SELBYVILLE, Del., Aug. 24, 2020
SELBYVILLE, Del., Aug. 24, 2020 /PRNewswire/ -- Global Market Insights, Inc. has recently added a new report on customer information system market which estimates the global market valuation for customer information system will cross US$ 3 billion by 2026. The increasing need to enhance customer service with additional capabilities and modernize the existing customer information systems are expected to contribute significantly to market growths.
The growing demand to assess and provide metered delivery of commodities and services with precision and efficiency is expected to support the CIS market growth. The advanced capabilities to simplify meter-to-cash processes, centralized data management and elimination of complex M2C integrations are further enabling the demand for advanced CIS solutions and services. CIS solutions help companies to consolidate the CRM and mainframe billing processes in single platform. In addition, it provides real time insights on service consumption and customer requirements. This help enterprises to serve customers within no time and improve the user experience.
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The CIS solution segment is expected to grow significantly over the forecast timeline at a CAGR of over 8%. Major companies are adopting sophisticated CIS solutions that help them with enhanced capabilities to reduce Total Cost of Ownerships and improve the revenue generations. The enterprises majorly leverage these CIS solutions to elevate the customer experience and support consistent industry modernization. The modern CIS solutions provide embedded robust billing engine and built in configuration interfaces enabling easy integration and infrastructure innovations.
The on-premise deployment segment is expected to grow significantly over the forecast timeline at a CAGR of nearly 5%. The companies relying on on-premise infrastructure for their business processes drive the demand for these CIS systems. The CIS system deployed over in-house infrastructure provides enhanced control and administration of business distribution processes. In addition, the companies majorly leverage these systems ensure the delivery of commodity and services irrespective of critical external environment. This help enterprises with personnel to serve customer requirements and control business infrastructure in a centralized manner.
The adoption of customer information system for electricity and power management application is expected to grow at a CAGR above 8% by 2026. The electricity and power service providers are adopting CIS solutions and services for enhancing meter-to-cash operations. The companies are utilizing the advanced CIS solutions to gather & manage customer information, improve electricity management and provide flexible billing efficiencies. In addition, the system tracks financial & business information including sales, consumption and customer base to ensure optimum business operations.
Asia Pacific is expected to witness exponential growth rate of above 13% CAGR in the CIS market from 2020 to 2026. The electricity & power supply companies in China and India are using advanced CIS solutions to replace the legacy systems. For instance, in March 2020, Fluentgrid, a leading enterprise from India signed a 2-year contract with 5 electricity supply companies in Karnataka. In the contract period, the company will replace existing CRM and billing products with advanced comprehensive suite of solutions including CIS solution. In addition, the investments in utility infrastructure and smart city initiatives are expected to fuel the market growth.
Browse key industry insights spread across 285 pages with 356 market data tables and 29 figures & charts from the report, "Customer Information System Market Share & Forecast, 2020 – 2026" in detail along with the table of contents:
The companies operating in the market are focusing on strategic partnership for development and deployment of advanced CIS solutions. For instance, in March 2020, Hansen Technologies has partnered with Fortum Oyj to optimize its utility infrastructure and improve the customer experience. Under the partnership, Hansen Technologies will deploy its Hansen CIS software platform to improve the customer reach and expand service delivery network. This helped Fortum to innovate its utility infrastructure and ensure customer satisfaction.
Some major findings of the CIS market report include:
Browse complete reports table of contents (ToC): https://www.gminsights.com/toc/detail/customer-information-system-cis-market
Partial chapters of report table of contents (TOC):
Chapter 3. Customer Information System Industry Insights
3.2. Industry segmentation
3.3. Impact of COVID-19 outbreak
3.3.1. Global outlook
3.3.2. Regional outlook
220.127.116.11. North America
18.104.22.168. Asia Pacific
22.214.171.124. Latin America
126.96.36.199. Middle East & Africa
3.3.3. Industry value chain
188.8.131.52. Customer information system providers
184.108.40.206. Marketing & distribution channel
3.3.4. Competitive landscape
220.127.116.11. Distribution network
18.104.22.168. Business growth
3.4. Industry ecosystem analysis
3.5. Technology & innovation landscape
3.5.1. Convergence of AI with customer information systems
3.5.2. Inreasing mobility in customer information systems
3.6. Regulatory landscape
3.6.1. North America
22.214.171.124. NIST Special Publication 800-144 - Guidelines on Security and Privacy in Public Cloud Computing (U.S.)
126.96.36.199. Health Insurance Portability and Accountability Act (HIPAA) of 1996 (U.S.)
188.8.131.52. Personal Information Protection and Electronic Documents Act [(PIPEDA) Canada]
184.108.40.206. General Data Protection Regulation (EU)
220.127.116.11. German Privacy Act (Bundesdatenschutzgesetz- BDSG)
18.104.22.168. Information Security Technology- Personal Information Security Specification GB/T 35273-2017 (China)
22.214.171.124. Secure India National Digital Communications Policy 2018 – Draft (India)
3.6.4. Latin America
126.96.36.199. National Directorate of Personal Data Protection (Argentina)
188.8.131.52. The Brazilian General Data Protection Law (LGPD)
184.108.40.206. Law No. 13 of 2016 on protecting personal data (Qatar)
220.127.116.11. Cyber Security Framework, Saudi Arabian Monetary Authority (SAMA)
3.7. Industry impact forces
3.7.1. Growth drivers
18.104.22.168. Rising demand from customers to be in control of their utility billing and consumption
22.214.171.124. Growing government smart city initiatives
126.96.36.199. Surging consumption of global utility services
188.8.131.52. Increasing penetration of cloud and IoT
184.108.40.206. Convergence of AI with customer information systems
3.7.2. Industry pitfalls & challenges
220.127.116.11. High initial investment and complex integrations
18.104.22.168. Risks of cyberattacks and data breaches
3.8. Growth potential analysis
3.9. Porter's analysis
3.10. PESTEL analysis
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