The Global Digital Utility Market size is expected to reach $380.9 billion by 2030, rising at a market growth of 10.2% CAGR during the forecast period.
The Asia Pacific region is witnessing significant growth in renewable energy projects, particularly solar and wind power. Therefore, the Asia Pacific region acquired $51881.9 million revenue in 2022. The rapid urbanization in the Asia Pacific region necessitates the modernization of energy grids. The growing urban population generates increased waste.
The major strategies followed by the market participants are Partnerships & Collaborations as the key developmental strategy to keep pace with the changing demands of end users. For instance, In November 2023, Capgemini SE signed a partnership with Bpifrance, through this partnership, Capgemini would expedite innovation and the digital transformation of Bpifrance and its clients, enhancing the bank's IT teams with cutting-edge technologies, notably in data processing and AI. Additionally, In October 2023, Siemens AG came into partnership with Microsoft to merge AI advancements across the Microsoft Cloud with Siemens' industrial domain knowledge, empowering frontline and knowledge workers alike with innovative, AI-driven tools.
Resilience planning involves using predictive analytics to develop early warning systems for natural disasters. AI and data analytics enable utilities to forecast potential threats and take proactive measures to safeguard critical infrastructure. Thus, because of the resilience planning and disaster management, the market is anticipated to increase significantly.
The Asia Pacific region is witnessing significant growth in renewable energy projects, particularly solar and wind power. Therefore, the Asia Pacific region acquired $51881.9 million revenue in 2022. The rapid urbanization in the Asia Pacific region necessitates the modernization of energy grids. The growing urban population generates increased waste.
The major strategies followed by the market participants are Partnerships & Collaborations as the key developmental strategy to keep pace with the changing demands of end users. For instance, In November 2023, Capgemini SE signed a partnership with Bpifrance, through this partnership, Capgemini would expedite innovation and the digital transformation of Bpifrance and its clients, enhancing the bank's IT teams with cutting-edge technologies, notably in data processing and AI. Additionally, In October 2023, Siemens AG came into partnership with Microsoft to merge AI advancements across the Microsoft Cloud with Siemens' industrial domain knowledge, empowering frontline and knowledge workers alike with innovative, AI-driven tools.
Cardinal Matrix - Market Competition Analysis
Based on the Analysis presented in the Cardinal Matrix; Microsoft Corporation is the forerunner in the Digital Utility Market. In November 2023, Capgemini SE signed a collaboration with Euroclear. Under this collaboration, both companies joined hands in the successful rollout of its Digital Securities Issuance (D-SI) service. Companies such as Siemens AG, Accenture PLC, and General Electric Company are some of the key innovators in Digital Utility Market.
Market Growth Factors
Industrialization is marked by adopting the Industrial Internet of Things (IIoT) to create connected and intelligent industrial ecosystems. Digital utility solutions contribute to the connectivity and optimization of energy-intensive industrial processes. Therefore, the market is expanding significantly due to the increasing trends in urbanization and industrialization.Resilience planning involves using predictive analytics to develop early warning systems for natural disasters. AI and data analytics enable utilities to forecast potential threats and take proactive measures to safeguard critical infrastructure. Thus, because of the resilience planning and disaster management, the market is anticipated to increase significantly.
Market Restraining Factors
The disparity in financial capabilities among utilities can lead to unequal access to digital technologies. Larger utilities or those in economically robust regions may have the financial capacity to invest in advanced solutions, leaving smaller utilities disadvantaged. Thus, high initial investment can slow down the growth of the market.By Network Analysis
Based on network, the market is classified into generation, transmission & distribution, and retail. In 2022, the generation segment witnessed 41.1% revenue share in the market. The generation segment leverages big data analytics to process large volumes of data generated by power plants and grid operations.
By Technology Analysis
By technology, the market is categorized into hardware and integrated solutions. The integrated solutions segment covered 34.6% revenue share in the digital utility market in 2022 Integrated solutions enable utilities to manage diverse aspects of their operations through a unified system. This ensures that utilities can engage with customers through their preferred channels, fostering stronger connections.By Regional Analysis
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the digital utility market by generating 33.2% revenue share. North America has numerous research and innovation centers focused on advancing digital utility technologies.Recent Strategies Deployed in the Market
- Nov-2023: Capgemini SE signed a collaboration with Euroclear, a Belgium-based financial services company that provides settlement and securities services for domestic and international securities transactions. Under this collaboration, both companies joined hands in the successful rollout of its Digital Securities Issuance (D-SI) service.
- Nov-2023: Capgemini SE signed a partnership with Bpifrance, a French public investment bank that provides financial support and services to French businesses. Through this partnership, Capgemini would expedite innovation and the digital transformation of Bpifrance and its clients, enhancing the bank's IT teams with cutting-edge technologies, notably in data processing and AI.
- Oct-2023: Siemens AG came into partnership with Microsoft, a multinational technology company renowned for its development of software, hardware, and cloud services. Under this partnership, both companies would be able to merge AI advancements across the Microsoft Cloud with Siemens' industrial domain knowledge, empowering frontline and knowledge workers alike with innovative, AI-driven tools.
- Sep-2023: Oracle Corporation signed a partnership with Microsoft Corporation, a multinational technology company renowned for its development of software, hardware, and cloud services. Under this partnership, Oracle Exadata hardware would be placed within Azure datacenters, customers would enjoy optimal performance in both database and network operations.
- Jun-2023: Accenture PLC signed a collaboration with AWS, a comprehensive and widely used cloud computing platform that offers a vast array of services for businesses to build and manage their IT infrastructure and applications. Through this collaboration, AWS would provide their clients across industries with meticulously crafted business cases, robust safeguards for responsible AI use, and heightened expertise to maximize value from innovative technologies.
List of Key Companies Profiled
- Cognizant Technology Solutions Corporation
- Accenture PLC
- Capgemini SE
- ABB Ltd.
- General Electric Company
- Siemens AG
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- IBM Corporation
Market Report Segmentation
By Technology- Hardware
- Integrated Solutions
- Generation
- Transmission & Distribution
- Retail
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global Digital Utility Market, By Technology
Chapter 6. Global Digital Utility Market, By Network
Chapter 7. Global Digital Utility Market, By Region
Chapter 8. Company Profiles
Companies Mentioned
- Cognizant Technology Solutions Corporation
- Accenture PLC
- Capgemini SE
- ABB Ltd.
- General Electric Company
- Siemens AG
- Microsoft Corporation
- Oracle Corporation
- SAP SE
- IBM Corporation
Methodology
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