Utility Billing Software Global Market Report 2024

The utility billing software market size has grown rapidly in recent years. It will grow from $5.04 billion in 2023 to $5.6 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth observed in the historical period can be attributed to several factors. These include heightened concerns regarding data security and privacy, the influence of market competition and evolving consumer demands shaping utility business models, initiatives for modernizing the utility sector, a growing emphasis on sustainability practices within the industry, and the increasing complexity of utility services necessitating more sophisticated solutions and systems.

The utility billing software market size is expected to see rapid growth in the next few years. It will grow to $8.32 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The anticipated growth in the forecast period is expected to be driven by various factors. These include the escalating expectations of customers, a heightened focus on sustainability and energy efficiency within the utility sector, the integration of smart metering and Internet of Things (IoT) technologies for improved operations, an increasing demand for data analytics to derive insights, and the transitioning of utility solutions towards cloud-based systems for enhanced accessibility and scalability. Key trends projected for the forecast period encompass ongoing modernization efforts within the utility sector, stringent regulatory compliance requirements guiding industry practices, a heightened emphasis on cybersecurity measures to protect sensitive data, a continued focus on sustainability and the adoption of green practices, and a notable shift towards leveraging cloud-based solutions to optimize utility operations and services.

The anticipated surge in cloud deployment and adoption is poised to significantly propel the growth of the utility billing software market. Cloud deployment involves the implementation of applications using cloud hosting models, streamlining processes such as end-to-end rate control, usage and charge calculations, and bill preparation. This trend is evident in the findings of a December 2021 survey conducted by O’Reilly Media, Inc., a US-based media company, where approximately 90% of global respondents reported their companies were actively embracing the cloud. Among the respondents, 67% utilized public cloud services, 45% leveraged private cloud solutions, and 55% adhered to traditionally managed on-premises infrastructure. Furthermore, 48% of participants expressed their intention to migrate 50% or more of their applications to the cloud in the upcoming year, with 20% aiming for a complete shift to cloud-based applications. Consequently, the increasing adoption of cloud deployment emerges as a key driver in the growth trajectory of the utility billing software market.

The escalating trend towards smart billing is anticipated to contribute significantly to the expansion of the utility billing software market. Smart billing involves an intelligent and technologically advanced approach to invoicing and financial transaction management, often employing digital technologies and automation to enhance efficiency and accuracy. Utility billing software plays a crucial role in smart billing by automating billing processes and incorporating features such as usage monitoring and analytics. Notably, in May 2023, according to the Smart Payment Association, a Germany-based trade body specializing in cards and mobile payments, the inclusion of contactless functionality in card shipments increased to 84% in 2022, up from the reported 76% in 2021. This signifies a growing reliance on digital and automated payment methods. As the prevalence of smart billing continues to rise, it is expected to be a key factor driving the growth of the utility billing software market.

The utility billing software market is experiencing a significant trend with technological advancement emerging as a focal point for major companies in the industry. These companies are directing their efforts toward the development of new technologies to stay competitive in the market. An example of this trend is observed in the actions of Advanced Utility Systems, a Canada-based provider of customer information and billing solutions, which, in May 2022, launched the Infinity Customer Information System (CIS) Browser - a cloud-based platform for customer information and billing. The distinctive feature of Infinity CIS lies in its unparalleled functionality availability, empowering utilities to meet their diverse needs and beyond. This modern, cloud-based platform plays a pivotal role in revolutionizing utilities' field workforce management, customer experience, and service and billing processes. It allows utilities to enhance first-call resolution, provide timely information to customers, support diverse working environments, and more.

Major companies in the utility billing software market are concentrating on introducing advanced and sustainable solutions, particularly cutting-edge billing software. This innovative billing software is designed to streamline billing processes and address the increasing demand for efficiency from consumers. For instance, in November 2023, Aquatera Utilities Inc., a full-service utility corporation based in Canada, introduced 'SpryPoint,' an innovative solution with a range of features and benefits. SpryPoint enables users to set up preferred communication channels, submit requests, receive specialized alerts, and view water usage and consumption data. This exemplifies the industry's commitment to introducing advanced technologies that cater to evolving consumer expectations and enhance overall utility billing processes.

In January 2022, AMCS, a technology provider based in Ireland specializing in the waste, recycling, and resource industries, successfully completed the acquisition of Utilibill Pty Ltd for an undisclosed amount. This strategic move is anticipated to facilitate AMCS in expanding its footprint within the international water and energy industries. Utilibill Pty Ltd, based in Australia, is recognized as a software company offering a highly automated, cloud-based billing platform tailored for utilities. The acquisition underscores AMCS's commitment to bolstering its capabilities and presence in key sectors, aligning with the company's strategic objectives for growth and diversification. The integration of Utilibill's advanced billing platform into AMCS's portfolio is poised to enhance the technology provider's offerings and strengthen its position in the global water and energy industries.

Major companies operating in the utility billing software market report are SkyBill SIA, Banyon Data Systems Inc., Oracle Corporation, Jendev Inc., 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., Cogent Analytics, 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..

North America was the largest region in the utility billing software market in 2023. 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. The countries covered in the utility billing software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of utility billing software include Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service (SaaS). PaaS involves a cloud computing model where consumers access hardware and software resources via the internet from a third-party supplier. Deployment modes for these services can include on-premises installation or utilization through cloud-based systems. These utility billing software services cater to a diverse range of end-users, including water, power distribution, oil and gas, telecommunications, and other utility service providers, aiding them in managing billing, usage monitoring, and providing efficient services to their customers.

The utility billing software market research report is one of a series of new reports that provides utility billing software market statistics, including utility billing software industry global market size, regional shares, competitors with a utility billing software market share, detailed utility billing software market segments, market trends and opportunities, and any further data you may need to thrive in the utility billing software industry. This utility billing software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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