Global Customer Information System Market Overview
The key driver impacting the customer information system market is the rising technological advancements in the customer information system. In addition, the increasing government smart city initiatives are expected to create huge market demand in the forecast period. For instance, in 2015, the Administration had announced a new “Smart Cities” Initiative. Through this initiative, the government invests around $160 million in federal research and leverage over 25 new technology collaborations. The new initiative is a part of this Administration's overall commitment to target federal resources to meet local needs and support community-led solutions. Similarly, the Indian government has started the Smart Cities Mission on 25 June 2015. The main objective is to encourage inclusive and sustainable cities that offer core infrastructure, a sustainable and clean environment, and the application of 'Smart' Solutions. Moreover, the rising need to improve customer service with added capabilities and renovate the existing customer information systems contributes to customer information system market demand in the coming years.
According to Value Market Research, the global Customer Information System market size was valued at about USD 2 billion in 2020 and is estimated to grow at a CAGR of around 12% during the forecast period 2021 to 2027.
The emergence of IoT and cloud technologies will likely augment the need for customer information systems in the forecast period. However, strict government data regulations hamper the market in the long run. In addition, the challenges related to cybersecurity are negatively impacting market growth. Nevertheless, the industry trends, the union of AI with customer information systems, and the rising consumption of global utility services might provide massive market opportunities to the market's key players.
The Customer information system market is widespread, with many local and international players. The market leaders follow diverse strategies to strengthen their market, such as extending product portfolio, acquisitions, contracts, amalgamation, product upgrades to raise their market share globally. The key players taken in the report are SAP SE, Wipro Limited, Itineris, Fluentgrid Limited, Hansen Technologies, Open International, Milestone Utility Services, Inc., Gentrack, Vertexone, Cayenta, Ferranti Computer Systems, Harris Computer Corporation, IBM Corporation, Northstar Utilities Solutions, Agility CIS, Cogsdale Corporation, Avertra, Hydro-Comp, Inc, and Efluid.
In this research report, the Customer Information System market is segmented by component, deployment, application, and region.
Analysis by Component:
By component, the report is categorized into solution, software, and service. The solutions segment dominates the component segment with the highest share in 2020. It is due to the huge companies are adopting sophisticated CIS solutions that help them with enhanced capabilities to reduce total cost of ownership and improve the revenue generations contributes to the consumables segment's growth in the forecast period.
Analysis by Deployment:
By deployment, the report is categorized into cloud and on-premise. The on-premise segment is expected to register a high growth rate in the forecast period. It is due to the growing CIS deployment over in-house infrastructure as it helps in enhancing control and administration of business distribution processes. Also it ensure the delivery of services and commodity irrespective of the critical external environment. Moreover, it helps enterprises with personnel to serve customer necessities and control business infrastructure in a centralized way, contributes to the on-premise segment's growth in the forecast period.
Analysis by Application:
By application, the report is segmented into electricity management, utility management, water & wastewater management, and others. The electricity and power management segment dominates the application segment with a considerable growth rate of 9% in 2020. It is due to the massive adoption of customer information system solutions by electricity and power service providers are for improving meter-to-cash operations. Moreover, the system tracks financial & business information, which includes consumption, sales, and customer base to make certain optimum business operations, thus contributed to the growth of the electricity management segment in the forecast period.
Analysis by Region:
In the regional outlook of the global Customer information system market, the North America region dominates with the largest market share in 2020. It is widely implementing CIS solutions due to increased energy consumption, grid modernization projects, and government initiatives. On the other hand, the Asia Pacific region is likely to grow at a significant CAGR in the forecast period. It is due to the growing focus of companies on consumer satisfaction and the presence of developing economies in the Asia Pacific, such as China and India, are attracting global players toward investing in the customer information system as a service (CIaaS) is contributing to the tremendous market growth across the Asia Pacific.
Market Segmentation covered in the Report:
By Component
By Deplyoment
By Application
- Electricity Management
- Utility Management
- Water & Wastewater Management
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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