Utility Billing Software Market
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What Is the Expected CAGR for the Utility Billing Software Market Through 2025?
The utility billing software market size has grown rapidly in recent years. It will grow from $5.48 billion in 2024 to $6.03 billion in 2025 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to data security and privacy concerns, market competition and consumer demands, utility sector modernization, focus on sustainability, increasing complexity of utility services.
What’s the Projected Size of the Global Utility Billing Software Market by 2029?
The utility billing software market size is expected to see rapid growth in the next few years. It will grow to $9.3 billion in 2029 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to rise in customer expectations, focus on sustainability and energy efficiency, smart metering and iot integration, demand for data analytics, transition to cloud-based solutions. Major trends in the forecast period include utility sector modernization, regulatory compliance requirements, cybersecurity measures, emphasis on sustainability and green practices, shift to cloud-based solutions.
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Top Growth Drivers in the Utility Billing Software Industry: What’s Accelerating the Market?
The increasing cloud deployment and adoption is expected to boost the growth of the utility billing software market going forward. Cloud deployment refers to the process of deployment of applications using cloud hosting models. Cloud services make it simple to manage end-to-end rate control, use and charge calculations, and bill preparation, hence, increasing cloud deployment and adoption is expected to boost the utility billing software market. For instance, in April 2024, according to the European Commission, a Belgium-based government body, 77.6% of large enterprises reported using cloud computing services in 2023, marking a 6-percentage point increase from 2021. For medium-sized enterprises, 59% purchased cloud services in 2023, up from 53% in 2021. Among small businesses, the share rose by 3.8 percentage points, reaching 41.7% during the same period. Therefore, increasing cloud deployment and adoption are driving the growth of the utility billing software market.
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What Trends Will Shape the Utility Billing Software Market Through 2029 and Beyond?
Technological advancement is the key trend gaining popularity in the utility billing software market. Major companies operating in the utility billing software market are focusing on developing new technologies to sustain in the market. For instance, in May 2022, Advanced Utility Systems, a Canada-based provider of customer information and billing solutions, launched the Infinity Customer Information System (CIS) Browser, a cloud-based customer information and billing software platform. The unique feature of the Infinity Customer Information System (CIS) is its unrivalled functionality availability, which enables utilities to meet all of their needs and even more. It is a modern, cloud-based platform for customer information and billing that plays a key role in revolutionizing utilities’ field workforce management, customer experience, and customer service and billing processes. Utilities can enhance first-call resolution, access and deliver timely information to customers, support diverse working environments, and more with Infinity CIS.
What Are the Main Segments in the Utility Billing Software Market?
The utility billing software market covered in this report is segmented –
1) By Type: Platform As A Service, Infrastructure As A Service, Software As A Service
2) By Deployment Mode: On-Premises, Cloud-Based
3) By End-User: Water, Power Distribution, Oil And Gas, Telecommunication, Other End-Users
Subsegments:
1) By Platform As A Service (PaaS): Application Development Platforms, Integration Platforms, Database Management Platforms
2) By Infrastructure As A Service (IaaS): Virtual Servers, Storage Solutions, Networking Services
3) By Software As A Service (SaaS): Billing And Invoicing Software, Customer Relationship Management (CRM) Software, Analytics And Reporting Tools
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Which Top Companies are Driving Growth in the Utility Billing Software Market?
Major companies operating in the utility billing software market include Banyon Data Systems Inc., Oracle Corporation, Cogsdale Corporation, Enghouse Networks Limited, Continental Utility Solutions Inc., Link Computer Corporation, Sigma Software LLC, Advantage Computer Enterprises Inc. (ACE), Harris Computer Systems, Exceleron Software Inc., ePsolutions Inc., SilverBlaze Solutions Inc., Aclara Technologies LLC, Advanced Utility Systems Corp., Avertra Corp., BillMaster Inc., Data West Corporation, Daffron & Associates Inc., Dynamic Systems Inc., ECI Software Solutions, EnergyCAP Inc., Energyworx Solutions BV, Ferranti Computer Systems NV, Gentrack Group Ltd., Hansen Technologies Ltd., HCL Technologies Ltd., Honeywell International Inc., International Business Machines Corporation, Itron Inc., Kalkitech Inc.
Which Regions Will Dominate the Utility Billing Software Market Through 2029?
North America was the largest region in the utility billing software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the utility billing software market during the forecast period. The regions covered in the utility billing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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