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Customer Information System Market Size
Customer Information System Market size valued at USD 1 billion in 2022 and is anticipated to grow at 10% CAGR from 2023 to 2032, driven by the growing investment toward smart city development projects.
Government and private organizations are prioritizing smart city development programs by using sophisticated technology and components to improve the urban environment. For instance, in October 2022, Honeywell, a global building controls firm, and Accelerator for America, a non-profit organization, developed the Honeywell Smart City Accelerator Program to assist communities in strategically planning their futures and enhancing the ability to support transformative initiatives. Furthermore, smart cities are emerging as a platform for citizen interaction, collaboration, and co-creation, with city administrations using customer information system solutions to design utilities, manage healthcare, transportation, and public safety, and minimize downtime and costs.
Risk of cyberattacks and data breaches to impede the customer information system market growth
Cyberattacks and data breaches against utilities are on the rise. In recent years, attackers have targeted smaller-scale institutions since they are less protected, less suspicious, and can still pay significant ransom amounts. The provision of sophisticated customer information system solutions and services on cloud infrastructure presents potential risks of cyberattacks, which is expected to negatively influence product adoption. However, customer information system service providers are taking efforts to integrate robust data and cyber security systems in order to minimize the risks.
Which factors are aiding the North America customer information system industry expansion?
The market for customer information system in North America was worth more than USD 500 million in 2022, owing to the expanding digitization across energy and utility businesses.
Who are the leading companies in the customer information system landscape?
NorthStar Utilities Solutions, Gentrack, SAP SE, Oracle Corporation, Hansen Technologies Corporation, and Vertexone are some of the major companies operating in the market.
What is the valuation of the electricity and power management segment?
The electricity and power management segment accounted for 40% market share in 2022, driven by the rising need for new billing systems with effective and efficient network billing capabilities.
How big is the Global Customer Information System Market?
The market size of customer information systems was surpassed USD 1 billion in 2022 and is expected to witness over 10% CAGR from 2023 to 2032, owing to the growing focus on smart city development projects.