Customer Information System Market – How the Business Will Grow in 2024?

Customer Information System Market has penetrated into different application areas including electricity & power management, water & wastewater management, and utility gas management. The water & waste management segment dominates the customer information systems market as the government is globally taking strategic steps to curb the wastage of water by enabling smart distribution of water depending on the customers’ usage pattern and area population.

Furthermore, the increasing water consumption has made water utilities a dominant force in CIS selection and implementation market in the customer information system market. Water utility companies are also looking toward fixing their legacy billing systems with high level CIS, allowing utility providers to take advantage of the latest version of CIS software.

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Customer Information System Market in support services segment are growing at the fastest rate as they concentrate on proficiently managing the customer’s business applications along with providing 24/7 assistance, product updates, and repairing & testing services. By offering these services, the utility companies are able to meet the rising customer expectations, gaining a competitive edge in the market. The services segment is growing at a fast rate in the market with CIS providers offering these services to either third-party providers or an in-house service team.

Customer Information System Market is expected to register an excellent growth over the forecast timeline as rising digital technology trends and changing customer behavior will drive the customer information systems market demand. Mobile, IoT, and cloud technologies are creating massive changes in the way the data is distributed, managed, and used. The customers’ demand to be in control of their utility billing and consumption is a major factor driving the market growth. The CIS is a vital constituent of the meter-to-cash value chain for energy, electric, and natural gas utilities.

North America leads the global customer information system market due to the rising adoption of CIS solutions and growing consumption rate of energy and related utilities. The government initiatives aimed at reducing the energy consumption also drive the market growth. POWER initiative, Effective Utility Management (EUM), and Grid Modernization Initiative (GMI) are the major projects undertaken by the U.S. government, contributing to the market growth. Furthermore, the region is a home to some of the leading customer information system providers including Oracle and IBM, driving regional growth.

Europe also holds a large share in the global customer information system market as the companies operating in this region are accepting new technologies and innovations thereby bringing about changes in their legacy systems. The companies are also investing huge funds in the R&D to develop advanced electricity networks, accelerating the market growth.

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