. Some of them include IBM Corporation, Oracle Corporation, and SAP SE, among others.? The United States plays a crucial role in increasing the demand form the region when compared to Canada. The country has increased demand, especially from oil and gas, refining, and power generation segments.?
The governing bodies and allied associations have been actively embracing customer information systems to resolve utility issues related to operations. For instance, in 2019, the City of New York Department of Environmental Protection (NYC DEP) selected Itineris and its UMAX Customer Information System to provide the utility with a state-of-the-art platform to deliver several key initiatives for its operations and to its citizens. The NYC DEP project was instituted to provide industry-leading customer service and billing capabilities for NYC DEP's 836,000 accounts, which includes over 9 million residents and their nearly 6,000 employees.
Despite the available benefits due to the application of customer information systems, there have been quite a few concerns from the consumers regarding privacy (related to data collection). Factors such as these could hinder market growth in the region.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Market Drivers
4.3.1 Growing Global Utility Consumption
4.3.2 Emerging Cloud and IoT Technologies
4.4 Market Restraints
4.4.1 Stringent Government Data Regulations
4.5 Assessment of Impact of Covid-19 on the Industry
5 MARKET SEGMENTATION
5.1 By Deployment
5.2 By Component
5.3 By End-user Industry
5.4.1 North America
5.4.2 Asia Pacific
5.4.4 Latin America
5.4.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/punem
View source version on businesswire.com: https://www.businesswire.com/news/home/20210621005598/en/
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900