CHICAGO, November 2, 2018
CHICAGO, November 2, 2018 /PRNewswire/ --
According to the new market research report "Customer Information System Market by Component (Solutions and Services), Application (Water and Wastewater Management, Electricity and Power Management, and Utility Gas Management), Deployment Type, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Customer Information System (CIS) market is expected to grow from USD 877 million in 2018 to USD 1,539 million by 2023, at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period.
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The major factors driving the CIS market growth include the growing global utility consumption, emerging cloud and IoT technologies, and smart city initiatives.
Solutions segment accounts for a larger market share during the forecast period
CIS solutions help the utility sector to enhance the business efficiency of water, electric, and gas. CIS solutions segment consists of revenue streams generated from standalone CIS software and CIS-as-a-service (Pay-as-you-go) model. Utility vendors either deploy standalone CIS software or subscribe for the CIS-as-a-service model depending upon their requirements. CIS solutions assist organizations by managing millions of customers' accounts and bills every month. It streamlines and automates manual tasks of organizations to increase the efficiency and reduce human errors with the automation mechanism.
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CIS implementation services would enhance customer satisfaction during the forecast period
CIS implementation services help organizations for the successful execution of CIS by analyzing implementation plans provided by consultants. These service providers also take care of communication plans, analysis of documentation and design, development, and deployment. Implementation services ensure the integration of customer data into the new CIS system effectively. CIS vendors provide these services either with the help of in-house service team or third-party vendors.
Americas is expected to account for the largest market share during the forecast period
The Americas is the most dominant market for CIS deployment and progressive region in terms of technology adoption. The Americas comprises North America and Latin America. North America accounts for the highest market share in the CIS market. North American countries have been extensively implementing CIS solutions, due to the increasing consumption of energy, government initiatives, and grid modernizations project.
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Major vendors in the global Customer Information System Market include Oracle (US), SAP (Germany), Itineris (Belgium), Hansen (Australia), Fluentgrid (India), Open International (US), Gentrack (New Zealand), Milestone Utility Services (US), Cayenta (British Columbia), Advanced Utility Systems (Canada), Engineering (Lazio), Indra (Spain), Ferranti (Belgium), NorthStar Utilities (Canada), Vertexone (US), IBM (US), Wipro (India), Agility CIS (New Zealand), Avertra (US), ATS (US), Cogsdale (Canada), FATHOM (US), EG (Denmark), efluid (France), Hydro-Comp (Cyprus).
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