The global Customer Information Services (CIS) market is forecast to reach USD 2.31 Billion by 2026, according to a new report by Reports and Data. The expansion of the Customer Information Services market is the result of varied factors. Advancements in digital technology, the Internet of Things [IoT], and cloud technologies are some of the primary contributing factors boosting the growth of the market. Another essential factor propelling the growth of the Customer Information Services (CIS) market is the increasing number of government smart city initiatives. Under these smart city initiatives, increasing emphasis is given on sustainability that results in managing transport, water, and energy smartly and effectively. In this initiative, CIS turns out to be useful in enhancing customer experience by providing them billing and consumption details promptly. The effectiveness of Customer Information Services (CIS) in smart city initiatives has resulted in its increased demand, contributing to the growth of the market.
In addition to the specified factors, the fact that CIS is an essential component of the meter-to-cash value chain for electric, energy and natural gas utilities, which has also resulted in propelling the growth of the market. Key players of the market are taking diverse initiatives that are also having a positive impact on the growth of the market. As an instance, in 2020, SAP, a key player of the market, had introduced SAP Leonardo Partner Medallion Initiative. Under this initiative, 13 partners of SAP would be provided with the necessary support to develop new customer assistance solutions across the globe. Such actions by the key players of the market are positively boosting the growth of the market.
In regards to the region, Europe occupies the second largest market share in the CIS market. The market dominance of the region is the result of the emphasis on R&D activities, acceptance, and incorporation of innovations along with technological advancements.
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Advancements in Digital Technology: The rapid advancements in digital technology, such as the Internet of Things (IoT), mobile, and cloud technologies, have revolutionized data management, utilization, and distribution Servicess. These technologies enable seamless connectivity, real-time data collection, and analysis, facilitating better customer engagement and personalized services.
Changing Customer Behavior: Customers today expect greater control and transparency over their utility consumption and billing. They demand convenient and self-service options for managing and monitoring their accounts. CIS solutions empower customers by providing them with tools and platforms to track their usage, make payments, and access billing information, thus meeting their evolving needs and preferences.
Diverse Applications of CIS: CIS offers a wide range of functions, including service/product management, order processing, billing, payment processing, and statement preparation. This versatility makes it suitable for various industries, including the electric power industry, oil and gas sector, telecommunications, water utilities, and more. The ability to manage a large number of customer bills and accounts efficiently has made CIS an essential tool in these sectors.
Increased Integration in Industries: The benefits associated with CIS, such as streamlined operations, enhanced customer experience, and improved efficiency, have led to its increased integration in the functioning of different industries. Organizations across various sectors are recognizing the value of adopting CIS to optimize their customer management processes and improve overall business performance.
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Overall, the growth of the CIS market is driven by the convergence of technological advancements, changing customer expectations, and the widespread application of CIS across different industries. As technology continues to evolve, we can expect further innovations and advancements in CIS solutions to cater to the evolving needs of businesses and customers alike.
Some of the leading players are listed below:
Hansen, Oracle, SAP, Itineris, Milestone Utility Services, Fluentgrid, Gentrack, Open International, Cayenta, and Hydro-Comp.
Global Customer Information Services (CIS) market segmentation:
Operational platforms Type Outlook (Revenue, USD Billion; 2020-2028)
- In-house
- Outsourced
- Co-sourced
- Hosted
- Others
Deployment type Outlook (Revenue, USD Billion; 2020-2028)
- Cloud
- On-Premises
Offerings Type Outlook (Revenue, USD Billion; 2020-2028)
- Solutions
- Services
Application Type Outlook (Revenue, USD Billion; 2020-2028)
- Power and electricity management
- Wastewater and water management
- Utility gas management
- Others
Regional Outlook:
· North America
o U.S.
o Canada
o Mexico
· Europe
o Germany
o Italy
o U.K.
o Rest of EU
· Asia Pacific
o India
o China
o Japan
o South Korea
o Rest of APAC
· Latin America
o Brazil
o Argentina
o Rest of Latin America
· Middle East & Africa
o Saudi Arabia
o South Africa
o U.A.E
o Rest of MEA
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