The global digital utility market size is estimated to grow from USD 227.85 billion in the current year USD 654.68 billion by 2035, at a CAGR of 11.13% during the forecast period, till 2035.
The utility industry is progressively adopting innovative digital technologies, such as blockchain, artificial intelligence (AI), and machine learning, to improve their operations, customer interactions, and partnerships within the supply chain. These digital approaches allow users to manage energy production and distribution more efficiently, providing capabilities like predictive maintenance along with increased safety and efficiency, which ultimately enhances customer satisfaction. The expansion of this sector is fueled by factors including the growth of renewable energy initiatives and mandates focused on energy efficiency. Furthermore, the pressing need for green energy and swift advancements are driving this momentum.
However, the services segment is expected to grow at a higher CAGR during the forecast period. This increase is driven by improvements in data extraction and analytics for better customer management, as well as a rising consumer preference for renewable energy options and sustainable practices from utility providers.
However, the retail segment is expected to grow at a higher CAGR during the forecast period. This increase is driven by heightened consumer awareness regarding environmental issues and an increasing demand for renewable energy alternatives.
However, the internet of things (IoT) segment is expected to grow at a higher CAGR during the forecast period. This increase is linked to the rising number of connected devices and sensors that enable real-time monitoring and management of energy resources.
However, the retail segment is expected to grow at a higher CAGR during the forecast period. This increase is linked to the increasing dependence on data analytics to gain deeper insights into customer behaviors and preferences. By employing digital utility solutions, retailers can enhance their energy management strategies, resulting in reduced costs and improved customer satisfaction.
The opportunity for digital utility market has been distributed across the following segments:
Type of Component
- Hardware
- Services
- Software
Type of Deployment
- Cloud
- Hybrid
- On-Premises
Type of Network
- Energy Storage
- Energy Trading
- Power Generation
- Retail
- Transmission & Distribution
Areas of Application
- Asset Management
- Smart Grid
- Smart Metering
Type of Technology
- Artificial Intelligence (AI)
- Big Data Analytics
- Internet of Things (IoT)
Type of End-User
- Commercial
- Residential
- Retail
Company Size
- Large Enterprises
- Small and Medium Enterprises
Geographical Regions
- North America
- US
- Canada
- Mexico
- Other North American countries
- Europe
- Austria
- Belgium
- Denmark
- France
- Germany
- Ireland
- Italy
- Netherlands
- Norway
- Russia
- Spain
- Sweden
- Switzerland
- UK
- Other European countries
- Asia
- China
- India
- Japan
- Singapore
- South Korea
- Other Asian countries
- Latin America
- Brazil
- Chile
- Colombia
- Venezuela
- Other Latin American countries
- Middle East and North Africa
- Egypt
- Iran
- Iraq
- Israel
- Kuwait
- Saudi Arabia
- UAE
- Other MENA countries
- Rest of the World
- Australia
- New Zealand
- Other countries
Digital Utility Market: Growth and Trends
Digital utility refers to the incorporation of cutting-edge technologies, data analytics, and communication systems into conventional utility frameworks to enhance efficiency, dependability, and sustainability. Within the sectors of electricity, water, and gas, digital utility solutions employ smart meters, sensors, and Internet of Things (IoT) devices to gather real-time data on usage trends and grid operations. This wealth of data enables utilities to improve resource management, swiftly detect issues, and respond more adeptly to variations in demand.The utility industry is progressively adopting innovative digital technologies, such as blockchain, artificial intelligence (AI), and machine learning, to improve their operations, customer interactions, and partnerships within the supply chain. These digital approaches allow users to manage energy production and distribution more efficiently, providing capabilities like predictive maintenance along with increased safety and efficiency, which ultimately enhances customer satisfaction. The expansion of this sector is fueled by factors including the growth of renewable energy initiatives and mandates focused on energy efficiency. Furthermore, the pressing need for green energy and swift advancements are driving this momentum.
Digital Utility Market: Key Segments
Market Share by Type of Component
Based on type of component, the global digital utility market is segmented into hardware, services and software. According to our estimates, currently, the hardware segment captures the majority of the market share. This can be attributed to the widespread adoption of smart meters, transformers, and other advanced equipment that are crucial for digital utility solutions.However, the services segment is expected to grow at a higher CAGR during the forecast period. This increase is driven by improvements in data extraction and analytics for better customer management, as well as a rising consumer preference for renewable energy options and sustainable practices from utility providers.
Market Share by Type of Deployment
Based on type of deployment, the global digital utility market is segmented into cloud, hybrid and on-premises. According to our estimates, currently, the on-premises segment captures the majority of the market share. This can be attributed to its established infrastructure and the control it provides utilities over their operations and data security. However, the cloud deployment segment is expected to grow at a higher CAGR during the forecast period. This increase is due to the widespread adoption of cloud deployment for its scalability, flexibility, and cost-effectiveness in managing digital utility functions.Market Share by Type of Network
Based on type of network, the global digital utility market is segmented into energy storage, energy trading, power generation, retail, transmission & distribution. According to our estimates, currently, the transmission & distribution segment captures the majority of the market share. This growth is largely due to the substantial investments necessary to upgrade outdated infrastructure and enhance the efficiency of electricity delivery systems.However, the retail segment is expected to grow at a higher CAGR during the forecast period. This increase is driven by heightened consumer awareness regarding environmental issues and an increasing demand for renewable energy alternatives.
Market Share by Area of Application
Based on area of application, the global digital utility market is segmented into asset management, smart grid and smart meeting. According to our estimates, currently, the smart grid segment captures the majority of the market share. This increase can be attributed to the essential function the smart grid sector serves in upgrading energy infrastructure and enhancing both the efficiency and reliability of electricity distribution. However, the smart metering sector is expected to grow at a higher CAGR during the forecast period. This growth is linked to the increasing demand for precise billing, improved customer engagement, and more effective energy management solutions.Market Share by Type of Technology
Based on type of technology, the global digital utility market is segmented into artificial intelligence (AI), big data analytics, and the internet of things (IoT). According to our estimates, currently, the artificial intelligence (AI) segment captures the majority of the market share. This growth can be attributed to its capacity to boost operational efficiency, enhance predictive maintenance, and support data-driven decision-making among utility providers.However, the internet of things (IoT) segment is expected to grow at a higher CAGR during the forecast period. This increase is linked to the rising number of connected devices and sensors that enable real-time monitoring and management of energy resources.
Market Share by Type of End User
Based on type of end user, the global digital utility market is segmented into commercial, residential and retail. According to our estimates, currently, the commercial segment captures the majority of the market share. This increase can be attributed to the rising adoption of digital utility solutions by businesses aiming to boost operational efficiency and lower energy expenses.However, the retail segment is expected to grow at a higher CAGR during the forecast period. This increase is linked to the increasing dependence on data analytics to gain deeper insights into customer behaviors and preferences. By employing digital utility solutions, retailers can enhance their energy management strategies, resulting in reduced costs and improved customer satisfaction.
Market Share by Company Size
Based on company size, the global digital utility market is segmented into large and small and medium enterprise. According to our estimates, currently, the large enterprise segment captures the majority of the market share. Meanwhile, the small and medium enterprise segments is expected to grow at a higher CAGR during the forecast period. This growth can be attributed to their adaptability, innovation, focus on specialized markets, and capacity to respond to evolving customer needs and market dynamics.Market Share by Geographical Regions
Based on geographical regions, the digital utility market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and the rest of the world. According to our estimates, currently North America captures the majority share of the market, owing to the region’s advanced technological infrastructure, early integration of smart grid solutions, and strong initiatives toward grid modernization.Digital Utility Market: Research Coverage
The report on the digital utility market features insights on various sections, including:
- Market Sizing and Opportunity Analysis: An in-depth analysis of the digital utility market, focusing on key market segments, including [A] type of component, [B] type of deployment, [C] type of network, [D] areas of application, [E] type of technology, [F] type of end-user, [G] company size, and [H] key geographical regions.
- Competitive Landscape: A comprehensive analysis of the companies engaged in the digital utility market, based on several relevant parameters, such as [A] year of establishment, [B] company size, [C] location of headquarters and [D] ownership structure.
- Company Profiles: Elaborate profiles of prominent players engaged in the digital utility market, providing details on [A] location of headquarters, [B] company size, [C] company mission, [D] company footprint, [E] management team, [F] contact details, [G] financial information, [H] operating business segments, [I] portfolio, [J] moat analysis, [K] recent developments, and an informed future outlook.
- Megatrends: An evaluation of ongoing megatrends in the digital utility industry.
- Patent Analysis: An insightful analysis of patents filed / granted in the digital utility domain, based on relevant parameters, including [A] type of patent, [B] patent publication year, [C] patent age and [D] leading players.
- Recent Developments: An overview of the recent developments made in the digital utility market, along with analysis based on relevant parameters, including [A] year of initiative, [B] type of initiative, [C] geographical distribution and [D] most active players.
- Porter’s Five Forces Analysis: An analysis of five competitive forces prevailing in the digital utility market, including threats of new entrants, bargaining power of buyers, bargaining power of suppliers, threats of substitute products and rivalry among existing competitors.
- SWOT Analysis: An insightful SWOT framework, highlighting the strengths, weaknesses, opportunities and threats in the domain. Additionally, it provides Harvey ball analysis, highlighting the relative impact of each SWOT parameter.
- Value Chain Analysis: A comprehensive analysis of the value chain, providing information on the different phases and stakeholders involved in the digital utility market.
Key Questions Answered in this Report
- How many companies are currently engaged in digital utility market?
- Which are the leading companies in this market?
- What factors are likely to influence the evolution of this market?
- What is the current and future market size?
- What is the CAGR of this market?
- How is the current and future market opportunity likely to be distributed across key market segments?
Reasons to Buy this Report
- The report provides a comprehensive market analysis, offering detailed revenue projections of the overall market and its specific sub-segments. This information is valuable to both established market leaders and emerging entrants.
- Stakeholders can leverage the report to gain a deeper understanding of the competitive dynamics within the market. By analyzing the competitive landscape, businesses can make informed decisions to optimize their market positioning and develop effective go-to-market strategies.
- The report offers stakeholders a comprehensive overview of the market, including key drivers, barriers, opportunities, and challenges. This information empowers stakeholders to stay abreast of market trends and make data-driven decisions to capitalize on growth prospects.
Additional Benefits
- Complimentary Excel Data Packs for all Analytical Modules in the Report
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- Detailed Report Walkthrough Session with the Research Team
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Table of Contents
SECTION I: REPORT OVERVIEWSECTION II: QUALITATIVE INSIGHTS5. EXECUTIVE SUMMARY7. REGULATORY SCENARIOSECTION III: MARKET OVERVIEW8. COMPREHENSIVE DATABASE OF LEADING PLAYERS10. WHITE SPACE ANALYSIS11. COMPANY COMPETITIVENESS ANALYSISSECTION IV: COMPANY PROFILESSECTION V: MARKET TRENDS14. MEGA TRENDS ANALYSIS15. UNMET NEED ANALYSIS16. PATENT ANALYSISSECTION VI: MARKET OPPORTUNITY ANALYSIS33. ADJACENT MARKET ANALYSISSECTION VII: STRATEGIC TOOLS34. KEY WINNING STRATEGIES35. PORTER’S FIVE FORCES ANALYSIS36. SWOT ANALYSIS37. VALUE CHAIN ANALYSISSECTION VIII: OTHER EXCLUSIVE INSIGHTS39. INSIGHTS FROM PRIMARY RESEARCH40. REPORT CONCLUSIONSECTION IX: APPENDIX41. TABULATED DATA42. LIST OF COMPANIES AND ORGANIZATIONS43. CUSTOMIZATION OPPORTUNITIES44. ROOTS SUBSCRIPTION SERVICES45. AUTHOR DETAILS
1. PREFACE
2. RESEARCH METHODOLOGY
3. MARKET DYNAMICS
4. MACRO-ECONOMIC INDICATORS
6. INTRODUCTION
9. COMPETITIVE LANDSCAPE
12. STARTUP ECOSYSTEM IN THE DIGITAL UTILITY MARKET
13. COMPANY PROFILES
17. RECENT DEVELOPMENTS
18. GLOBAL DIGITAL UTILITY MARKET
19. MARKET OPPORTUNITIES BASED ON TYPE OF COMPONENT
20. MARKET OPPORTUNITIES BASED ON TYPE OF DEPLOYMENT
21. MARKET OPPORTUNITIES BASED ON TYPE OF NETWORK
22. MARKET OPPORTUNITIES BASED ON AREAS OF APPLICATION
23. MARKET OPPORTUNITIES BASED ON TYPE OF TECHNOLOGY
24. MARKET OPPORTUNITIES BASED ON TYPE OF END-USER
25. MARKET OPPORTUNITIES BASED ON COMPANY SIZE
26. MARKET OPPORTUNITIES FOR DIGITAL UTILITY IN NORTH AMERICA
27. MARKET OPPORTUNITIES FOR DIGITAL UTILITY IN EUROPE
28. MARKET OPPORTUNITIES FOR DIGITAL UTILITY IN ASIA
29. MARKET OPPORTUNITIES FOR DIGITAL UTILITY IN MIDDLE EAST AND NORTH AFRICA (MENA)
30. MARKET OPPORTUNITIES FOR DIGITAL UTILITY IN LATIN AMERICA
31. MARKET OPPORTUNITIES FOR DIGITAL UTILITY IN REST OF THE WORLD
32. MARKET CONCENTRATION ANALYSIS: DISTRIBUTION BY LEADING PLAYERS
38. ROOTS STRATEGIC RECOMMENDATIONS
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
• Accenture PLC
• Capgemini SA
• Cisco Systems
• Cognizant Technology Solutions
• Eaton
• General Electric
• Honeywell
• IBM
• Itron
• Microsoft
• Oracle
• SAP SE
• Schneider Electric
• Siemens
• Toshiba
Methodology
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