Kenneth Research, in its repository of market research reports, have recently added a report on Digital Utility Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Digital Utility Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Digital Utility Market products.
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Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2025.
The Digital Utility Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2025, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Global Digital Utility Industry was valued at USD 134.16 Billion for the year 2017. Digital Utility Industry is further expected to grow at a CAGR of 12.38% from 2018 to reach USD 341.28 Billion by the year 2025. North America region holds the highest Industry share in 2017. While Asia-Pacific region is considered as the fastest growing Industry in the forecasted period. The U.S. is the major Industry in 2018 at country level and China is further anticipated to grow at a steady pace in the next 5 years.
Major market players in Digital Utility Industry are Accenture PLC, ABB Ltd, Capgemini SA, Eaton Corporation PLC, Cisco Systems Inc., General Electric Company, Schneider Electric SE, Siemens AG, Oracle Corporation, SAP SE, Microsoft Corporation, IBM Corporation and other 12 more companies’ detailed information is provided in the report. Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.
SWOT Analysis of Digital Utility Industry:
Rising demand for renewable power generation ventures
High Initial Investments
Asian countries adapting to smart city concepts
Implementation & adoption of new technology
The segmentation done on the basis of Technology includes Cloud & Software, Hardware, and Services of which the Hardware segment is expected to hold the highest Industry share during the forecast period.
Digital Utility Industry Segmentation:
Cloud & Software
Transmission & Distribution
Rest of Europe
Rest of Asia-Pacific
Middle East & Africa
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