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Digital Utility Market Size, By Component, By Deployment, By Utility, By End Use Analysis Share, Growth Forecast, 2025 - 2034
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Digital Utility Market
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Premium Report Details
Base Year: 2024
Companies covered: 20
Tables & Figures: 200
Countries covered: 21
Pages: 180
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Digital Utility Market Size
The global digital utility market size was valued at USD 209.8 billion in 2024 and is projected to grow at a CAGR of 9.5% between 2025 and 2034. One of the considerable reasons for the impressive growth of the market is the increasing demand for smart grid technologies. The trend of shifting towards smart grids is becoming commonplace among utility providers around the globe on account of enhancing energy efficiency, lowering operational expenditures, and using more renewable energy sources.
The installation of advanced forensics and data analytics functions, as well as the facilitation of real-time monitoring and predictive maintenance, are becoming increasingly essential for efficient modern utilities. Such a shift is also aided by government policies and investments in clean energy projects. The smart grids expansion continues to accelerate, since the energy companies are focusing on decarbonization and more reliable initiatives.
According to GMI, the global smart grid market generates revenue of around USD 66.1 billion in 2024 but will expand further still, in line with the 10.6% CAGR expected between 2025 and 2034 which is caused by the increase in energy demands caused by the efficiency, reliability, and sustainability requirements of the modernized utilities grid. Therefore, the swift adoption rate with which smart grid technologies are taking the energy management sector by storm only serves to speed up the expansion of the market for digital utility as well.
The rise of Big Data analytics and IoT devices is another primary element of growth for the digital utility market. Operation managers include IoT integrated solutions for real time monitoring capabilities and minimization of service downtimes. Implementation of Big Data analytics makes management of resources and allocation of energy more efficient.
These technologies optimize business processes and enhance client relations through predictive analysis. As the energy market ecosystem gets intricate due to the inclusion of renewables and distributed systems, IoT and analytics become instrumental in facilitating growth within the sector.
Digital Utility Market Trends
Digital Utility Market Analysis
Based on the component, the market is segmented into solutions and services. In 2024, the solution segment accounted for over 75% of the market share and is expected to exceed USD 390 billion by 2034.
Based on the deployment, the market is divided into on-premises and cloud. The cloud segment held above 60% of the market share in 2024. The cloud segment is also the leader in the digital utility market due to its elastic nature and cost management capability. Siloed applications enable utilities to handle terabytes of data without having to invest in capital assets in advance.
In 2024, the US digital utility market holds around 84% in North America and is expected to exceed USD 140 billion by 2034. U.S. has established itself as the leader in global digital utility fueled by government through the Energy Policy Act allows investments in the development of new energy solutions.
Digital Utility Market Share
Digital Utility Market Companies
Major players operating in the digital utility industry are:
The market is characterized by a plethora of major incumbents as well as new entrants, and it is on the basis of blend of these players that the digitalization of utility management is taking shape.
Digital Utility Market News
The digital utility market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue ($ Mn/Bn) from 2021 to 2034, for the following segments:
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Market, By Component
Market, By Deployment
Market, By Utility
Market, By End Use
The above information is provided for the following regions and countries: