According to the latest report by IMARC Group, titled “Utility Billing Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on utility billing software market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global utility billing software market reached a value of US$ 4.61 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 7.73 Billion by 2027 exhibiting a CAGR of 8.60% during 2022-2027.
Utility billing software or UBS refers to an advanced system designed to track the usage of various utility services, such as electricity, water, and gas, for invoicing. It assists service providers in managing the billing process and aids in meter management, invoice management, and payment processing based on the collected usage data. It also helps identify consumer usage patterns, handle accounts, resolve user queries, integrate finances, and generate invoices while minimizing the risks of fraudulent activities. Nowadays, power companies are extensively using UBS to enhance customer support, reduce cost-to-serve, improve accuracy, and strategize marketing campaigns.
Utility Billing Software Market Trends and Drivers:
The global utility billing software market is primarily driven by the growing need to improve operational efficiency at reduced costs. In addition, with the recent outbreak of coronavirus disease (COVID-19), there has been a significant shift from traditional bill-paying methods toward online bill payment.
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Besides this, the widespread adoption of smart grid technology, such as smart meters, to enable efficient electricity transmission, restore power after disturbances, and reduce power utility costs, have escalated the product demand. Furthermore, several key players are engaging in strategic collaborations to develop more advanced, efficient cloud-based UBS, which has positively influenced the market growth.
Other factors, including the developments in legacy billing systems, increasing penetration of smart devices that support digital payments, easy availability of high-speed internet, technological advancements, and product innovations, are also anticipated to drive the market further.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Utility Billing Software Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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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The report has segmented the market on the basis of region, deployment mode, type and end user.
Breakup by Deployment Mode:
Breakup by Type:
- Platform as a Service
- Infrastructure as a Service
- Software as a Service
Breakup by End User:
- Power Distribution
- Oil and Gas
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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