Customer Information System Market - Trends, Growth Factors, Development Analysis and Forecast to 2026
Category: #technology  By Rahul Varpe  Date: 2021-08-02
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Customer Information System Market - Trends, Growth Factors, Development Analysis and Forecast to 2026

The customer information system market will observe substantial growth over the coming years due to rising smart city initiatives, increasing demand for utilities worldwide, and emerging new technologies. Today, CIS and utility billing business process needs are growing in order to better meet the requirements of utility customers. It is an essential component of the M2C (meter to cash) value chain for electric utilities and other industries providing metered delivery of commodities like natural gas, electricity, and water. Customer information system further helps reduce the cost to serve and make way for an assortment of payment systems that are customer friendly.

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New customer information system technology is helping utilities support new marketing initiatives, enhance systems operations, provide flexible billing of various services and commodities, leverage internet & e-commerce, and efficiently gather and manage customer information.

Likewise, the system must easily integrate with other external and internal systems, utilizing B2B integration technologies such as APIs, Web services, XML interfaces among others. The system would help in customer acquisition and customer retention goals.

In terms of component, the overall Customer information system market is bifurcated into solution and service. The service segment is further classified into support & maintenance, consulting, and implementation. The support & maintenance segment will witness a CAGR of over 10% over the forthcoming timeframe owing to growing need for maintenance and management of CIS systems.

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Several smart city initiatives across the Middle East, especially in key verticals of urban planning, energy efficiency, green buildings, cybersecurity & public safety in smart cities, and smart & autonomous transportation will further augment the Customer information system market growth in the Middle East & Africa.

Middle East & Africa Customer information system market will witness a CAGR of nearly 12% over the forecast time period due to rising digitalization in the utilities sector and evolving smart cities landscape. Customer information system industry in the Latin America to held over 12% market share due to increasing consumption of utilities in the region.

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A progressive and modern CIS should have specific top-level features so as to enable true business transformation. CIS system should also be able to provide support to the current smart grid innovations, time-of-use tariffs, distributed generation, net metering, and the subsequent complex billing calculations.

With new projects in the utility sector, the Customer information system market in the region is likely to witness growth in the coming years.

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https://www.marketwatch.com/press-release/software-defined-wide-area-network-sd-wan-market-analysis-size-drivers-restraints-opportunities-and-threats-by-2026-2021-07-19

https://www.marketwatch.com/press-release/video-management-software-vms-market-analysis-size-drivers-restraints-opportunities-and-threats-by-2026-2021-07-19

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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