The Digital Utility Global Market Report 2023, provides comprehensive information on the digital utility market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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According to The Business Research Company’s Digital Utility Global Market Report for 2023, the market is primed for substantial expansion, transitioning from a valuation of $203.74 billion in 2022 to an anticipated $229.40 billion in 2023, propelled by an impressive Compound Annual Growth Rate (CAGR) of 12.59%. However, the global economic landscape is ensnared in the complexities of the Russia-Ukraine conflict, which, at least in the immediate future, has cast a shadow over the prospects of a comprehensive recovery from the COVID-19 pandemic.
This protracted war has catalyzed a cascade of far-reaching consequences, encompassing economic sanctions that reverberate across multiple nations, an upward spiral in commodity prices, and disturbances within the global supply chain. These interconnected factors have contributed to inflationary pressures across the spectrum of goods and services, profoundly impacting global markets.
Nonetheless, the digital utility market appears poised for resilience and growth. Projections indicate a continued upward trajectory, forecasting a market size of $374.91 billion in 2027, driven by a robust CAGR of 13.07%. These figures underscore the enduring adaptability of the digital utility sector in a world marked by fluctuating geopolitical dynamics. The digital utility market plays a pivotal role in advancing the modernization and efficiency of utility services, making it a cornerstone of future progress and sustainability.
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The digital utility sector is witnessing a significant upsurge in technological advancements during the forecast period, marking a transformative phase in the industry’s evolution. An illustrative example of this trend is exemplified by the strategic collaboration that emerged in September 2021 when Ausgrid, the preeminent electricity distributor along Australia’s eastern seaboard, joined forces with two global technology giants: Infosys and Microsoft. Infosys, a renowned leader in next-generation digital services and consulting, and Microsoft, a distinguished US-based multinational technology corporation, united to expedite Ausgrid’s transition into a preeminent digital utility entity.
This synergy represents a decisive step towards leveraging the immense potential of cloud technology. The primary objectives encompassed the reduction of operating costs for Ausgrid and the enhancement of its IT systems and applications. Underpinning this transformative initiative, Infosys and Microsoft have undertaken the modernization of the application landscape and the optimization of the IT infrastructure for Ausgrid.
This collaborative endeavor not only symbolizes the adoption of cutting-edge technology but also underscores the strategic vision that leading utility providers are embracing to stay at the forefront of digital transformation. It serves as a testament to the commitment of the industry to enhance operational efficiency, embrace innovation, and meet the evolving demands of a rapidly changing world. The fusion of these technological heavyweights augurs well for the future of digital utilities, promising greater reliability and advanced capabilities in the realm of utility services.
The digital utility market is segmented:
1) By Deployment: On-Premise, Hybrid, Cloud
2) By Network: Generation, Transmission And Distribution, Retail
3) By Technology: Hardware, Integrated Solutions
4) By End-Use: Banking, Financial Services And Insurance (BFSI), Media And Communication Services, Manufacturing And Natural Resources, Aerospace And Defence, Transportation And Logistics, Government And Utilities, Other End-Users
Top Major Players
ABB Ltd.
General Electric Company
Siemens AG
Accenture PLC
Capgemini SE
North America was the largest region in the digital utility market in 2022.
The table of contents in TBRC’s digital utility market report includes:
1. Executive Summary
2. Digital Utility Market Characteristics
3. Digital Utility Market Trends And Strategies
4. Digital Utility Market – Macro Economic Scenario
5. Digital Utility Market Size And Growth
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26. Africa Digital Utility Market
27. Digital Utility Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Digital Utility Market
29. Digital Utility Market Future Outlook and Potential Analysis
30. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2017-2022, $ Billion
Table 2: Global Forecast Market Growth, 2022-2027F, 2032F, $ Billion
Table 3: Global Digital Utility Market, Segmentation By Deployment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Table 4: Global Digital Utility Market, Segmentation By Network, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
Table 5: Global Digital Utility Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
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Table 47: ABB Ltd. Financial Performance
Table 48: General Electric Company Financial Performance
Table 49: Siemens AG Financial Performance
Table 50: Accenture Plc Financial Performance
Table 51: Capegemini SE Financial Performance
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