Utility Billing Software Market

Global Utility Billing Software Market Size (2024 to 2029)

The global Utility Billing Software Market was worth USD 5.76 billion in 2024 and is foreseen to reach a valuation of USD 8.45 billion by 2029 with an expansion rate (CAGR) of 7.95% between 2024 to 2029.

Utility billing software is a tool used to manage utility operations such as electricity, waste management, water, sewer, gas and other customer information and billing functions for utilities. These organizations implement utility billing systems to improve productivity and profitability by integrating service orders, meter maintenance history, and scheduling, in addition to billing and customer management processes.

Global Utility Billing Software Market Drivers:

The convergence of digital devices and increased automation of the billing process are driving the growth of the global utility billing software market. The rapidly changing industrial environment, the presence of high-end digital consumers, and the fusion of digital devices and technologies with traditional business processes make the utility industry increasingly complex. The highly scalable utility billing software also features the ability to manage customer information and helps improve customer service by enabling utilities to serve consumers more effectively and maintain a competitive advantage. All these factors support the growing demand for a variety of utility billing software. One of the key factors driving the global utility billing software market is the legacy billing system upgrade is on the rise. Today's legacy customer information systems and billing systems are not adequate in the long term to provide the same level of service as expectations for effective service increase.

Utilities are turning to a range of smart billing software products that can handle all aspects of the service lifecycle, from valuation, bonding, and meter reading to invoice generation, bill processing payments, collection, and fieldwork. Utilities have understood that their existing customer information and billing systems are not adequate in the long term to provide services as expectations for effective services have increased. Therefore, utilities are turning to smart billing software products that can handle all important aspects of the service life cycle, from connecting, evaluating, and reading meters to generating invoices, and processing payments, collection, and fieldwork. The surge in the adoption of smart grid technologies has augmented the complexity levels of the utility billing software business. Due to changing business dynamics, many services are turning to more flexible and scalable utility billing software. This trend is supposed to increase in the coming years and many utilities will start adopting utility billing software.

Furthermore, as the adoption of smart grid technology in power supplies such as smart meters increase the level of complexity in billing and collection systems increases, leading many companies around the world to realize the transition to more flexible and scalable utility billing software. The rapidly changing industrial environment, the convergence of traditional business processes and digital devices and technologies, and the presence of high-end digital consumers make these two processes increasingly complex in the utility industry. The demand for more proprietary products that meet the specific requirements of these end-use areas is growing significantly around the world. Utility Billing Software, especially in the developing world, growing improvements are one of the key factors driving the global utility billing software market. In response to changing business dynamics, many utilities have already turned to scalable and adaptable utility billing software. This trend is likely to intensify in the future and more utilities will start adopting utility billing software. Various features such as account management, meter management, customer management, metering and billing management, penalty/block processing, billing without metering, and online payment processing are some of the factors driving the growing market demand for utility billing software. The growth of the utility billing software business is also accelerating as the shift from traditional billing to smart billing increases.

Impact of COVID-19 on the Utility Billing Software Market:

The coronavirus pandemic is having an immense impact on all economies of the world. The whole production process has been halted as the governments of several regions have implemented lockdown conditions to curb the spread of COVID-19. Therefore, it disrupts the market for utility billing software around the world.

REPORT COVERAGE:

This research report on the global utility billing software market has been segmented and sub-segmented based on deployment, application, and region.

Global Utility Billing Software Market - By Type of Deployment:

• On-Premises
• Cloud

Cloud-based software enables commercial property owners, facility management companies, or other subtenant real estate clients to store a variety of vendor agreements for subtenant meters. You can then use this information to automatically generate utility bills based on your energy use on a yearly, monthly, or four-week basis. It also reduces the indirect costs of money recovery from real estate managers and disputes with tenants, as well as the direct costs involved in automating labor-intensive procedures.

Global Utility Billing Software Market- By Application:

• Gas stations
• Power Companies
• Drinking Water Companies
• Wind Energy

The Power Company segment had the largest share in 2020 with more than 55.0%. Utility billing software helps landlords manage tenant information.

Global Utility Billing Software Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

The Utility Billing Software market is dominated by developed regions such as North America and Europe due to the availability of funds to support the region's advanced utility infrastructure and the transition to operational advancement. North America is expected to have a significant market share due to the availability of funds to support the region's advanced utility infrastructure and transition to operational advancement. Additionally, the critical vessel encapsulation infrastructure facilitates the commercialization of these solutions. Utilities in the region focus on effective consumer service to stay ahead of fierce competition. Utility Billing Software in developed countries focuses on efficient consumer service to stay ahead of fierce competition. Advanced billing software is standard in the region's utility industry due to the high integration of digital platforms such as social media, web portals, and mobile devices, and the presence of digitally savvy consumers. The global utility billing software market will see significant growth in the Asia Pacific region. Increased investment in network infrastructure and prosperous growth in the communications and networking industry will drive growth.

KEY MARKET PLAYERS:

Companies playing a key role in the global Utility Billing Software market include Cogsdale, SkyBill SIA, Continental Utility Solutions, Enghouse Networks, Link Computer Corporation, Utilitybilling.com, Snappii Apps, Creative Technologies, TAK Technology, Redline Data Systems, Nobel Systems, Intedata Systems, Crestline Software, Starnik, SilverBlaze, United Systems Technology, SmartGridCIS, Energy Hippo, Banyon Data Systems, Oracle, Oak Bay Technologies and ABIS.

RECENT DEVELOPMENTS IN THE MARKET:

• In May 2019, Echo Managed Services entered into a billing software agreement with SES Water and SES Business Water for the new Aptumo cloud-based software. Aptumo is owned by East Surrey Holdings Ltd. Cloud-based customer billing and CRM solution for domestic and commercial water utilities.
• In March 2019, Red Clay Consulting and Oracle Utilities announced a new comprehensive business and technology offering to provide cost-effective solutions to help water companies meet their innovation goals.