Overview and Scope
Utility billing software refers to integrated platforms created for utility businesses to lower cost-to-serve while providing top-notch service. Utility billing software is used to help providers monitor the usage of the utilities they provide, such as water, gas, electricity, wastewater, and sanitation.
Sizing and Forecast
The utility billing software market size has grown rapidly in recent years. It will grow from $5.04 billion in 2023 to $5.6 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to data security and privacy concerns, market competition and consumer demands, utility sector modernization, focus on sustainability, increasing complexity of utility services..
The utility billing software market size is expected to see rapid growth in the next few years. It will grow to $8.32 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to rise in customer expectations, focus on sustainability and energy efficiency, smart metering and iot integration, demand for data analytics, transition to cloud-based solutions.. Major 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..
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Segmentation & Regional Insights
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
North America was the largest region in the utility billing software market in 2023. 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
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Major Driver Impacting Market Growth
The increasing cloud deployment and adoption is expected to boost the growth of the utility billing software market going forward. Cloud deployment refers to the process of deployment of applications using cloud hosting models. Cloud services make it simple to manage end-to-end rate control, use and charge calculations, and bill preparation, hence, increasing cloud deployment and adoption is expected to boost the utility billing software market. For instance, in December 2021, according to a survey conducted by O’Reilly Media, Inc., a US-based media company, 2021, around 90% of respondents from all across the world said their companies were adopting the cloud. Two-thirds of respondents (67%) use a public cloud, 45% use a private cloud, and 55% use conventionally managed on-premises infrastructure. Nearly half (48%) of respondents indicated they intended to move 50% or more of their apps to the cloud in the upcoming year. 20% of companies intend to move all of their applications to the cloud. Therefore, increasing cloud deployment and adoption are driving the growth of the utility billing software market.
Key Industry Players
Major companies operating in the utility billing software market are focused on introducing advanced and sustainable solutions, such as cutting-edge billing software to gain a competitive edge in the market. Such innovative billing software is used to streamline billing processes and address consumers’ increasing demand for efficient billing processes. For instance, in November 2023, Aquatera Utilities Inc., a Canadian-based full-service utility corporation, introduced ‘SpryPoint’, an innovative solution that delivers an array of features and benefits. It is used to set up preferred communication, submit requests, provide specialized alerts, and ability to view water usage and consumption.
The utility billing software market report table of contents includes:
1. Executive Summary
2. Utility Billing Software Market Characteristics
3. Utility Billing Software Market Trends And Strategies
4. Utility Billing Software Market – Macro Economic Scenario
5. Global Utility Billing Software Market Size and Growth
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31. Global Utility Billing Software Market Competitive Benchmarking
32. Global Utility Billing Software Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Utility Billing Software Market
34. Utility Billing Software Market Future Outlook and Potential Analysis
35. Appendix
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