Press release
Utility Billing Software Market Poised for 11 % Growth, Set to Hit $9.3 Billion by 2029
Utility Billing Software Market Outlook
The rising use and implementation of cloud services are anticipated to spur the expansion of the utility billing software market. This process often involves deploying applications using cloud hosting platforms. These cloud-based services simplify comprehensive rate control, usage and charge calculations, and billing creation, thereby contributing to the growth of the utility billing software market. For example, reports from the European Commission in April 2024 showed that 77.6% of large businesses confirmed the application of cloud computing services in 2023, indicating a 6-percentage point increase since 2021. Similarly, 59% of medium-sized businesses bought cloud services in 2023, a rise from 53% in 2021. Small enterprises also experienced a surge in cloud usage by 3.8 percentage points, totaling 41.7% during the same timeframe. Consequently, the escalating use and implementation of cloud services are propelling the advancement of the utility billing software market.
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How will the growth rate of the utility billing software market shape industry trends by 2034?
In recent years, there has been a significant expansion in the market size of utility billing software. The market, which is set to grow from $5.48 billion in 2024 to $6.03 billion in 2025, will experience a compound annual growth rate (CAGR) of 10.1%. Factors that contributed to this growth during the historic period include concerns over data security and privacy, competition in the market and consumer demands, modernization in the utility sector, the emphasis on sustainability, and the rise in complexity of utility services.
The market size of utility billing software is projected to experience a significant surge in the forthcoming years, growing to $9.3 billion in 2029 with a compound annual growth rate (CAGR) of 11.4%. The predicted growth in the forecast period is likely due to an increase in customer expectations, a strong emphasis on sustainability and energy efficiency, adoption of smart metering and IoT integration, data analytics demand, and a general shift towards cloud-based solutions. Key trends expected during the estimated time include the modernization of the utility sector, meeting regulatory compliance requirements, enforcement of cybersecurity practices, a focus on sustainability and green methodologies, and a move towards cloud-based solutions.
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What trends are poised to drive the future success of the utility billing software market?
The prominent trend emerging in the utility billing software market is technological innovation. Major market players are honing their focus on the creation of advanced technology to maintain their competitive edge in the marketplace. An exemplification of this is Advanced Utility Systems, a Canadian firm known for its customer information and billing solutions. In May 2022, the firm unveiled the cloud-based Infinity Customer Information System (CIS) Browser. What sets the Infinity Customer Information System (CIS) apart is its unmatched level of functionality, which allows utilities to not only fulfill their needs, but also exceed them. The system is a contemporary, cloud-based platform for customer information and billing that is instrumental in transforming utilities' management of field staff, customer service, and billing processes. The Infinity CIS allows utilities to improve first-call resolution, provide timely information to customers, accommodate diverse work settings, among other advantages.
Which primary segments of the utility billing software market are driving growth and industry transformations?
The utility billing software market covered in this report is segmented -
1) By Type: Platform As A Service, Infrastructure As A Service, Software As A Service
2) By Deployment Mode: On-Premises, Cloud-Based
3) By End-User: Water, Power Distribution, Oil And Gas, Telecommunication, Other End-Users
Subsegments:
1) By Platform As A Service (PaaS): Application Development Platforms, Integration Platforms, Database Management Platforms
2) By Infrastructure As A Service (IaaS): Virtual Servers, Storage Solutions, Networking Services
3) By Software As A Service (SaaS): Billing And Invoicing Software, Customer Relationship Management (CRM) Software, Analytics And Reporting Tools
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Which geographical regions are pioneering growth in the utility billing software market?
North America was the largest region in the utility billing software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the utility billing software market during the forecast period. The regions covered in the utility billing software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the influential players reshaping the utility billing software market landscape?
Major companies operating in the utility billing software market 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., ePsolutions Inc., SilverBlaze Solutions Inc., Aclara Technologies LLC, Advanced Utility Systems Corp., Avertra Corp., BillMaster Inc., Data West Corporation, Daffron & Associates Inc., Dynamic Systems Inc., ECI Software Solutions, EnergyCAP Inc., Energyworx Solutions BV, Ferranti Computer Systems NV, Gentrack Group Ltd., Hansen Technologies Ltd., HCL Technologies Ltd., Honeywell International Inc., International Business Machines Corporation, Itron Inc., Kalkitech Inc.
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What Is Covered In The Utility Billing Software Global Market Report?
• Market Size Forecast: Examine the utility billing software market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the utility billing software market for a structured understanding.
• Key Players Overview: Analyze major players in the utility billing software market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the utility billing software market.
• Segment Contributions: Evaluate how different segments drive overall growth in the utility billing software market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the utility billing software market.
• Industry Challenges: Identify potential risks and obstacles affecting the utility billing software market.
• Competitive Landscape: Review strategic developments in the utility billing software market, including expansions, agreements, and new product launches.
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