The qualitative research study introduced by Global Market Insights, Inc. on Customer Information System Market Report provides primary Data, surveys, Scope of the Product and vendor briefings. The market dynamic forces have been determined after conducting a detailed study of the industry.
The services segment is growing at a fast rate in the customer information system market with CIS providers offering these services to either third-party providers or an in-house service team. The support services 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.
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The growing government smart city initiatives also assist in augmenting the market growth. The smart cities are using innovative technologies to improve sustainability thereby managing the water, transport, infrastructure and energy in a better and smarter way. The customer information system market assist in improving customer experience by providing timely consumption and billing details. It provides robust rate calculators and bill processing engines along with account, customer, and multi-service management capabilities.
The cybersecurity challenge is a major parameter hampering market growth. Around 20% of the organizations lack disaster recovery solutions, which enable malicious attackers to attack the CIS, hacking critical customer information. Hence, it is essential for organizations to adopt a disaster recovery strategy, improving customer data protection.
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 CIS industry 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.
The 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 CIS 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. 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.
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.
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