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Explosive Growth Anticipated for $9.3 Billion Utility Billing Software Market by 2029 Amid Robust Cloud Deployment and Modernization Trends
Utility Billing Software Market Size
What Is The Projected Market Size Of The Global Utility Billing Software Market And Its Growth Rate?
The global utility billing software market has been seeing considerable growth. Some key numbers include:
- The market saw a growth from $5.48 billion in 2024 to $6.03 billion in 2025 at a CAGR of 10.1%.
- The growth over the years has been a result of various factors such as data security and privacy concerns, market competition, consumer demands, utility sector modernization, and a strong focus on sustainability.
- The market is expected to rapidly grow to $9.3 billion in 2029 at a CAGR of 11.4%, largely owing to rise in customer expectations, focus on sustainability and energy efficiency, and smart metering and IoT integration.
What Is Driving The Growth In The Utility Billing Software Market?
One of the key growth drivers of the utility billing software market is the ever-increasing cloud deployment and adoption. Cloud services simplify complex tasks like rate control, calculations, and bill preparation. An example of this is the European Commission's report which highlights that 77.6% of large enterprises reported using cloud computing services in 2023, a noticeable increase from 2021. This rise in cloud deployment, especially among small and medium businesses, is pushing the growth of the utility billing software market forward.
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Who Are the Key Players Driving Utility Billing Software Market Growth?
Some major players driving the utility billing software market growth include:
- Banyon Data Systems Inc.
- Oracle Corporation
- Cogsdale Corporation
- Enghouse Networks Limited
- Continental Utility Solutions Inc.
- Link Computer Corporation
- Sigma Software LLC
- Advantage Computer Enterprises Inc. (ACE)
- Harris Computer Systems
- Exceleron Software Inc.
What Are The Key Trends In The Utility Billing Software Market?
The key trends in the forecast period include:
- Utility sector modernization
- Regulatory compliance requirements
- Cybersecurity measures
- Emphasis on sustainability and green practices
- Shift to cloud-based solutions
What Are The Segments Of The Global Utility Billing Software Market?
The market has been segmented by:
- Type: Platform As A Service, Infrastructure As A Service, Software As A Service
- Deployment Mode: On-Premises, Cloud-Based
- End-User: Water, Power Distribution, Oil And Gas, Telecommunication, Other End-Users
Which Region Leads The Utility Billing Software Market?
In 2024, North America led the global utility billing software market. However, Asia-Pacific is expected to be the fastest-growing region in this market during the forecast period. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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What Is Covered In The Utility Billing Software Market Global Market Report?
- Market Size Analysis: Analyze the Utility Billing Software Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Utility Billing Software Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Utility Billing Software Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Utility Billing Software Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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