The latest report by IMARC Group, titled “Utility Billing Software Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global utility billing software market size reached US$ 5.1 Billion in 2022. Utility billing software (USB) refers to effective billing solutions specially designed to track and invoice utility services such as electricity, sanitation, wastewater, gas, and water. It processes day-to-day meter-to-cash operations, records customer data, conducts billing of utility services, resolves user inquiries, manages accounts, posts cash, generates bills, integrates finances, examines delinquent accounts, and minimizes the risk of fraudulent activities. In addition, it enhances accuracy, improves customer support experience, conserves utilities, accepts meter readings, calculates, generates invoices for utility usage, manages account receivables, and tracks service requests. As a result, utility billing software is widely adopted in oil and gas, power distribution, water, and telecommunication sectors across the globe.
Global Utility Billing Software Market Trends:
The market is primarily driven by the rising adoption of smart grid technology in the electrical power supply industry. Smart grid technology and smart meters are used for efficient electricity transmission, restoring power after disturbances, and minimizing utility power costs. In addition, the sudden outbreak of the coronavirus disease (COVID-19) pandemic and the continuous mandatory lockdown shifted the conventionally used bill-paying method toward online bill-paying applications, thus contributing to the market growth. Moreover, the growing improvements in legacy billing systems, such as the incorporation of the internet of things (IoT) and cloud computing solutions to meet the evolving dynamics of the utility sector, represent another major growth-inducing factor. Besides this, the increasing use of tablets, laptops, desktops, and smartphones to support digital payments and rising accessibility to high-speed internet connection are providing a positive thrust to the market growth. Furthermore, strategic collaborations between companies and mergers and acquisitions (M&A) between key players are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 8.4 Billion by 2028, exhibiting a CAGR of 8.3% during the forecast period (2023-2028).
- Based on the deployment mode, the market has been bifurcated into on-premises and cloud-based.
- On the basis of the type, the market has been classified into the platform as a service, infrastructure as a service, and software as a service.
- Based on the end user, the market has been categorized into water, power distribution, oil and gas, telecommunication, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined in the report, with some of the key players being 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.
|Base Year of the Analysis
||Deployment Mode, Type, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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