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The global utility billing software market was valued at US$ 4.61 Billion in 2021.
We expect the global utility billing software market to exhibit a CAGR of 8.60% during 2022-2027.
The sudden outbreak of the COVID-19 pandemic has led to the rising utilization for utility billing software, owing to the changing consumer inclination from conventionally used bill paying methods towards online bill paying methods to combat the transmission of the coronavirus infection upon human interaction.
The increasing integration of cloud computing and IoT solutions to meet the evolving dynamics of the utility industry and to enhance the overall operational efficiency at reduced costs, is primarily driving the global utility billing software market.
Based on the deployment mode, the global utility billing software market has been segmented into on-premises and cloud-based. Currently, cloud-based holds the majority of the total market share.
Based on the end user, the global utility billing software market can be divided into water, power distribution, oil and gas, telecommunication, and others. Among these, the power distribution sector exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global utility billing software market include 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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