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Customer Information System Market Growing at CAGR of 11.9% | Key Players Oracle, SAP, Hansen, IBM, Wipro

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Customer Information System Market Growing at CAGR of 11.9% | Key Players Oracle, SAP, Hansen, IBM, Wipro

February 12
10:46 2020
Customer Information System Market Growing at CAGR of 11.9% | Key Players Oracle, SAP, Hansen, IBM, Wipro

Oracle (US), SAP (Germany), Itineris (Belgium), Hansen (Australia), Fluentgrid (India), Open International (US), Gentrack (New Zealand), Milestone Utility Services (US), Cayenta (British Columbia), Advanced Utility Systems (Canada), Engineering (Lazio), Indra (Spain), Ferranti (Belgium), NorthStar Utilities (Canada), Vertexone (US), IBM (US), Wipro (India)…
Customer Information System Market by Component (Solutions and Services), Application (Water and Wastewater Management, Electricity and Power Management, and Utility Gas Management), Deployment Type, and Region – Global Forecast to 2023

The global Customer Information System Market is gaining traction, as it enables users to improve their business processes and manage their utility customer data. CIS ensures account maintenance, order processing, product/service management, rate design, billing, credit collection, accounts receivable, statement preparation, and payment processing. MarketsandMarkets expects the global CIS market to grow from USD 877 million in 2018 to USD 1,539 million by 2023, at a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period.

The services segment is expected to grow at a higher CAGR during the forecast period. The CIS services include legacy extension consulting service, CIS implementation service, and support services. These services enable utility providers to overcome various challenges, such as deployment challenges, infrastructure challenges, and operational challenges in CIS. The legacy extension consulting service ensures effective implementation, thereby assisting organizations to optimize the performance of CIS. These services also extend the life of the existing CISs that are not supporting new technologies. This extension is done by expanding the CIS data model to include new objects from the customer and commodity management spaces, as well as offering support in application management, application development, technical road mapping, and others.

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The utility gas management segment is projected to grow at the highest CAGR during the forecast period. The huge numbers of gas utility companies generate an enormous volume of meter data, which include data related to gas distribution network, meter billing, meter changes, and track meter readings for residential and commercial customers. The collection of such immense amounts of data would add up to the extra operational costs and is expected to become difficult to manage manually. CIS solutions for gas meters assist utilities to avoid revenue losses, as they facilitate the accurate gas usage, easy bill payment, as well as detect any risk related to technology, operation, and transformation in the gas distribution network.

In terms of geographic coverage, the global market has been segmented into 4 regions, namely, the Americas, Asia Pacific (APAC), Europe, and the Middle East and Africa (MEA). APAC is expected to record the highest growth rate during the forecast period. The region comprises emerging economies and countries, such as China, Australia, Japan, and India. Countries in APAC focus on investments, and government initiatives in the emerging technologies to strengthen its energy and utility deployments. For instance, as stated by BP Statistical Review of World Energy 2018, APAC is leading with the highest energy consumption with approximately 40% of global energy consumption, globally. China plays a vital role in the CIS market, as the demand for gas in the country is increased by 15% and energy consumption by 3% in 2017, resulting in the increase in the market for CIS solutions and services.

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Major CIS market vendors include Oracle (US), SAP (Germany), Itineris (Belgium), Hansen (Australia), Fluentgrid (India), Open International (US), Gentrack (New Zealand), Milestone Utility Services (US), Cayenta (British Columbia), Advanced Utility Systems (Canada), Engineering (Lazio), Indra (Spain), Ferranti (Belgium), NorthStar Utilities (Canada), Vertexone (US), IBM (US), Wipro (India), Agility CIS (New Zealand), Avertra (US), ATS (US), Cogsdale (Canada), FATHOM (US), EG (Denmark), efluid (France), and Hydro-Comp (Cyprus). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global CIS market. New product launches, partnerships, and agreements have been the most favored strategy adopted by the major players from 2016 to 2018, which helped them innovate their offerings and broaden their customer base.

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