SAN FRANCISCO, May 2, 2018 /PRNewswire/ —

The global digital utility market size is expected to reach USD 299.1 billion by 2025, according to a new study by Grand View Research, Inc., expanding at a CAGR of 11.6% during the forecast period. Technological advancements are leading to digitalization of businesses, including the power industry. The power industry is increasingly realizing the importance of digital technologies, which in turn is anticipated to augment the market over the forecast period. Companies have recognized the benefits of digitalization and are now focusing on two key areas, namely customer engagement and improvement of operations and productivity, thus transforming the way businesses are conducted in the power industry.

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The growth of the digital utility market is driven by factors such as stringent regulatory norms and increasing number of distributed and renewable power generation projects. The demand for digital utility solutions is increasing rapidly owing to benefits provided by technologies such as digital asset management, digital utility maturity assessment, and digital utility enterprise architecture.

The North America region commanded the leading revenue share in 2016 owing to factors such as rapid technological advancements, enhanced network connectivity, and high adoption rate of digital services. Some of the prominent companies operating in the market are ABB Ltd., IBM Corporation, International Business Machine Corporation, Microsoft Corporation, Oracle Corporation, and SAP SE.

Browse full research report with TOC on “Digital Utility Market Size, Share & Trends Analysis Report By Technology (Hardware, Integrated Solutions), By Network (Transmission & Distribution, Retail, Generation), By Region, And Segment Forecasts, 2018 – 2025“ at: https://www.grandviewresearch.com/industry-analysis/digital-utility-market

Further Key Findings From the Report Suggest: 

• The hardware segment is likely to gain the highest share in the market over the forecast period. Hardware is extensively used in next generation equipment such as smart meters and transformers.
• The transmission & distribution segment is poised to dominate the market over the forecast period. Digital utility solutions enable users to effectively perform the transmission & distribution activities.
• North America was the leading revenue contributor in 2016owing to increasing number of renewable power plants and rising investments in electrical infrastructure.

Browse related reports by Grand View Research: 

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• Enterprise Application Market – Global enterprise application market size was pegged at USD 164.46 billion in 2016 and is expected to develop at a CAGR of 7.8% over the forecast period. Enterprise application solutions such as business process management (BPM) and software configuration management (SCM) assist enterprises in tracking production.
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• Cloud Managed Services Market – Global cloud managed services market size was valued at USD 23.19 billion in 2016 and is expected to increase at an expected CAGR of 15.4% over the forecast period. Growing emphasis on mobility coupled with the requirement to focus on core business functions will drive the market growth rate.

Grand View Research has segmented the global digital utility market report based on technology, network, and region: 

Digital Utility Technology Outlook (Revenue, USD Million, 2014 – 2025) 

• Hardware
• Integrated Solutions

Digital Utility Network Outlook (Revenue, USD Million, 2014 – 2025) 

• Generation
• Transmission & Distribution
• Retail

Digital Utility Regional Outlook (Revenue, USD Million, 2014 – 2025) 

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
• Asia Pacific
  • China
  • India
  • Japan
• Rest of The World

Read Our Blog By Grand View Research:

https://www.grandviewresearch.com/blogs/technology

About Grand View Research 

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Contact:
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Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

SOURCE Grand View Research, Inc.