Home > Pressrelease > Customer Information System Market size to exceed $5 Bn by 2032
Customer Information System Market size to exceed $5 Bn by 2032
- Published Date: March 6, 2023
Customer Information System Market size is projected to reach USD 5 billion by 2032, according to a new research report by Global Market Insights Inc.
The burgeoning use of natural gas and electricity is primarily driving the increased need for advanced CIS solutions by utility firms to detect and evaluate consumption trends. Utility suppliers also assist consumers in choosing sustainable options depending on their household requirements with a greater awareness of individual consumption. With superior business efficiency, CIS solutions enable utilities to extend their service offerings with customized service packages. Moreover, the development of upgraded AI tools that can provide accurate and quick analyses of huge amounts of data to produce predicted insights is likely to impel the industry value between 2023 and 2032.
Modernization efforts by utility organizations to accelerate solution segment growth
In terms of components, the customer information system market from solution segment is anticipated to cross USD 4 billion by 2032. Utility organizations are striving to modernize their operations in an effort to provide their communities with improved customer experiences, in addition to implementing cutting-edge cloud-based CIS solutions to enhance billing procedures and enable digital, multi-channel customer interactions, which is poised to contribute to market growth. For instance, in September 2022, two leading water utilities in Oregon, Tualatin Valley Water District (TVWD) and Clean Water Services (CWS), implemented Open Smartflex, a cloud-based CIS solution to improve their industries and operations through digital methods.
Better control over the operational process to bolster the on-premise deployment of CIS
Based on deployment model, the customer information system (CIS) market from on-premise segment is slated to witness over 10% CAGR through 2032. CIS solutions that are specifically designed for the existing utility architecture can be used by utilities with on-premises implementation. On-premises CIS makes use of the business’s physical infrastructure and offers more control over the operational process, which is foreseen to aid segment development. Additionally, the rising trend of the digitalization of corporate operations across all industries since the COVID-19 pandemic is expected to fuel the market.
Browse key industry insights spread across 266 pages with 297 market data tables and 13 figures & charts from the report, “Customer Information System Market Size By Component (Solution, Service [Implementation, Support & Maintenance, Consulting), By Deployment Model (On-premises, Cloud), By Application (Electricity and Power Management, Water and Wastewater Management, Utility Gas Management), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:
Digital transformation to augment water and wastewater management segment revenues
The customer information system market from water and wastewater management segment accounted for USD 500 million revnue in 2022. Digital transformation across the water & wastewater management sector has increased the reliance on connectivity to CIS systems. Leading businesses are collaborating with firms in the water and wastewater systems industry, technology vendors, and government agencies to assist water and wastewater utilities in reducing and managing threats, which is likely to stimulate the industry growth. In August 2022, Scottish Water, Scotland’s water supplier, collaborated with Atos to modernize its wastewater network, adding smart sensors to provide real-time information, including early warnings, and minimizing the impact of chokes and pollution issues on the environment and customers.
Rapid smart city development to complement APAC market expansion
Asia Pacific customer information system market held over 15% revenue share in 2022, attributed to the ongoing smart city developments and infrastructure improvement projects across major APAC countries, such as India and China, which is likely to raise the regional demand for CIS solutions for the establishment of a smart intercommunication system of landscaping, water conservation, environmental protection, and other sectors. Recently, in December 2022, Austin University and the government of Uttar Pradesh signed a USD 42 billion investment agreement for the development of a ‘smart city of knowledge’ project in the Indian state.
Strategic collaborations to define the competitive landscape
Some of the leading players in the customer information system market include NorthStar Utilities Solutions, Oracle Corporation, Gentrack, Hansen Technologies Corporation, SAP SE and Vertexone. The industry is set to witness notable efforts by firms to offer novel products to accommodate emerging consumer demands.
For instance, in January 2023, software company Hansen Technologies partnered with tech expert Aidon to provide distribution system operators in the progressive Nordic market with a fully managed solution. By offering affordable and cutting-edge solutions to meet growing market needs, Hansen intended to solidify its position as the industry's top provider of technology solutions for the energy sector.