Digital Utility Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Digital Utility Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Digital Utility Global Market Report 2024, The digital utility market size has grown rapidly in recent years. It will grow from $227.85 billion in 2023 to $253.94 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to increase in renewable energy sources, stricter regulations and compliance, aging infrastructure, rising energy demand, growth in data generation, increase in natural disasters.

The digital utility market size is expected to see rapid growth in the next few years. It will grow to $406.95 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to rapid urbanization, growing threat of cyber attacks, expansion of electric vehicle infrastructure, increased adoption of cloud computing, implementation of 5G network. Major trends in the forecast period include grid digitalization, AI and machine learning applications, energy storage integration, customer-centric solutions, transition to smart cities.

The growing number of distributed and renewable power generation projects is expected to drive growth in the digital utility market during the forecast period. Distributed generation refers to the production of electricity from several sources, frequently from renewable energy sources. The number of distributed projects has grown because renewable and distributed power generation reduce the amount of electricity that needs to be generated at centralized power facilities, protecting the environment and thereby lowering the environmental impacts of centralized generation. The significant environmental impact of distributed and renewable energy generation projects is driving an increase in the number of these projects. For instance, in May 2021, in an article published by the Climate Policy Initiative, an India-based analysis and advisory organization with expertise in finance and policy, India’s goals to increase the proportion of renewable energy (RE) in its energy mix were described as ambitious. 175 GW of renewable energy projects will be installed by the Government of India (GoI) by 2022 and 450 GW by 2030. Therefore, the growing number of distributed and renewable power generation projects is driving the growth of the digital utility market.

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The digital utility market covered in this report is segmented –
1) By Deployment: On-Premise, Hybrid, Cloud
2) By Network: Generation, Transmission And Distribution, Retail
3) By Technology: Hardware, Integrated Solutions
4) By End-Use: Banking, Financial Services And Insurance (BFSI), Media And Communication Services, Manufacturing And Natural Resources, Aerospace And Defense, Transportation And Logistics, Government And Utilities, Other End-Users

Major companies operating in the digital utility market are focusing on innovative products, such as mobile workforce management, to better meet the needs of their existing consumers. Mobile workforce management (MWM) refers to the tools and processes used to support and empower employees who work outside of a traditional office setting. For instance, in February 2022, ARCOS LLC, a US-based digital utility software and solutions company, launched the premium MWM software ARCOS Mobile Workbench for mobile workforce management. ARCOS Mobile Workbench consolidates all work assignments, changes, and reports into a single, simple interface, reducing time-consuming manual effort and effortlessly connecting the current legacy systems. Alternatively, one can run everything through ARCOS, whichever works best for the workflow. The information in the ARCOS Mobile Workbench is entirely confidential, with only those allowed access by the server being able to see it. Data is encrypted both at rest and in transit, giving complete control over access to it.

The digital utility market report table of contents includes:
1. Digital Utility Market Executive Summary
2. Digital Utility Market Market Characteristics
3. Digital Utility Market Trends And Strategies
4. Digital Utility Market Size And Growth
5. Digital Utility Market Segmentation
….
26 . Digital Utility Market Regional And Country Analysis
27. Digital Utility Market Competitive Landscape And Company Profiles
28. Digital Utility Market Key Mergers And Acquisitions
29. Digital Utility Market Future Outlook and Potential Analysis

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