IMARC Group, a leading market research company, has recently releases report titled “Utility Billing Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global utility billing software market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Utility Billing Software Market?
According to the global utility billing software market report by IMARC Group, the market reached a value of US$ 5.1 Billion in 2022, and it is projected to reach a value of US$ 8.4 Billion by 2028, exhibiting a growth rate (CAGR) of 8.3% during 2023-2028.
Utility billing software manages utility operations, customer information, and billing functions for water, sewer, electric, gas, and waste management. It assists in increasing productivity and profitability through the integration of service orders, meter maintenance history, and scheduling customer management. It also aids in reducing the risks of fraudulent activities, managing accounts, and resolving the queries of customers. It is utilized by municipalities and officials to manage their daily operations effectively. As a result, utility billing software is widely employed in the water, power, telecommunication, and oil and gas industries across the globe.
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What are the growth prospects and trends in the utility billing software industry?
At present, the rising demand for smart billing solutions among the masses as compared to traditional options represents one of the key factors strengthening the market growth. Moreover, the integration of cloud computing and the internet of things (IoT) in utility billing software is offering a positive market outlook.
In addition, the increasing need to enhance user services and improvements in legacy billing systems are bolstering the growth of the market. Apart from this, the emergence of digital devices, along with the rising automation in the billing process, is offering lucrative growth opportunities to industry players.
Furthermore, various benefits offered by utility billing software, such as account and customer management, penalty or cut-off processing, and online payment processing, are supporting the growth of the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Deployment Mode:
- On-premises
- Cloud-based
Breakup by Type:
- Platform as a Service
- Infrastructure as a Service
- Software as a Service
Breakup by End User:
- Water
- Power Distribution
- Oil and Gas
- Telecommunication
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Continental Utility Solutions Inc., ePsolutions Inc., Exceleron Software, Harris Computer (Constellation Software Inc.), Jayhawk Software Inc., Jendev Corporation, Methodia Group, Oracle Corporation, Sigma Software Solutions Inc., SkyBill SIA and Utilibill Pvt. Ltd.
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