Utility Billing Software Market - Growth, Trends, and Forecasts (2020 - 2025)
The Utility Billing Software Market is expected to grow at a CAGR of 8.31% during the forecast period (2020 - 2025). Utilities comprise of effective billing and collection systems. The rapidly changing industrial environment, the presence of digitally advanced consumers, and the convergence of digital devices and technologies and traditional business processes are increasingly making it complex for the utility industry.
To deliver services at par to match the rising expectations for effective services, the customer information systems and the current legacy billing systems are not suitable in the long term. Utilities are switching to various smart billing software products capable of handling every aspect of a service lifecycle from connection, rating, and meter reading to bill generation, payment processing, collection, and fieldwork.
Highly scalable utility billing software also has the capability of managing customer information and helps to improve customer services by allowing utilities to more effectively serve the consumers and stay ahead of the competition. All these factors are responsible for aiding the increasing demand for a variety of utility billing software.
There is an increasing improvement in legacy billing systems, one of the crucial factors driving the global utility billing software market. The rising adoption of smart grid technology such as smart meters in the electrical power supply industry has increased the complexity level in the billing and collection infrastructure for utilities.
Many services are switching to more flexible and scalable utility billing software due to the changing business dynamics. This particular trend is expected to increase in the upcoming years, and a large number of utilities will begin to adopt utility billing software.
Key Market Trends
Power Distribution Industry Expected to Hold Significant Market Share
Electricity billing had evolved from the days when utilities gathered monthly energy consumption data to produce a paper invoice that they sent to customers via mail. The use of smart meters, such as two communicating meters, makes it more readily adaptable to streamline the process.
For instance, Starnik, which is a software company for utility billing, provides cloud-based electricity billing software for the modern-day utility industry. The incredibly innovative electricity billing software of the company has helped to revolutionize the way utilities collect and process daily usage and billing data. With the electricity billing software developed by the company, it is easy to receive and store 15-minute interval reading from the smart grid-enabled devices.
DataWest, which provides software products for the needs of the utility industry, has its own electric utility billing software BillMaster. This electric utility billing software is crafted with the needs of electric clients firmly in mind. The company has extensive experience in the electricity industry and has provided the practical, real-world knowledge of electric utility needs, processes, and practices necessary to pack BillMaster with precisely the features and functions that the utility needs.
North America Expected to Have Significant Market Share
North America is expected to have a significant market share due to the advanced utility infrastructure in this region and the availability of funds for supporting the switch to operational advancements. Further, the presence of the cup[porting critical infrastructure makes it easy to introduce these solutions in the market.
Utility businesses in this region are also focused on effective consumer services to stay ahead of the increasing competition. Advanced billing software is also a norm in the utility industry in this region owing to the high integration of digital platforms like social media, mobile devices, web portals, and the presence of digitally literate consumers.
Central Square Technologies, which is a software company based in North America, provides technology solutions for various utilities. USTI develops, supports, and markets integrated municipal government software throughout the United States and Canada. USTI is considered as the national leader in integrated municipal government software, with over 900 customers using its asyst products.
Similarly, in October 2019, Utegration, LLC and HPC America has announced that they have entered into a definitive agreement under which Utegration intends to acquire HPC America. Through this, Utegration and HPC America intend to offer advanced professional services and solutions primarily focused on the utility and energy markets in North America.
The Utility Billing Software Market is neither fragmented nor consolidated, allowing to have multiple vendors present in the market. The lack of control of any player on the supply chain has helped in creating such a market. There are various mergers and acquisitions taking place in this market, and new innovations in terms of technology are expected to propel the growth of the market.
May 2019 - Echo Managed Services won a billing software contract with SES Water and SES Business Water for its new cloud-based software Aptumo. Aptumo is a cloud-based, customer billing and CRM solution into East Surrey Holdings Ltd. household and business water companies.
March 2019 - In order to provide a cost-effective solution to help the water utilities in meeting their transformation goals, Red Clay Consulting and Oracle Utilities announced a comprehensive new business and technology offering. The solution is powered by Oracle Utilities Customer Cloud Service (CCS), that combines the billing and customer service capabilities of Oracle Utilities’ Customer Care and Billing (CC&B) with advanced analytics and meter data management (MDM) in a single Software as a Service (SaaS) solution.
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