“Global Digital Utility Market to reach a market value of USD 380.9 Billion by 2030 growing at a CAGR of 10.2%”
The Global Digital Utility Market size is expected to reach $380.9 billion by 2030, rising at a market growth of 10.2% CAGR during the forecast period.
The Asia Pacific region is witnessing significant growth in renewable energy projects, particularly solar and wind power. Therefore, the Asia Pacific region acquired $51,881.9 million revenue in 2022. The rapid urbanization in the Asia Pacific region necessitates the modernization of energy grids. The growing urban population generates increased waste.
The major strategies followed by the market participants are Partnerships & Collaborations as the key developmental strategy to keep pace with the changing demands of end users. For instance, In November 2023, Capgemini SE signed a partnership with Bpifrance, through this partnership, Capgemini would expedite innovation and the digital transformation of Bpifrance and its clients, enhancing the bank's IT teams with cutting-edge technologies, notably in data processing and AI. Additionally, In October 2023, Siemens AG came into partnership with Microsoft to merge AI advancements across the Microsoft Cloud with Siemens' industrial domain knowledge, empowering frontline and knowledge workers alike with innovative, AI-driven tools.
Based on the Analysis presented in the KBV Cardinal matrix; Microsoft Corporation is the forerunner in the Digital Utility Market. In November 2023, Capgemini SE signed a collaboration with Euroclear. Under this collaboration, both companies joined hands in the successful rollout of its Digital Securities Issuance (D-SI) service. Companies such as Siemens AG, Accenture PLC, and General Electric Company are some of the key innovators in Digital Utility Market.
Industrialization is marked by adopting the Industrial Internet of Things (IIoT) to create connected and intelligent industrial ecosystems. Digital utility solutions contribute to the connectivity and optimization of energy-intensive industrial processes. Therefore, the market is expanding significantly due to the increasing trends in urbanization and industrialization.
Resilience planning involves using predictive analytics to develop early warning systems for natural disasters. AI and data analytics enable utilities to forecast potential threats and take proactive measures to safeguard critical infrastructure. Thus, because of the resilience planning and disaster management, the market is anticipated to increase significantly.
The disparity in financial capabilities among utilities can lead to unequal access to digital technologies. Larger utilities or those in economically robust regions may have the financial capacity to invest in advanced solutions, leaving smaller utilities disadvantaged. Thus, high initial investment can slow down the growth of the market.
Based on network, the market is classified into generation, transmission & distribution, and retail. In 2022, the generation segment witnessed 41.1% revenue share in the market. The generation segment leverages big data analytics to process large volumes of data generated by power plants and grid operations.
By technology, the market is categorized into hardware and integrated solutions. The integrated solutions segment covered 34.6% revenue share in the digital utility market in 2022 Integrated solutions enable utilities to manage diverse aspects of their operations through a unified system. This ensures that utilities can engage with customers through their preferred channels, fostering stronger connections.
Free Valuable Insights: Global Digital Utility Market size to reach USD 380.9 Billion by 2030
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the digital utility market by generating 33.2% revenue share. North America has numerous research and innovation centers focused on advancing digital utility technologies.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 177.4 Billion |
| Market size forecast in 2030 | USD 380.9 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 10.2% from 2023 to 2030 |
| Number of Pages | 200 |
| Number of Tables | 253 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Technology, Network, Region |
| Country scope |
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| Companies Included | Cognizant Technology Solutions Corporation, Accenture PLC, Capgemini SE, ABB Ltd., General Electric Company, Siemens AG, Microsoft Corporation, Oracle Corporation, SAP SE, IBM Corporation |
By Technology
By Network
By Geography
This Market size is expected to reach $380.9 billion by 2030.
Increasing trends in urbanization and industrialization are driving the Market in coming years, however, Adverse impact of high initial investment restraints the growth of the Market.
Cognizant Technology Solutions Corporation, Accenture PLC, Capgemini SE, ABB Ltd., General Electric Company, Siemens AG, Microsoft Corporation, Oracle Corporation, SAP SE, IBM Corporation
The expected CAGR of this Market is 10.2% from 2023 to 2030.
The Hardware segment is leading the Market, By Technology in 2022; there by, achieving a market value of $241.9 billion by 2030.
The North America region dominated the Market, By Region in 2022, and would continue to be a dominant market till 2030; there by, achieving a market value of $121.1 billion by 2030.
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