The global digital utility market size is expected to reach USD 299.1 billion by 2025, according to a new study by Grand View Research, Inc., expanding at a CAGR of 11.6% during the forecast period. Technological advancements are leading to the digitalization of businesses, including the power industry. The power industry is increasingly realizing the importance of digital technologies, which in turn is anticipated to augment the market over the forecast period. Companies have recognized the benefits of digitalization and are now focusing on two key areas, namely customer engagement and improvement of operations and productivity, thus transforming the way businesses are conducted in the power industry.
The
growth of the digital utility market is driven by factors such as stringent
regulatory norms and an increasing number of distributed and renewable power
generation projects. The demand for digital utility solutions is increasing
rapidly owing to benefits provided by technologies such as digital asset
management, digital utility maturity assessment, and digital utility enterprise
architecture.
The
North America region commanded the leading revenue share in 2016 owing to
factors such as rapid technological advancements, enhanced network
connectivity, and high adoption rate of digital services. Some of the prominent
companies operating in the market are ABB Ltd., IBM Corporation, International
Business Machine Corporation, Microsoft Corporation, Oracle Corporation, and
SAP SE.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/digital-utility-market
Further Key
Findings From the Study Suggest:
- The hardware
segment is likely to gain the highest share in the market over the
forecast period. Hardware is extensively used in next-generation equipment
such as smart meters and transformers.
- The
transmission & distribution segment is poised to dominate the market
over the forecast period. Digital utility solutions enable users to
effectively perform transmission & distribution activities.
- North America
was the leading revenue contributor in 2016owing to an increasing number
of renewable power plants and rising investments in electrical
infrastructure.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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