Customer Information System Market Analysis

Customer Information System Market Analysis

In terms of components, the customer information system market from the service segment accounted for 20% revenue share in 2022. Growing utility and industry complexities, coupled with changing consumer expectations, are putting significant strain on utilities. To achieve optimal business service delivery, a majority of providers are updating their old CIS systems and installing sophisticated CIS solutions to manage commercial and operational activities across utilities, which is set to boost the market revenue. In April 2022, Pasadena Water and Power (PWP), a non-profit public utility company, upgraded its customer billing system, which was intended to improve system performance and customer experience.

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The customer information system market size from the implementation service segment accounted for USD 250 million in 2022, as an increasing number of large firms prefer to use software solutions to digitize and improve business operations. Implementation service providers streamline the deployment process while also supporting and training the company employees to deploy CIS solutions since the transfer and installation of the program are both overly complex and technical.

In terms of application, the electricity and power management segment held more than 40% customer information systems market share in 2022, owing to the growing need for new billing systems with effective and efficient network billing capabilities that allow electricity and energy management businesses to maintain compliance with network power market laws and interact with retailers. Additionally, industry players are innovating different solutions and systems capable of handling a utility's customer-facing procedures, from meter reads to invoicing and consumer inquiries which is likely to promote the market expansion.

The customer information system market size from cloud deployment model segment is projected to reach USD 2 billion by 2032, due to the widespread digitization and upgradation of utility infrastructures. Cloud deployment models are in high demand as utilities strive to optimize business operations and drive down TCO by eliminating the need for extra components on-premises. Furthermore, continuous upgradation capabilities are making utilities more agile and allowing them to expand their IT infrastructure and scope of application in a non-disruptive manner while focusing their resources on new business opportunities.

The North America customer information system market reached a valuation of over USD 500 million in 2022. Major energy and utility businesses across North America are accelerating digital transformation in their operations, particularly cloud-based transformation strategies to keep up with the rising demand for improved customer engagement. Furthermore, many companies are placing a strong emphasis on upgrading their customer information services to consolidate their market share. To quote an instance, leading software and services provider Hansen Technologies secured many new and upgrade-focused Hansen CIS deals in 2022, strengthening its position as a major CIS provider of choice in North America.