The global digital utility market is expected to witness high growth potential in coming years due to its growing focus on energy utility operations efficiency and increase in investments in renewable energy. However, the high operating cost is expected to hinder the expansion of the digital utility market. Nevertheless, an increase in digital power plants and digital buildings is expected to offer ample growth opportunities for the digital utility market. The digital utility market was valued at $214.19 million in 2022 and is estimated to reach $594.2 million by 2032, growing at a CAGR of 10.8% from 2023 to 2032.
𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂: https://www.alliedmarketresearch.com/request-sample/109780
Digital utility refers to the multifaceted use and integration of digital technologies and data-driven solutions to enhance the efficiency, effectiveness, and overall value of various services, processes, and systems in both the public and private sectors. It involves leveraging digital tools, such as advanced analytics, automation, cloud computing, artificial intelligence (AI), Internet of Things (IoT), and other emerging technologies, to optimize resource allocation, improve decision-making, streamline operations, and deliver personalized experiences to users.
Digital utility encompasses a broad range of applications, including energy management, water and waste management, transportation systems, healthcare services, smart cities, and more, aiming to transform traditional utilities into interconnected, data-enabled ecosystems that provide sustainable, reliable, and user-centric solutions for the benefit of individuals, organizations, and society as a whole.
The rise in the need to reduce operational expenses in a variety of industrial verticals is anticipated to be the primary factor driving the global digital utility market size. An increase in the adoption of digital technologies across a variety of business sectors is anticipated to contribute to the expansion of the digital utility market forecast, as it offers a variety of benefits, such as helping in the discovery of new avenues for revenue growth, end-user demand solutions, development of highly cost-effective business models, reduction of capital investments, and improvement of regulatory compliance.
In addition, digital transformation offers utility industries performance optimization, the creation of new business models with minimal disruptions, and low-cost, high-value services. These characteristics are anticipated to contribute to the expansion of the global digital utility market opportunities.
An increase in the integration of the Internet of Things (IoT) into intelligent systems, such as smart metering systems and smart grid technology, is anticipated to support the growth of digital utility market trends across a variety of industries. This is anticipated to contribute to the expansion of the global digital utility market share. Smart systems provide a variety of features, such as controlled communication between various assets, reduction in the workforce, development of utilities that can predict failure risks, and in-depth, effective inspection.
𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮'𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/109780
Moreover, a rise in customer expectations for highly responsive systems, dependable feedback outcomes, and improved user experience is anticipated to increase the adoption of digital applications among diverse organizations, thereby boosting the global digital utility market scope. An increase in demand for data analytics to manage vast amounts of data generated during various business processes is anticipated to increase the development of digital transformation across industries.
In addition, features such as increased engagement, optimized interactions, new product and service enhancements, energy-efficient programs, cost sustainability, and user-friendliness are anticipated to boost the digital utility market analysis during the forecast period. Using digital utility in the development of electricity infrastructure, for instance, is expected to accurately predict maintenance disruptions.
𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:
The Digital Utility industry's key market players adopt various strategies such as product launches, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐔𝐭𝐢𝐥𝐢𝐭𝐲 𝐦𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞,
SAP SE
Schneider Electric SE.
Cisco Systems Inc.
Siemens, Oracle Corporation.
Capgemini
General Electric Company
Microsoft Corporation
ABB Ltd.
However, the high cost of infographic tools used to depict the digital marketing landscape and transformational initiatives is expected to be a significant factor restraining the growth of the digital utility industry. In addition, disruptive traditional business models, high costs associated with the integration and collaboration of varied industrial applications, and stringent regulations are expected to hinder the global digital utility market growth.
The digital utility market is segmented based on technology, network, and region. By technology, the market is divided into hardware and integrated solutions. Based on the network, it is categorized into power generation, transmission and distribution, and retail. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Based on technology, the digital utility market is categorized into hardware and integrated solutions. Hardware is projected to be the fastest-growing segment and has garnered the highest share in the digital utility market.
Based on the network, the digital utility market is classified as power generation, transmission and distribution, and retail. Transmission and Distribution is projected to be the fastest-growing segment and has garnered the highest share in the digital utility market.
𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/109780
𝐊𝐞𝐲 𝐟𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐬𝐭𝐮𝐝𝐲:
- By technology, the hardware segment is expected to grow at a CAGR of 10.9%, in terms of revenue, during the forecast period.
- By network, the transmission and distribution segment is expected to grow at a CAGR of 10.9%, in terms of revenue, during the forecast period.
- Region-wise, Asia-Pacific garnered a major share in 2022 in terms of revenue
𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐄𝐧𝐞𝐫𝐠𝐲 𝐚𝐧𝐝 𝐏𝐨𝐰𝐞𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:
𝟏. 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐎𝐢𝐥𝐟𝐢𝐞𝐥𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2021/11/22/2338888/0/en/Digital-Oilfield-Market-To-Reach-54-4-Billion-By-2030-Allied-Market-Research.html
𝟐. 𝐔𝐭𝐢𝐥𝐢𝐭𝐲 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.com/news-releases/utility-communications-market-to-garner-37-0-billion-globally-by-2032-at-5-7-cagr-allied-market-research-301893652.html
𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:
Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
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