2024 Customer Information System Market: Size, Share, Growth, Trends, Analysis, Forecast, Outlook, Top Players

The customer information system market size has grown rapidly in recent years. It will grow from $1.29 billion in 2023 to $1.46 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. The growth in the historic period can be attributed to data accuracy initiatives, user interface upgrades, security overhauls, scalability enhancements, and integration with CRM.

The customer information system market size is expected to see rapid growth in the next few years. It will grow to $2.41 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to AI and predictive analytics integration, enhanced mobile accessibility, IoT integration, advanced personalization capabilities, and continuous performance monitoring. Major trends in the forecast period include hyper-personalization, emphasis on explainable AI, decentralized identity management, edge computing for real-time processing, and digital twin technology.

Market Overview -
A customer information system (CIS) is a database designed to store and manage crucial customer information, such as contact information, purchase history, and preferences, to enhance customer relationship management (CRM) strategies. It enables businesses to track and analyze customer interactions, improving personalized services and overall customer satisfaction.

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Utility Consumption Surge Drives Expansion Of The Customer Information System Market
The growing global utility consumption is expected to propel the growth of the customer information system market going forward. Utility consumption refers to the amount of resources, such as electricity, water, gas, or other essential services, utilized by residential, commercial, or industrial consumers. Growing global utility consumption can be attributed to increasing infrastructure investment, industrialization, and changing lifestyle and consumer patterns. A customer information system for utility consumption enables efficient tracking and management of customer usage data, enhancing service delivery and resource optimization. For instance, in December 2023, according to the International Energy Agency (IEA), a France-based intergovernmental organization, total U.S. electricity end-use consumption in 2022 was about 3.2% higher than in 2021. Additionally, residential sector retail electricity sales saw a 2.6% increase compared to 2021, while commercial sector retail electricity sales experienced 4.7% growth from 2021. Therefore, growing global utility consumption is driving the growth of the customer information system market.

Competitive Landscape -
Major companies operating in the customer information system market are International Business Machines Corporation, Oracle Corporation, Schneider Electric, SAP SE, HCL Technologies, Wipro Limited, Indra Company Inc., Agility Customer Information System, Hansen Technologies Corporation, Gentrack Limited, Fluentgrid Limited, Avertra Corporation, Harris Computer Systems, Cayenta CIS, Vertexone, Itineris NV, Open International LLC, Hydro Comp Enterprises Ltd., Ferranti Computer Systems NV, Cogsdale Corporation, Northstar Utilities Solutions, Advanced Utility Systems, Efluid SAS, Milestone Utility Services Inc., Cognera Corporation

Technological Advancements In Customer Information Systems
Major companies operating in the customer information system market are focusing on technological innovations, such as data platforms using the cloud, to gain a competitive edge in the market. A cloud-utilizing data platform is a comprehensive system or infrastructure hosted on cloud computing resources that enables organizations to store, manage, process, and analyze large volumes of data. As organizations seek to optimize operations and enhance customer experiences, they rely on cloud-based data platforms to efficiently store, manage, and analyze vast amounts of customer data. For instance, in January 2023, AGL, an Australia-based energy company, launched an innovative customer data platform using the Microsoft cloud. This effort aims to empower consumers by providing them with greater control over their data. AGL will use a platform on the Microsoft Cloud to enable secure data exchange. This could open up growth opportunities, such as using machine learning for bill forecasting, integrating with open banking, and suggesting ways for more efficient energy use.

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Key Segments -
The customer information system market covered in this report is segmented -
1) By Component: Solution, Services
2) By Deployment: Cloud, On-premises
3) By Service: 24/7 Assistance Services, Product Update Services, Repairing And Testing Services
4) By End-user: Water And Wastewater Management, Energy And Utility, Electricity And Power Management

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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