The global digital utility market is anticipated to grow at a CAGR of 12 % valuing USD 253 billion by 2023. The digital utility market refers to the use of digital technologies in the energy sector to optimize and modernize the production, distribution, and consumption of energy. The digital utilities are anticipated to expand in the assessment period owing to its several specifications that consist of renewables, smart grids, and the distributed generation that are further needed by new businesses and regulatory frameworks. These are used to influence the smart energy generation and management at the cheapest cost. The rising demand for regulatory requirements for electric utilities, distributions, renewable power generations, and energy efficiency requiring lesser carbon emission, are influencing the digital utility market 2020.
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Global
Digital Utility Market Segmentation
The global digital utilities are classified into deployment type, end-users, component, and region.
On the basis of deployment type, the global digital utility market can
be classified into the cloud, hybrid, premises, and others.
On the basis of end-users, the global digital utility market can be
classified into retail, commercial, residential and others.
On the basis of components, the global digital utility market can be
divided into software, services, hardware, and others.
On the basis of region, the global utility market can be classified into
Europe, North America, Asia Pacific and the Rest of the World (RoW).
Key
Players
The
established competitors in the global digital utility market are – International Business Machine Corporation (U.S.),
Oracle Corporation (U.S.), Capgemini SA (France), Cisco Systems Inc. (U.S.),
Accenture PLC (Ireland), General
Electric Company (U.S.), Microsoft Corporation (U.S.), Cognizant Technology
Solutions Corporation (U.S.), SAP SE (Germany), Siemens AG (Germany), and ABB
Ltd.(Switzerland), among others.
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Regional Analysis
The regional analysis of the digital utility market is being performed
for regions such as Europe, North America, Asia Pacific, and Rest of the World.
North America is one of the leading regions across the globe in the context of
market share in the digital utility market. The assimilated digital utilities
development assists to rebuild by analytics, cloud technologies, leveraging
mobility and others in the North American market. The digital utility trend in
the European market is anticipated to gain robust expansion in the future. The evaluation exhibits that digital
utility is flourishing in the North American market. The digital utility
requirement is expanding very fast as it regulates platform solution for
enforcing optimizing business process management, energy efficiency, and
real-time analytics that increasing the field services through assimilating the
IT services and others. The quick acceptance of modern digital technology in
the utility market is broadly practiced in the U.S. The technology encompasses
of Internet of Things (IoT), artificial intelligence (AI), digital marketing,
big data analytics, and others. Such adoptions have allowed digital
transformation for several utilities.
Owing to the technology innovations and socioeconomic constrain and
are affecting the North American market of digital utilities. Innovation in the
utility industry is equipping services such as customers & communities to
experience transformation, digital asset management, digital utilities maturity
assessment, digital utilities enterprise architecture and others.
The APAC market which includes
India, Japan, China, is a developing market for the digital trends in utility
market and is estimated to attain the highest CAGR in the forthcoming
period.
The potent regions like Germany, United States, Japan, China, has
crucial participation in the digital trends in the utility . The established
organizations like International Business Machine Corporation (U.S.),
General Electric Company (U.S.), Oracle Corporation (U.S.), SAP SE (Germany),
Siemens AG (Germany), are the most extensive investors for the advancement in
digital utility transformation. In 2017, SAP SE (Germany) joined hands with
African Utility week that are primarily concentrating on the significance of
digital utility and its profit in forthcoming years. It is paying attention to
modern technology such as big data which can be broadly utilized by the
organization for the longer use of assets, & increase energy production,
better performance of utility infrastructure, and others.
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1 MARKET INTRODUCTION
1.1 INTRODUCTION
1.2 SCOPE OF STUDY
1.2.1 RESEARCH OBJECTIVE
1.2.2 ASSUMPTIONS
1.2.3 LIMITATIONS
1.3 MARKET STRUCTURE:
1.3.1 GLOBAL DIGITAL UTILITY MARKET: BY COMPONENT
1.3.2 GLOBAL DIGITAL UTILITY
MARKET: BY DEPLOYMENT TYPE
1.3.3 GLOBAL DIGITAL UTILITY
MARKET: BY END-USER
1.3.4 GLOBAL DIGITAL UTILITY
MARKET: BY REGION
2 RESEARCH METHODOLOGY
2.1 RESEARCH
2.2 PRIMARY RESEARCH
2.3 SECONDARY RESEARCH
2.4 FORECAST MODEL
3 MARKET DYNAMICS
3.1 INTRODUCTION
3.2 MARKET DRIVERS
3.3 MARKET CHALLENGES
3.4 MARKET OPPORTUNITIES
4 EXECUTIVE SUMMARY
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