Market Size of Utility Billing Software Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.76 Billion |
| Market Size (2029) | USD 8.45 Billion |
| CAGR (2024 - 2029) | 7.95 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Utility Billing Software Market Analysis
The Utility Billing Software Market size is estimated at USD 5.76 billion in 2024, and is expected to reach USD 8.45 billion by 2029, growing at a CAGR of 7.95% during the forecast period (2024-2029).
Utility billing software assists in managing utility operations, customer data, and billing duties for water, sewer, gas, electric, waste management, and sub-metering firms. Utility Billing Systems are used by businesses to streamline customer administration and billing procedures while integrating service orders, meter maintenance history, and scheduling to increase productivity and profitability.
- To match the changing dynamics of the utility business, legacy billing systems have undergone significant changes, such as the incorporation of cloud computing and Internet of Things (IoT) technologies. This has contributed to the market's expansion.
- Additionally, digitalization covers the conveyance of information and the information itself. Energy firms are concentrating on sustainable and paperless solutions for an effective working environment even though the legacy billing system has been improving over time, and there are no strict limitations on carbon emissions. This change has also prompted businesses to install better IT infrastructure.
- One of the key drivers propelling the worldwide utility billing software industry is the continuous upgrading of legacy billing systems. The electrical power supply industry's increasing adoption of smart grid technology, such as smart meters, has raised complexity in the utilities' billing and collection infrastructure.
- The utility industry is finding it more challenging to satisfy its clients due to the fast-changing industrial environment, the existence of technologically advanced consumers, and the convergence of digital devices and technology coupled with traditional business processes. Keeping customers happy has become difficult in today's fiercely competitive marketplaces, primarily service-based industries that rely on customer satisfaction.
- The impact of COVID-19 has been felt across different end-user industries. For instance, as the coronavirus spread, access to water emerged as a critical tool, allowing people to clean surfaces and wash their hands regularly. To ensure this, some governments ordered utilities to provide it for free or at discounted rates, but those utilities are now struggling.
