New York, July 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Digital Utility Market" - https://www.reportlinker.com/p06478966/?utm_source=GNW
Furthermore, the report segments the regional markets by major countries, such as the U.S., China, Germany, India and others, where the opportunities for advanced technologies are lucrative.
This study is prepared in a simple, easy-to-understand format; tables and figures are included to illustrate historical, current and future market scenarios.The report covers leading companies with information on product types, business footprint, revenue, etc.
BCC Research has also included a list of other companies in global and regional markets. In addition, the report consists of a patent analysis for the digital utility market, representing a significant investment area for investors.
In addition, the report incorporates the impact of COVID-19 and the Russia-Ukraine war on the global and regional markets.
In this report, 2022 is used as the market’s base year; estimated values are provided for 2023; and the market values are forecast from 2023 to 2028. All market values are provided in billions of dollars, and market shares and CAGRs are provided in percentages.
Report Includes:
- 51 data tables and 44 additional tables
- A brief overview and up-to-date analysis of the global digital utility market
- Analyses of the global market trends, with historical revenue (sales figures) for 2022, estimates for 2023, forecasts for 2024 and 2026, and projections of compound annual growth rates (CAGRs) through 2028
- Understanding of the current and upcoming market potential for the digital utility industry, and areas of focus to forecast this market into various segments and sub-segments
- Estimation of actual market size and revenue forecast for digital utility market in USD billion values, and corresponding market share analysis based on technology, network type, end-use industry, and region
- Discussion of major growth drivers, industry-specific challenges, regulatory aspects, and technology advancement that will shape the market for digital utility technologies as a basis for projecting demand in the next few years (2023-2028)
- Country specific data and market value analysis for the U.S., Canada, Mexico, Germany, France, Italy, Spain, the UK, Japan, China, India, Australia, South Korea, the Middle East and Africa, among others
- Analysis of market opportunities with a holistic review of the Porter’s five forces analysis and PESTLE analysis considering both micro- and macro environmental factors prevailing in the market
- A relevant patent analysis on the digital utility market with emphasis on R&D investments, emerging technologies, and new developments in the marketplace
- Latest information on the recent mergers and acquisitions, partnerships, agreements, collaborations, and other strategic alliances in global digital utility marketplace
Identification of the major stakeholders and analysis of the competitive landscape based on recent developments and segmental revenues
- Descriptive company profiles of the leading global players, including Cisco Systems Inc., General Electric Co., International Business Machines Corp., Accenture plc and Siemens AG
Summary:
Digitization has long been the prominent strategy pursued by major utility companies, and it has significantly contributed to reshaping and reinventing their organizations.The digital utility market is expected to grow due to the growing investments being made in adopting smart grids and the rising consumption of electricity.
Also, increasing renewable power generation and growing investment prospects in advanced metering infrastructure are some of the prominent factors contributing to the growing digital utility market.Increased focus towards adoption of technologies by utilities has become a crucial strategy for businesses.
It involves the implementation of cloud and big data analytics to IoT and automation. In sum, digital tech is shaping the future of the utility sector and posing new opportunities for achieving new revenue streams.
The demand for electricity is increasing at a faster pace every year.To cope with the increasing demand, energy and utility companies are upgrading to Distributed Energy Resources (DER) and Advanced Distribution Management Systems (ADMS).
Such systems require highly accurate data, which is not available with existing operations. Thus, it has become evident that utilities need to adopt digitization technologies to help them run their businesses more effectively and efficiently.
Also, AI-powered solutions are being used in the energy and utilities industries to monitor and track assets such as on-site equipment, end-user equipment and personnel, and mobile devices for effective asset management.These monitoring and advanced analytics capabilities can detect or even predict faults and schedule maintenance to reduce equipment downtime.
Data management and accuracy are critical to optimizing processes, as this can ultimately lead to cost savings. The energy and utility sectors are, therefore, adopting new technologies to collect and analyze data from multiple touchpoints in order to streamline operations.
Customer satisfaction is one of the primary goals of digital transformation.Personalized interactions through the online portal, mobile app and customer service team allow end users to access and transact directly with the utility.
This gives customers direct access to all their account information and thereby builds loyalty.
In sum, the increasing adoption of technology for growing business opportunities is strengthening the demand for advanced technologies such as edge computing, digital twins, the Internet of Things (IoT), Artificial intelligence (AI), Enterprise risk management (ERM) and Cloud Distribution Software, among others. Machine learning and artificial intelligence (AI) can supercharge the efficiency and resilience of a utility’s core business, and other technologies can lead to entirely new value-added services and business models for utilities.
Read the full report: https://www.reportlinker.com/p06478966/?utm_source=GNW
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