According to the global utility billing software market report by IMARC Group, the market reached a value of US$ 4.61 Billion in 2021, and it is projected to reach a value of US$ 7.73 Billion by 2027, exhibiting a CAGR of 8.60% during 2022-2027.
Utility billing software (UBS) refers to an advanced system specially designed for tracking the usage of gas, water, and electrical services for invoicing. It reduces the risk of fraudulent activities by assisting in generating invoices, integrating finances, controlling accounts, posting cash, answering customer queries, and examining past-due accounts. It helps power companies enhance accuracy, reduce cost-to-serve, plan marketing campaigns, and improve customer support. In recent years, UBS has gained immense popularity as it aids in meter management, invoice management, and payment processing based on the collected usage data.
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Utility Billing Software Market Trends and Drivers:
The global utility billing software market is primarily driven by the increasing need for power distribution companies to enhance operational efficacy at lower costs. Moreover, the shifting consumer inclination toward online bill-paying applications due to the sudden outbreak of coronavirus disease (COVID–19) is another major growth-inducing factor.
Additionally, the emergence of smart meters and smart grid technology to reduce utility power costs, restore power after disturbances, and promote efficient electricity transmission has accelerated the product adoption rate. Besides this, recent technological advancements in legacy billing systems, such as the integration of the Internet of Things (IoT) and cloud computing solutions, to meet the evolving dynamics of the utility sector have catalyzed market growth.
Other factors, including the increasing use of smart devices to support digital payments, the launch of innovative cloud-based electricity billing software, and improving access to high-speed internet, especially in developing countries, are also anticipated to create a favorable market outlook.
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.
Utility Billing Software Companies:
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.
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
Market 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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