Latin America Customer information system market held over 12% market share due to increasing consumption of utilities in the region. Middle East & Africa Customer information system industry will witness a CAGR of nearly 12% over the forecast time period due to rising digitalization in the utilities sector and evolving smart cities landscape. With new projects in the utility sector, the Customer information system market in the region is likely to witness growth in the coming years.
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The customer information system market will observe substantial growth over the coming years due to rising smart city initiatives, increasing demand for utilities worldwide, and emerging new technologies. Today, CIS and utility billing business process needs are growing in order to better meet the requirements of utility customers. It is an essential component of the M2C (meter to cash) value chain for electric utilities and other industries providing metered delivery of commodities like natural gas, electricity, and water. Customer information system further helps reduce the cost to serve and make way for an assortment of payment systems that are customer friendly.
New customer information system technology is helping utilities support new marketing initiatives, enhance systems operations, provide flexible billing of various services and commodities, leverage internet & e-commerce, and efficiently gather and manage customer information.
A progressive and modern CIS should have specific top-level features so as to enable true business transformation. CIS system should also be able to provide support to the current smart grid innovations, time-of-use tariffs, distributed generation, net metering, and the subsequent complex billing calculations.
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Likewise, the system must easily integrate with other external and internal systems, utilizing B2B integration technologies such as APIs, Web services, XML interfaces among others. The system would help in customer acquisition and customer retention goals.
Customer Information System market is segmented in terms of component, deployment model, application, and regional landscape.
In terms of component, the overall Customer information system market is bifurcated into solution and service. The service segment is further classified into support & maintenance, consulting, and implementation. The support & maintenance segment will witness a CAGR of over 10% over the forthcoming timeframe owing to growing need for maintenance and management of CIS systems.
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Several smart city initiatives across the Middle East, especially in key verticals of urban planning, energy efficiency, green buildings, cybersecurity & public safety in smart cities, and smart & autonomous transportation will further augment the Customer information system market growth in the Middle East & Africa.