LONDON, April 19, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the utility billing software market identifies the growing cloud deployment and acceptance is projected to propel the utilities billing software industry ahead. Cloud services simplify end-to-end rate control, use and charge calculations, and bill generation; thus, increased cloud deployment and adoption are projected to drive the utility billing software market. According to a poll performed by O'Reilly Media, Inc., a US-based media business, in December 2021, about 90% of respondents from all around the world indicated their companies were using the cloud. Two-thirds (67%) of respondents utilize public clouds, 45% use private clouds, and 55% use typically managed on-premises infrastructure. In the coming year, nearly half (48%) of respondents said they planned to shift 50% or more of their programmes to the cloud. 20% of businesses want to migrate all of their apps to the cloud. As a result, rising cloud deployment and usage are propelling the utilities billing software market forward.
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The global utility billing software market size is expected to grow from $4.5 billion in 2022 to $5 billion in 2023 at a compound annual growth rate (CAGR) of more than 10%. The global utility billing software market size is then expected to grow to $7.4 billion in 2027 at a CAGR of more than 10%.
Major players in the utility billing software industry are SkyBill SIA, Banyon Data Systems Inc., Oracle Corporation, Jendev, Cogsdale Corporation, Enghouse Networks, CUSI, Link Computer Corporation, Sigma Software, Advantage Computer – Jayhawk Software, Harris Utilities.
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The primary trend gaining traction in the utilities billing software industry is technological improvement. To stay competitive, major players in the utilities billing software market are focusing on inventing innovative technologies. Advanced Utility Systems, a Canadian provider of customer information and billing solutions, for example, unveiled the Infinity Customer Information System (CIS) Browser, a cloud-based customer information and billing software platform, in May 2022. The Infinity Customer Information System (CIS) is distinguished by its unrivalled functionality availability, which enables utilities to achieve all of their requirements and more. It is a cutting-edge, cloud-based customer information and billing platform that is revolutionizing utilities' field workforce management, customer experience, customer service, and billing processes. With Infinity CIS, utilities may improve first-call resolution, access and distribute timely information to customers, enable varied working environments, and much more.
North America was the largest region in the utility billing software market in 2022. Asia-Pacific is expected to be the fastest-growing region as per the global utility billing software market forecast during the forecast period. The regions covered in the global utility billing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global utility billing software market is segmented by type into platform as a service, infrastructure as a service, software as a service; by deployment mode: on-premises, cloud-based; by end-user: water, power distribution, oil and gas, telecommunication, other end-users.
Utility Billing Software Global Market Report 2023 by The Business Research Company provides insights on the utility billing software market size, utility billing software market segments, utility billing software market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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