Customer Information System Market Projected to Witness a Double-Digit CAGR During 2028
Global Customer Information System Market: Snapshot
Customer information system plays a pivotal role in the transformation that the utility industry has undergone over the past few years. A growing number utility companies, especially in the electric power industry, are deploying customer information systems as a part of customer relationship management. The motivations for implementing customer information system can be varied but the key ones are for better customer retention and becoming technologically savvy. The search of new growth opportunities by utility companies in the light of its capital intensive nature will help the market make rapid strides in near future. These systems are witnessing higher use in digital engagement channels and multiple client interaction channels with an aim for improving customer services. The customer information system market has greatly benefitted from the rising adoption of customer relationship management technologies for streamlining operations.
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Various utility companies world over are using customer information system for gathering and managing customer information, improvising system operations, providing flexible approaches. The information systems also enables them to develop and adopt new marketing initiatives and leverage the potential of e-commerce. Further, customer information system are also used by them to bolster the geographical control capability. Rapid strides made in the internet services in developing regions are fueling the growth in the market. Vendors are increasingly focused on making the implementation of utility companies less time-consuming and cost-effective, which is boosting the customer information system market. Furthermore, growing number of customer-centric companies looking for new customer retention policies is expected to bolster the demand for customer information systems.
Customer Information System Market: Overview
Customer information and billing system is at the core of most organizations, however for the electric utility sector, changes in the market condition, the emergence of distributed channels, and smart grid advancements, and in addition efficiency in energy and deregulation, have joined to put more strains on heritage systems. Moreover, utilities’ rising requirements for powerful customer commitment and the need for integration of digital platform with CIS for example, web-based interfaces, cell phones, utilities, and social media is experiencing a flood of demands regarding customer information system (CIS).
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Customer information system assist the utility segment to improve the effectiveness of gas, electric, and water. The CIS segment comprises of revenue produced from independent CIS-as-a-service (Pay-as-you-go) and CIS standalone modality. Utility sellers either deliver independent CIS software or buy in for the CIS-as-a-service as per their prerequisites. CIS solutions assist players by overseeing a huge number of customers’ records and bills each month. It streamlines and robotizes manual tasks of the firms to increase the effectiveness and decrease human errors with the help of automation.
Customer Information System Market: Trends & Opportunities
The major factors responsible for the demand in global customer information system market are initiatives taken for smart cities, overall utility consumption, and advent of cloud technology and IOT.
CIS usage administrations help companies for the effective execution of CIS by monitoring the usage designs given by specialists. These main service providers additionally deal with design and documentation analysis, communication plans, deployment, and development. Usage administrations guarantee the joining of customer information into the new CIS system reliably. CIS sellers furnish these services either with the assistance of in-house benefit group or outsider merchants.
Customer Information System Market: Market Potential
TMG Consulting today reported it has gone into a tie-up with Philadelphia Gas Works (PGW) to instruct the utility through its choice regarding their substitution customer information and charging system (CIS).
As a major part of the treaty, TMG Consulting will support PGW, the biggest municipally-possessed gas utility in the U.S., with the obtainment of a mobile workforce management (MWM) system, customer information system (CIS), an advanced customer self-benefit portal, and the associated system integrator. The new CIS arrangement will supplant PGW’s legacy.
Customer Information System Market: Regional Outlook
The customer information system market for new CISs has not developed especially in past years. It may not develop with its full pace in coming years in the mature regions for example, North America and Western Europe. Utility main concerns are, in various cases risk-averseness and restricted among administration is high. The Americas is the leading market for CIS solutions and dynamic region regarding adoption of technology. The Americas includes Latin America and North America. North America represents the most astounding market share in the CIS market. North American nations have been broadly executing CIS, because of the increasing utilization of energy, government activities, and network modernizations venture.
Customer Information System Market: Competitive Landscape
Major palyers in the global customer information system market are SAP (Germany), Oracle (US), Itineris (Belgium), Fluentgrid (India), Hansen (Australia), Open International (US), Milestone Utility Services (US), Gentrack (New Zealand), Cayenta (British Columbia), Engineering (Lazio), Advanced Utility Systems (Canada), Indra (Spain), NorthStar Utilities (Canada), Ferranti (Belgium), Vertexone (US), Wipro (India), IBM (US), Agility CIS (New Zealand), ATS (US), Avertra (US), Cogsdale (Canada), EG (Denmark), FATHOM (US), Hydro-Comp (Cyprus), and efluid (France).
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