Smart Utilities Management Market: Current Analysis and Forecast (2021-2027)

Smart Utilities Management Market: Current Analysis and Forecast (2021-2027)

The global smart utilities management market is expected to register a CAGR of around 18% over the period of 2021-2027. The global market is uplifting on account of the rising investment in digital infrastructure and smart grids, and the increasing usage of innovative solutions such as smart meters. Moreover, the upgradation of aging utility infrastructure followed by the increased need for resource management will positively stimulate the industry landscape. Smart Utilities is an energy and water provider, among others, that deploys connected devices across the grid and collects data that helps them deliver services more efficiently and reliably. In addition, the rising investments in smart cities are further propelling the smart utilities management market. For instance, according to the White House Presidential Innovation Fellow project, local governments in the US will invest approximately $41 trillion over the next 20 years to upgrade their infrastructure and take advantage of the IoT. With these huge investments, the IoT will transform the quality of life of urban citizens.

International Business Machines Corporation, Atos SE, Honeywell International Inc., ABB Ltd., Cisco Systems Inc., Uplight Inc., Itron Inc., GE Group, Schneider Electric SE, and Vodafone Group Plc are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
 
Insights Presented in the Report
"Amongst type, the meter data management held a prominent share in the market in 2020”

On the basis of type, the market is categorized into meter data management, energy monitoring, smart distribution management, and others. Among these, the meter data management segment accounted for a significant share of the smart utilities management market in 2020 and is expected to witness robust growth during the forecast period mainly due to the need to handle a huge amount of raw data and perform long-term data storage and management for the vast quantities of data delivered by smart metering systems.
"Amongst application, communication segment captured a prominent share in the market in 2020”

Based on application, the market is classified into power industry, water supply, transportation, communication, and others. Among these categories, the communication segment held a commendable share of the smart utilities management market in 2020 and is expected to witness substantial CAGR during the forecast period. The growth of this segment can be attributed to the growing communication industry along with the increasing use of smart utilities management in the information and communication technology industry.
"APAC to witness significant growth during the forecast period”

APAC accounted for a significant share of the global smart utilities management market and is expected to grow at a steady growth rate during the forecast period. This can be attributed to the rising number of large, medium, and small enterprises and the growing demand for smart utilities among enterprises in the region. In addition, the growing electronics industry is another factor contributing to the smart utilities management market in the region. For instance, according to the Indian Brand Equity Foundation (IBEF) electronics industry in India has grown the domestic production of electronics from US$ 29 billion in 2014-15 to US$ 67 billion in 2020-21.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.