Customer Information System Market size is set to surpass USD 3 billion by 2026, according to new research report by Global Market Insights Inc.
Surging advancements in utility infrastructure is expected to boost the customer information system industry growth. The need to manage operational and commercial processes including advanced billing, meter information management and real time service charging has contributed to the demand for customer information system solutions and services in the market. It helps in reducing total cost of ownership and provides efficient implementations.
Growing demand across organizations to improve customer experience and maximize the revenue
The customer information system market growth is attributed to growing need to optimize the service supply and enhance the revenue generation. The CIS solutions help enterprises to gain efficient real-time customer information including service consumption. The enterprises from the market customize the services in accordance with the consumption patterns and enhance the customer satisfaction. In addition, it enables companies to lower the TCOs and maximize the revenues. Thus, the demand for customer information system solutions across enterprises is expected to grow significantly and contribute to the market growth.
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Phasing out of legacy systems and transition to advanced CIS
The CIS implementation service segment is projected to grow at 8% CAGR during 2020-2026 due to demand for integration of system specific CIS modules with existing infrastructure. Due to market evolution, The CIS modules and infrastructure is rapidly innovating and are getting more advanced. These implementation service providers analyze business requirements and budget constraints. Furthermore, the service providers in the market simplify the suitable CIS installation framework and modernize the customer’s infrastructure. These services are adopted by enterprises with lack of experience and expertise to implement modern customer information system.
Browse key industry insights spread across 285 pages with 356 market data tables and 29 figures & charts from the report, “Customer Information System Market Size By Component (Solution, Service [Implementation, Support & Maintenance, Consulting), By Deployment Model (On-premise, Cloud), By Application (Electricity and Power Management, Water and Wastewater Management, Utility Gas Management), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Enterprise wide digitization is expected to propel the demand for cloud-based CIS solution
The cloud deployment segment is anticipated to witness exponential growth in customer information system market over the forecast timeline from 2020 to 2026. The market growth is attributed to growing digitization across enterprises across multiple industry verticals. Moreover, the increased popularity of Customer Information System as a Service solution is expected to contribute to the market growth. In addition, leading companies including Oracle Corporation and Wipro Limited offer CIS as a Service solutions to its enterprises. The advantages including easy integration, cost effectiveness and effective resource utilization is supporting the industry wide adoption of cloud-based solutions.
Need to modernize the existing utility infrastructure with additional operations is driving the demand
The utility gas management application segment is expected to witness rapid adoption of CIS services and solutions from 2020 to 2026. The customer information system market growth is attributed to enterprises operating in the utilities sector are deploying advanced CIS solutions. For instance, in March 2019, City of Lubbock Utilities deployed Oracle’s Utilities Customer Cloud service to modernize their meter-to-cash operations. The company replaced its outdated CIS system with the innovative solution that enabled the company in reducing costs and complexities. With modern metering infrastructure, the company could serve its customer base efficiently.
North America is expected to dominate the market throughout the forecast period
North America customer information system market held over 32% share in 2019 due to availability of advanced power and utility infrastructure across the region. In addition, the presence of multiple prominent players including Avertra, IBM Corporation and Oracle Corporation which offer customer information system solutions is supporting the market growth. Furthermore, the government investments to develop and modernize the utility infrastructure in the region are also a prime factor enabling the demand for customer information system solutions.
Focus on inorganic growth strategies by key players to augment market share
Companies operating in the industry are emphasizing on development of integrated solutions to provide improved functional capabilities. Some of the key players operating in the customer information system market include Advanced Utility System, Agility CIS, ATS, Avertra, Cayenta, Efluid, EG, Fathom, Gentrack, Hansen, Hydro-comp, IBM Corporation, Indra, Northstar Utilities, Open International, Oracle Corporation, SAP SE, Vertexone, and Wipro Limited.