Customer information system as a service manages account, usage, billing data, and delivers a sole solution to track all interactions with customers. It is called the billing engine in the utility world.
Growing consumption of utility across the world, smart city initiatives, and emerging IoT and cloud technologies are the major factors driving the growth of the customer information system market across the world. However, stringent government data regulations is poised to be a key restraint of the market during the forecast period.
Customer information system as a service helps the customers in successfully executing the same by examining implementation plans provided by the service providers. These service providers also pay attention to the analysis of documentation and design, development, communication plans, and system deployment. The customer information system as a service implementation services confirm integration of existing data of the customer into the new customer information system effectively.
The global customer information system as a service (CIaaS) market can be classified based on component, deployment type, application, and region. Based on component, the market can be segmented into solutions and services. The solutions segment can further be divided into order processing, account maintenance, product/service management, billing, rate design, collection and debt management, statement preparation, accounts receivable, and payment processing. The services segment can be sub-divided into professional services and managed services. The solutions segment is projected to be the dominant contributor to the growth of the customer information system as a service (CIaaS) market during the forecast period. In terms of deployment type, the customer information system as a service (CIaaS) market can be categorized into cloud deployment and on-premise deployment. Based on application, the market can be classified into water and wastewater management, electricity and power management, and utility gas management. Based on region, the global customer information system as a service (CIaaS) market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America accounted for the leading share of the global customer information system as a service (CIaaS) market in 2017, followed by Europe. North America is projected to retain its leadership in the market during the forecast period as the countries in the region have been widely implementing CIS solutions owing to increase in energy consumption, grid modernizations projects, and government initiatives. The customer information system as a service (CIaaS) market in Asia Pacific is expected to grow significantly between 2018 and 2026 due to rise in disposable income of people in the region, coupled with growing focus of companies on consumer satisfaction. Additionally, consumers in the region are becoming aware about customer-centric approaches and products, and are enthusiastic to invest in them, considering the longstanding benefits. Developing economies in Asia Pacific, such as, China and India are attracting global players toward investing in the customer information system as a service (CIaaS) market in the region, thereby promoting the growth of the market.
Till date, only a few well-established players have firmly penetrated the customer information system as a service (CIaaS) market by introducing new and competitive products and integrating the same with advanced technologies. Corporations are strengthening their market position through alliances and constantly increasing investments in research and development activities to find solutions catering to the changing necessities of customers. Furthermore, vendors of CIaaS are preparing to invest in advanced machine learning, artificial intelligence (AI), and big data analytics, with an objective to offer cost-competitive and technologically advanced products.
Key players operating in the global customer information system as a service (CIaaS) market include Wipro Limited, SAP SE, Itineris, Hansen Technologies, Fluentgrid Limited, Open International, Gentrack, Milestone Utility Services, Inc., Cayenta, Harris Computer Corporation, Ferranti Computer Systems, Northstar Utilities Solutions, Vertexone, IBM Corporation, Agility CIS, Avertra, Cogsdale Corporation, Efluid, and Hydro-Comp, Inc.
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